Cosmic Structures’ directors bail denied over allegations of misrepresenting people

NEW DELHI: A Delhi court has denied bail to city-based real estate company directors who were arrested for allegedly misrepresenting many people about the title of the land and sold the units without even obtaining the necessary approvals from the concerned municipal authorities. Additional Chief Metropolitan Magistrate Abhilash Malhotra denied bail to Sushant Mutreja and […]

Ghaziabad development body sold 1,585 properties in FY21

GHAZIABAD: The Ghaziabad Development Authority (GDA) in the financial year 2020-21 managed to sell 1,585 properties worth Rs 541 crore — which is the highest in four years. The sale of GDA’s properties since 2017 has been adversely impacted due to a slump in the real estate sector and all efforts to revive the situation […]

North Delhi civic body allows payment of property tax with rebate till July 31

NEW DELHI: The North Delhi Municipal Corporation has extended the last date for payment of property tax with 15 per cent rebate and additional benefit, to July 31, its mayor said on Friday. The last date earlier was July 15. North Delhi Mayor Raja Iqbal Singh said the NDMC has extended the last date of […]

Around 40,000 Amrapali homebuyers may face further delay in delivery of houses

Around 40,000 homebuyers in Amrapalli’s properties will likely face further delay in delivery of their houses, as the contractors working on the projects have threatened to stop the work after continuous delays in payments from NBCC. At some of the sites in Noida and Greater Noida, the pace of work has slowed down and some […]

NCLAT sets aside liquidation order of Three C Homes’ Lotus City project

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has set aside a liquidation order passed by NCLT against Lotus City, a project which was being developed by Three C Homes before it went into insolvency in September 2019. The project situated along the Yamuna Expressway was launched in 2012 but never got complete. After […]

Steep climb ahead to achieve target of Housing for all by 2022: ICRA

NEW DELHI: The Pradhan Mantri Awas Yojna (PMAY) was launched in 2015, through which the Government of India had set a target of constructing 50 million new housing units by 2022, of which 30 million units are proposed to be constructed in the rural areas (through PMAY-Rural) and 20 million in the urban areas (through […]

UP-RERA rejects registration of two Supertech projects

NEW DELHI: Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has rejected the application for registration of two proposed projects of Supertech under section-5 of RERA read with section 4(2)(B) and section-11(4)(B). The decision has been taken in view of the fact that the promoter failed to complete large number of its projects within the timeline […]

Builders asked to ready payment plan for Noida & Greater Noida authorities

NOIDA: A meeting among officials of the Noida and Greater Noida authorities, private developers and homebuyers was held on Thursday to discuss the stalemate over delayed registry of flats. The meeting was chaired by Sanjiv Kumar Mittal, the infrastructure and industrial development commissioner in the state. At the meeting, the developers representing Credai and Naredco […]

Realtors in Uttar Pradesh lobby for new policy to resolve insolvencies quicker

Real estate developers and industry bodies have urged the Uttar Pradesh government to come up with a pragmatic policy for the industrial development authorities of the state, especially Noida and Greater Noida, so that they can take quick decisions with respect to the projects undergoing the insolvency process. Resolutions of multiple projects are on hold […]

DDA reduces prices of commercial shops

NEW DELHI: The Delhi Development Authority (DDA) has reduced the prices of commercial shops at prime locations across the national capital. In an official statement issued on Wednesday, Delhi’s landowning agency DDA said, “The authority has reviewed the method of pricing of built-up shops and approved significant changes in the pricing policy which aim to […]

YEIDA offers relief to stalled projects

GREATER NOIDA: The Yamuna Expressway Industrial Development Authority (YEIDA) has rolled out two policies that can be availed by construction companies by August 31 in an attempt to revive stalled projects in the region. The decision to offer restoration and reschedulement policies was taken during the YEIDA board meeting held on June 28. Under the […]

Retailers say they will pay rent only in proportion to actual business in case of lockdowns

Top retailers and restaurant chains such as Reliance Retail, Madura Fashion & Lifestyle, Domino’s, Plum by Bent Chair, Mamagoto, Farzi Cafe, Lee, Wrangler and Cafe Warehouse among others, are insisting on introducing clauses in all new leases that stipulate that they will not pay rent, or pay only in proportion to their actual business, in […]

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