This locality has emerged as a significant information technology (IT) hub. The nearby IT centres are Manyata Tech Park, Kirloskar Tech Park, etc. The locality is 25 km away from the airport and 2 km from the nearest railway station.
Both NBCC and realty developers Suraksha Realty have submitted revised bids for Jaypee. While Suraksha Realty has upped its offer to Rs 7,900 crore to lenders and possession in 3 years to over 22,000 homebuyers, NBCC has offered lenders 1,426-acre land worth around Rs 5,000 crore and 50% of around 3,000 apartments that have no claimants.
In the absence of registration of the association, residents or allottees of the houses can file complaints in individual capacity or through power of attorney, says an important new order by the Gujarat Real Estate Appellate Tribunal.
The Supreme Court-appointed receiver has given a list of eight projects having 9,306 flats to NBCC India in order to proceed with the tenders of Amrapali Group. The cost of the current package, including towards project management consultancy and GST, is about Rs 570 crore. The projects are Zodiac, Sapphire One and Two, Centurian Park amongst others.
Earlier this month, the government approved a Rs 25,000 crore fund to help complete over 1,600 stalled housing projects, including ones that have been declared NPAs or admitted for insolvency proceedings in a bid to boost growth by steering consumption in real estate and associated sectors.
Though the NCLT will take a final call on the matter on November 25, the removal of the interim resolution professional (IRP) and the authorised representative (AR) could further delay the completion of the two unfinished ‘Lotus’ brand projects.
The home buyer had booked an apartment in 2012 in the company's Palm Gardens project in Gurugram, the possession which was to be given in 36 months with a three-month grace period. Buyer claims that possession has not been offered till date.
Unsold inventory overhang indicates the number of months it will take for the current unsold housing stock to get cleared in the current market scenario. At any given point, an inventory overhang of 18-24 months is considered quite healthy.
In 2016-17, the new launches by these nine listed players in top seven cities comprised 5 per cent share of the overall launches, this share increased to 10 per cent as on 2018-19 and will increase steadily.
Environment Pollution (Prevention and Control) Authority, or EPCA, had last Tuesday imposed construction ban till Monday when further decision will be taken depending on the situation. Even if the ban is lifted soon, reorganising labour will be a difficult task and several projects in the NCR will have to push their deadline further, developers said.
Good connectivity, proximity to offices make this area in Kolkata attractive to buyers. The locality has many renowned schools, hospitals, shopping malls and other recreational places. The nearest railway station is 16 km away.
According to the homebuyers lobby, the condition that a stalled project can only access the fund if it's RERA registered has an inherent handicap as many states have just established the real estate regulator and some don't have it. For instance, Kerala and Himachal Pradesh, which have just formed it, do not have many projects registered with it.
Builders collectively owe Rs 28,000 crore to Noida, GNIDA and YEIDA, which is higher than the entire central corpus of Rs 25,000 crore. Of these, Noida has the most housing projects and the highest number of defaulters. Realtors usually have to pay the land cost to the authorities in 16 instalments over eight years at 11% interest rate.
A majority of Indians continue to make a substantial percentage of their total annual purchases in cash, the survey said. About 40% people said anywhere between 5% to 25% of their total purchases were in cash, 29% said anywhere between 25% to 50% of their purchases were in cash and 27% said at they paid cash while purchasing almost every item in last year.
The government clarified the “positive net worth” condition for projects to be eligible for support from the alternate investment debt fund in a list of frequently asked questions (FAQs) that it issued on Thursday. The fund won’t provide assistance to projects that are in the Supreme Court and high courts but will take up those being heard by the NCLT.
The FAQs said funding will be provided to the RERA-registered affordable and middle-income housing projects that are stalled for lack of adequate funds, but their net worth should be positive (including NPAs and projects undergoing NCLT proceedings).
According to FinMin's FAQs, the focus of the Special Window is on mid and affordable segment. "However, alleviating the stress for developers in this segment may have indirect benefits for the entire real estate sector including luxury segment."
Estimates by the finance ministry showed that constructing the entire stock of houses in 1,600 projects, many of which are in standstill state, will require over Rs 50,000 crore and this number could go up. Not all of them will be commercially viable.
“The fund will help nearly 1,600 stalled housing projects in the country, and it is positive that the aspect of NCLT/NPA will not be a stumbling block to prevent stalled and delayed projects from approaching the fund,” said Niranjan Hiranandani, the national president of Naredco, a developers’ body. “But the devil in the detail in this case will be quick implementation.”
A JV or development management agreement puts a large developer in the driver’s seat as the new entrant gains control of the new entity. Additionally, the established developer’s track record and ability to maintain cash flows help bolster project execution and marketing.
The government and Reserve Bank are working to resolve the issues being faced by realty sector. Admitting that realty sector has been left out of the booster measures announced earlier, she said the sector has a spillover effect on many sectors, especially the core sector.
“The platform, which will be launched by January, will have a list of project that have received the Occupancy Certificate. The purchase will be online and sale will happen via NAREDCO,” said Parveen Jain, Vice Chairman, NAREDCO.
Sales stood at 52,855 units during July-September 2019, down 9.5% from 58,461 units in the year-ago period. "Demand has been definitely impacted in the last quarter with buyers delaying their decisions," Samir Jasuja, founder and MD, PropEquity said.
Real estate regulators from across states have gathered in Lucknow and sources said they would push for amendments in the Real Estate Regulation and Development Act (Rera) to give them more teeth, particularly to execute orders passed by them.
No matter how distressed developers are, and no matter how reasonably priced apartments look in 2019 compared to 2008 or 2013, the three basic rules of buying a house are still relevant now. As long as savers keep this in mind, they’ll be fine.
About 450 real estate companies/projects across the country are facing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) because of default in the delivery of projects to homebuyers as well as repayment of bank loans.
The property concerned is located in Sector 113 where the real estate group had also come up with 17 towers without getting the map cleared by the authority, in violation of the Noida Building Regulation, 2010, Noida Authority said.
There are 16 residential tower in the society and the builder had given possession of 14 towers. The remaining two towers left uncompleted and the buyer had moved RERA as the builder could not give possession. The buyers found that directors are in Jail.
MahaRERA has decided to register realty developers and project promoters as self-regulatory organisations with the authority, and granted its first certification to the National Real Estate Development Council.