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.
Supertech plans to sell its assets to raise money for its real estate projects. The Real Estate Firm has various real estate projects based in Delhi and NCR
The government has shown grave concern regarding pendency in the real estate sector and announced a government-funded stress fund for unfinished projects.
As compared to RERA in other states Karnataka RERA has been disappointing since the day it got enacted. Builders and homebuyers both remained unhappy for many reasons.
Many builders in Noida and Greater Noida get ready to offer the possession of units to buyers despite the pendency of the Occupation Certificate.
The Uttar Pradesh RERA Authority keeping up with the spirit of the Real Estate Regulation and Development. That 7th Conciliation Forum of NCR was held by the Uttar Pradesh Real Estate Regulatory Authority recently wherein for the first time a settlement was achieved between the developer company Supertech and 14 Homebuyers.
Real Estate Regulatory Authority in Uttar Pradesh orders Forensic audit of errant developer 3C.
Rajasthan RERA get into action at full swing as the appointment of the chairman, other officials and retired judges in the Appellate Tribunal is already done in May.
The RERA Act empowers the Regulatory authority to call for information or conduct investigations. These investigations have been mainly in the form of financial audit conducted by the auditors.
There are many uncompleted projects which are still lying abandoned or molding into structures at a very slow pace.
UP-RERA authority has issued show cause notices to 12 builders who have allegedly diverted funds worth 3000Cr to 4000Cr and have delayed completion of housing projects.
RERA Authority has decided to form a tripartite committee for the completion of the project. It was also decided by the officials that the committee will constitute a member of UP-RERA, one representative of home buyers and one of builder.
The insolvency and bankruptcy code, 2016 has seen many ups and downs since the enactment but out of all the most long and debatable topic or issue concerning law was pertaining to the rights of Home buyers/Allottee under the code.
The Lucknow bench after hearing a series of complaints against Ansal’s in particular, it has ordered for the forensic audit of the builder, as the bench thinks the homebuyer is genuine hence it has put restrictions upon the activities of the Ansal.
Western UP Bench of RERA- After looking at the bulk cases in the state a bench was made operational in the city of Noida on 4th September, 2018.
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