The Government cleared the last mile funding for 2 stuck housing projects with over Rs. 540 crore capital commitment. That will provide relief to over 1,800 troubled homebuyers based in Bengaluru and Mumbai.
Restructuring plan is a ray of hope for the borrowers. As the borrowers are already being stretched between the loan repayment and pandemic situation.
NBCC took over the project in July on the SC orders after a petition by homebuyers following the Amrapali Group’s failure to deliver more than 30,000 flats in 15 projects. According to NBCC they will hand over at least 150-200 flats every month from august.
RERA in J&K will secure the interest of home buyers as well as put an end to the malpractices by the agents or builders improvising the condition of the real estate sector.
A major relief to the homebuyers in the stalled projects of the Amrapali group. The NBCC will play a major part in ensuring the in-time completion of the projects once the adequate financing is promised by SBI CAP and UCO.
Big relief for the homebuyers of M/S Bombay Dyeing and Manufacturing Co Ltd. the MAHARERA Tribunal has ruled in the favour of the homebuyers asking the developer to refund the paid amount.
The RBI has decided to extend the moratorium period for another 3 months. This move of the RBI is laudable from the perspective of individual homebuyers.
The real estate industry, contributing 7 percent to the GDP and employing 15% of the labor force, has come to a complete standstill. Recently, MahaRERA has decided to hear urgent cases.
The Hon’ble Adjudicating Officer took no time and in the short period of a span, gave relief to several homebuyers by granting not only refund but also compensation.
The government has shown grave concern regarding pendency in the real estate sector and announced a government-funded stress fund for unfinished projects.
This initiative by RERA will prove to be very fruitful to the homebuyers whose hard-earned money is stuck installed project wherein the builder is absconding or in jail.
The homebuyers can file a petition against the builder or developer to commence Corporate Insolvency Process or not.
The homebuyers have got a huge sigh of relief, and are finding it easier to get their money back which was a big deal before the enactment of IBC.
Homebuyer is a person who buys or expects to buy a house. And A promoter is an individual or organization that helps raise money for some type of investment activity.
The government could soon promulgate an ordinance to make changes to the Insolvency and Bankruptcy Code that will provide relief to small businesses and homebuyers
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