The Authority will take over both the plots — located in Greater Noida’s Sector Pi — and allot them afresh.
Last week, the Supreme Court ordered two real estate giants DLF and Parsvnath Developers to compensate flat buyers for delay in delivery of houses in Chandigarh and Delhi, respectively. While it is bad for the real estate sector right now, there is good news ahead.
If the downturn in the stock market continues for some more time, promoters of quite a few mid-cap companies risk losing control of their empires.
Pradeep Jain, Parsvanath Developers speaking to CNBC-TV18 about RBI's move of hiking key lending rates by 50bps each said, this was quite unexpected and would lead to an increase in cost of funds for the real estate developer.