Central committee proposes several measures to provide relief to homebuyers in UP. Know all suggestions here
1 year, 4 months ago

Central committee proposes several measures to provide relief to homebuyers in UP. Know all suggestions here

India TV News  

In lieu of several stalled real estate projects in Uttar Pradesh that have adversely affected prospective homebuyers, an expert committee has proposed several measures, such as introducing changes in the insolvency law, to provide relief for builders so they can complete their projects and hand over the buildings to buyers. According to a report by Hindustan Times, the central committee led by India's G20 sherpa and former Niti Aayog CEO Amitabh Kant, in its report recommended the UP government that the three authorities - Noida, Greater Noida and Yamuna Expressway - should allow the registration of flats without asking the defaulting builders to clear their dues. The report also recommended authorities to not charge any interest from the builders going through a financial crisis and must not cancel the lease of realty projects on the basis of defaulting developers and work under UP-Rera supervision, among other reasons. Relief for homebuyers in UP According to media reports, builders in the three authorities - Noida, Greater Noida and Yamuna Expressway - owe nearly Rs 50,000 crore, excluding premiums, interests and penalties for over 3,000 stalled real estate projects.

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History of this topic

MahaRERA issues show cause notices to around 11,000 lapsed housing projects, MMR tops the list
1 week ago

MahaRERA issues show cause notices to around 11,000 lapsed housing projects, MMR tops the list

Hindustan Times  

The Maharashtra Real Estate Regulatory Authority has initiated scrutiny of all lapsed housing projects and issued show-cause notices to around 11,000 such projects, most of which are in the Mumbai Metropolitan Region. MahaRERA has issued show-cause notices to around 11,000 lapsed housing projects, most of which are in the Mumbai Metropolitan Region. MahaRERA’s order issued in July 2022 also states …

Maharashtra Election Results 2024: 5 things Mumbai homebuyers look forward to from the new government
1 month ago

Maharashtra Election Results 2024: 5 things Mumbai homebuyers look forward to from the new government

Hindustan Times  

With Maharashtra assembly elections 2024 results expected to be announced today, homebuyers in Mumbai, the costliest real estate market in the country, hope that the government will focus on middle income housing, improve infrastructure and take steps to ensure that stalled projects are revived. Maharashtra Election Results 2024: Homebuyers in Mumbai hope that the new government will fast track the …

314 Maharashtra housing projects registered with MahaRERA face insolvency proceedings
2 months, 1 week ago

314 Maharashtra housing projects registered with MahaRERA face insolvency proceedings

Hindustan Times  

Mumbai:A total of 314 housing projects across Maharashtra, registered with the state's Real Estate Regulatory Authority, are currently facing insolvency and bankruptcy proceedings. A total of 314 housing projects across Maharashtra, registered with the state's Real Estate Regulatory Authority, are currently facing insolvency and bankruptcy proceedings. MahaRERA has compiled this crucial information of the projects undergoing insolvency and bankruptcy proceedings …

NCR real estate news: Developers demand more time, waivers to complete stuck housing projects
3 months, 3 weeks ago

NCR real estate news: Developers demand more time, waivers to complete stuck housing projects

Hindustan Times  

Real estate developers in Noida and Greater Noida, in a letter to the state and central government as well the Noida and Greater Noida authorities, have demanded additional time, more waivers, relief from banks and other benefits to deliver stuck housing projects in the National Capital Region. The authority in its report to the state government on Saturday said they …

Cheap, sustainable homes must amid demand boom: Eco Survey
5 months ago

Cheap, sustainable homes must amid demand boom: Eco Survey

Hindustan Times  

New Delhi: The 2023-24 Economic Survey, tabled in Parliament on Monday, called for adaptive strategies and policies to provide cost-effective and sustainable housing. The survey said the real estate sector witnessed “a robust recovery” post-pandemic, with the sale of residential real estate in 2023 recording a 33% year-on-year growth, the highest since 2013. The strong desire for home ownership was …

Planning to Buy a House? Property Prices Surge in Noida as Land Allotment Rates Increase by 6%
5 months ago

Planning to Buy a House? Property Prices Surge in Noida as Land Allotment Rates Increase by 6%

News 18  

Property prices in Noida, the bustling satellite town adjacent to New Delhi, are set to climb higher following a decision by the Noida Authority to increase land allotment rates. Officials familiar with the matter have confirmed that the authority has raised land allotment rates across all categories except commercial and corporate house plots. This meeting also formalised the decision to …

Noida authority to act against 12 realtors for not paying dues
7 months ago

Noida authority to act against 12 realtors for not paying dues

Hindustan Times  

The Noida authority on Thursday said it has decided to take stringent action against realtors who are yet to clear their land dues, despite the government announcing a policy last December that gave builders a chance to avail of rebates on interest rates and clear dues. There are 57 defaulter projects in Noida, and of these, developers of around 30 …

Noida directs real estate developers to pay dues, obtain registry permission
7 months, 2 weeks ago

Noida directs real estate developers to pay dues, obtain registry permission

Hindustan Times  

The Noida authority on May 9 directed real estate developers to clear their dues and obtain permission for registry of the apartments in favour of thousands of home-buyers who have been suffering for last many years. The authority has made it clear during a meeting held with the realtors on Wednesday in Greater Noida’s Knowledge Park-IV office that if they …

Greater Noida authority holds talks with builders on homebuyer registry
7 months, 2 weeks ago

Greater Noida authority holds talks with builders on homebuyer registry

Hindustan Times  

The Greater Noida Industrial Development Authority on Wednesday held a meeting with real estate developers from industry body CREDAI, directing them to pay dues soon and ensure registry of flats in scores of projects in the area. He asked the builders who have not deposited 25 per cent of the total outstanding amount on their projects to make the payment …

UP govt asks Noida, Greater Noida to cancel allotments of realtors who still have land dues
7 months, 2 weeks ago

UP govt asks Noida, Greater Noida to cancel allotments of realtors who still have land dues

Hindustan Times  

Uttar Pradesh’s additional chief secretary Manoj Kumar Singh has directed the Noida, Greater Noida and the Yamuna Expressway authorities to start cancelling allotments made to realtors. NThe policy was meant to help a large section of homebuyers in Noida, Greater Noida and Yamuna expressway areas, where an estimated 240,000 to 350,000 housing units are currently lying stalled owing to several …

Noida directs 42 real estate developers to clear dues; obtain permission for executing registry
8 months, 1 week ago

Noida directs 42 real estate developers to clear dues; obtain permission for executing registry

Hindustan Times  

The Noida authority has directed 42 of the 57 realtors to pay their dues and obtain permission for executing registry, thereby offering relief to homebuyers who have been waiting for long to transfer flats to their names. The Noida authority said in the meeting, it was confirmed that 42 of 57 realtors have given their consent to make payment of …

Legacy stalled projects: 1,366 home registries done in March in Greater Noida
8 months, 3 weeks ago

Legacy stalled projects: 1,366 home registries done in March in Greater Noida

Hindustan Times  

Noida, In March 1,366 flat buyers across 16 legacy stalled projects in Greater Noida got their registries done to get ownership rights of their homes after years of delay in line with recommendations of an expert panel led by Amitabh Kant, officials said on Sunday. HT Image The local Greater Noida Industrial Development Authority said it has issued letters to …

NCLAT Delhi; IBC Does Not Provide Any Scope For Dissatisfied Homebuyers In Minority To Override Majority Decision Of COC
8 months, 3 weeks ago

NCLAT Delhi; IBC Does Not Provide Any Scope For Dissatisfied Homebuyers In Minority To Override Majority Decision Of COC

Live Law  

The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the IBC does not provide any scope for dissatisfied homebuyers in the minority to override the majority decision taken by the Committee of Creditors. The NCLT Mumbai, in its order dated 06.10.2023, dismissed the application filed by the appellant and approved …

Greater Noida homebuyers protest over seven-year delay in handing over apartments
9 months, 2 weeks ago

Greater Noida homebuyers protest over seven-year delay in handing over apartments

Hindustan Times  

The homebuyers at the Hemisphere housing project in Greater Noida’s Sector 27 protested on Wednesday against the seven-year delay in handing over their units to them by the developer. Real estate firm Royalgolf Link City Projects Private Limited launched this housing project on 100 acres in 2015-16, promising completion and delivery in three-and-a-half years. The Greater Noida authority in July …

Yeida to issue registry permission for 10k apartments
9 months, 2 weeks ago

Yeida to issue registry permission for 10k apartments

Hindustan Times  

GREATER NOIDA: The Yamuna Expressway industrial development authority has decided to issue registry permission for at least 10,000 apartments in nine stalled housing projects, as the promoters have agreed to clear their land cost dues, the authority’s officials said on Sunday. Chief minister Yogi Adityanath, under his government’s campaign to address homebuyers’ plight, had okayed a “stalled legacy housing project” …

Stalled real estate projects: Noida Authority tells realtors to opt for relief package and clear dues by Feb 22
10 months, 1 week ago

Stalled real estate projects: Noida Authority tells realtors to opt for relief package and clear dues by Feb 22

Hindustan Times  

The Noida Authority has fixed February 22 as the last date for realtors to accept a waiver and clear their land cost dues in accordance with the terms of a realty policy, notified by the Uttar Pradesh government last December, officials in the know of the matter said on Thursday. Noida Authority has fixed February 22 as the last date …

Proposals To Centre For 2.32 Lakh New Houses
10 months, 2 weeks ago

Proposals To Centre For 2.32 Lakh New Houses

Deccan Chronicle  

Vijayawada: Proposals have been sent to the Central Government seeking permission for construction of another 2.32 lakh new houses across the state. He said the Centre granted permission for construction of 19 lakh houses under flagship Navaratnalu-Pedalandariki Illu housing scheme. He said that proposals will be sent to the Union Government seeking approval for construction of 2.32 lakh new houses …

Five real estate developers in Noida pay their land dues, obtain permission for registration of housing units
10 months, 4 weeks ago

Five real estate developers in Noida pay their land dues, obtain permission for registration of housing units

Hindustan Times  

In a move that could bring relief to homebuyers, at least five real estate developers have paid a portion of their land dues and obtained permission for executing registries of 1084 apartments in Noida, officials in the authority in the know of the matter said. In a move that could bring relief to homebuyers, at least five real estate developers …

Noida to give nod for execution of registries of 3,000 flats in 31 unfinished projects
11 months, 1 week ago

Noida to give nod for execution of registries of 3,000 flats in 31 unfinished projects

Hindustan Times  

The Noida authority on Monday said it is likely to issue permission for execution of registry of at least 3,000 ready apartments in 31 finished housing projects by offering them penal interest waivers under the new state government policy announced on December 19 to address the woes being faced by the real estate sector. The realtors of these 31 complete …

2023 sees highest ever housing project completions in Maharashtra in six years
11 months, 1 week ago

2023 sees highest ever housing project completions in Maharashtra in six years

Hindustan Times  

Mumbai: The completions of housing projects registered with MahaRERA touched the highest ever since its inception in 2017 and nearly doubled even as the housing regulator cracked the whip and put in place stringent processes for registrations, legal and financial scrutiny in 2023. MahaRERA, the real estate regulator of Maharashtra, has put in place a three-tiered scrutiny process which ensures …

Greater Noida authority holds meeting with realtors
11 months, 2 weeks ago

Greater Noida authority holds meeting with realtors

Hindustan Times  

Uttar Pradesh additional chief secretary Manoj Kumar Singh, who is also chairman for the Greater Noida authority, on Sunday met 52 realtors and directed them to make use of the recently announced policy to address the financial issues being faced by the real estate sector. The Noida authority directed the promoters to make use of the recently announced policy to …

Nearly 2.5 lakh homebuyers to benefit as Amitabh Kant committee recommendations get UP govt nod
1 year ago

Nearly 2.5 lakh homebuyers to benefit as Amitabh Kant committee recommendations get UP govt nod

Hindustan Times  

The Uttar Pradesh Cabinet on December 19 approved the recommendations of Amitabh Kant committee on delayed real estate projects, bringing relief to lakhs of aggrieved homebuyers who have been waiting to receive possession of their homes, some of which are stuck for more than a decade. The Uttar Pradesh Cabinet on December 19 approved the recommendations of Amitabh Kant committee …

UP nod to Amitabh Kant panel recommendations, says will provide relief to homebuyers
1 year ago

UP nod to Amitabh Kant panel recommendations, says will provide relief to homebuyers

Hindustan Times  

LUCKNOW: The Uttar Pradesh cabinet on Tuesday has decided to accept the recommendations of a committee headed by Niti Aayog’s former chief executive officer Amitabh Kant that would help lakhs of home buyers in the state, the state finance minister Suresh Kumar Khanna said. UP finance minister Suresh Kumar Khanna made the announcement after the cabinet meeting Khanna said the …

Thane civic body finalises affordable housing project for 1441 beneficiaries
1 year ago

Thane civic body finalises affordable housing project for 1441 beneficiaries

Hindustan Times  

The Thane Municipal Corporation has finalised two plots admeasuring 45,902 sq m in Betawade area between Diva and Dombivli for a low cost housing project for project affected people and economically weaker sections under the Pradhan Mantri Awas Yojana. The Thane Municipal Corporation has finalised two plots admeasuring 45,902 sq m in Betawade area between Diva and Dombivli for a …

Cabinet nod likely next week for new policy to address woes of homebuyers in Uttar Pradesh
1 year, 1 month ago

Cabinet nod likely next week for new policy to address woes of homebuyers in Uttar Pradesh

Hindustan Times  

The Uttar Pradesh cabinet is likely to approve a new policy to address homebuyers’ woes following the recommendations of a central government appointed committee, headed by former NITI Aayog chairman Amitabh Kant, which suggested ways to revive the realty sector that faces multiple issues across the country and particularly in the National Capital Region. Officials of the three authorities hope …

Yeida nod for Suraksha Group’s plan to take over stuck realty project of Jaypee Infratech
1 year, 3 months ago

Yeida nod for Suraksha Group’s plan to take over stuck realty project of Jaypee Infratech

Hindustan Times  

The Yamuna Expressway Industrial Development Authority, in its 78th board meeting on Wednesday, approved Mumbai-based Suraksha Group’s resolution plan to take over stuck realty projects of bankrupt Jaypee Infratech Limited, which failed to deliver around 32,000 units in its different housing projects in Noida and Greater Noida. They are: 1) Suraksha Group can purchase floor area ratio of up to …

Noida Authority CEO meets builders over ₹26,000 crore pending dues
1 year, 4 months ago

Noida Authority CEO meets builders over ₹26,000 crore pending dues

Hindustan Times  

Noida Authority CEO Lokesh M on Friday held a meeting with two dozen real estate developers to discuss the recovery of ₹26,000 crore in pending dues and difficulties faced by home buyers in 60 group housing projects, officials said. Representative image Expressing angst at the situation, the CEO directed his department that action, including the issuance of recovery certificates, should …

Housing for all: The Hindu Editorial on scheme to help the urban poor build houses in cities
1 year, 4 months ago

Housing for all: The Hindu Editorial on scheme to help the urban poor build houses in cities

The Hindu  

The announcement by Prime Minister Narendra Modi of a scheme to help the urban poor build houses in cities is a signal that the government is to undertake one more plan to address the problem of a shortage in urban housing. Even five months ago, its stand was that no new housing scheme had been envisaged following the extension of …

Homebuyers of 'Lotus Aren 1' Noida Are Given Flats In Lieu Of Their Claims, Approves Resolution Plan: NCLAT Delhi
1 year, 5 months ago

Homebuyers of 'Lotus Aren 1' Noida Are Given Flats In Lieu Of Their Claims, Approves Resolution Plan: NCLAT Delhi

Live Law  

The National Company Law Tribunal, Principal Bench, comprising of Chief Justice Ramalingam Sudhakar and Shri Avinash K Srivastava, while adjudicating a petition filed in the matter of M/s. Dhankalash Distributors Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. Ltd. submitted a Resolution …

Uttar Pradesh: Comprehensive action plan in 2 weeks to resolve stuck up Noida housing projects
1 year, 7 months ago

Uttar Pradesh: Comprehensive action plan in 2 weeks to resolve stuck up Noida housing projects

India TV News  

The wait of homebuyers in Noida and Greater Noida will end soon as authorities, banks and builders struck an agreement to find out a way to push stuck up housing projects in the region. A plan to resolve the logjam between stakeholders of group housing projects in Noida, Greater Noida is expected in two weeks. A senior Uttar Pradesh government …

NCLT Approves Suraksha's Bid For Jaypee Infra, Relief For Over 20,000 Homebuyers
1 year, 9 months ago

NCLT Approves Suraksha's Bid For Jaypee Infra, Relief For Over 20,000 Homebuyers

ABP News  

The National Company Law Tribunal on Tuesday approved the Mumbai-based Suraksha group's bid to acquire Jaypee Infratech, a development that comes as a relief for more than 20,000 homebuyers nearly six years after the debt-ridden company entered into the insolvency process, the PTI reported. According to the report, the ruling, which also comes nearly two years after the Committee of …

Budget 2023-24 Expectation: Incentivise investments in non-polluting industries to generate more funds inflow
1 year, 10 months ago

Budget 2023-24 Expectation: Incentivise investments in non-polluting industries to generate more funds inflow

Firstpost  

There is a need to expand the scope of SWAMIH Fund across property segments India’s real estate has pinned hopes on the upcoming Union Budget, which is an opportunity to address issues faced by India’s housing sector in 2023 and beyond. The multi-faceted real estate development of not just Neral Karjat but, what is also referred to as Mumbai 3.0–Panvel, …

Budget 2023: Will FM Sitharaman Make Property Purchase Easier for Homebuyers?
1 year, 10 months ago

Budget 2023: Will FM Sitharaman Make Property Purchase Easier for Homebuyers?

News 18  

The Indian housing sector did reasonably well in 2022. The budget could include increased funding for the Pradhan Mantri Awas Yojana, a government programme that provides affordable housing to the urban and rural poor. Announce tax incentives Under Section 24 of the Income-tax Act of 1961, homebuyers can currently claim an income tax deduction for the interest paid on their …

Noida, Greater Noida builders seek one-time settlement scheme for land dues | KNOW DETAILS
2 years ago

Noida, Greater Noida builders seek one-time settlement scheme for land dues | KNOW DETAILS

India TV News  

Noida news : Representatives of realtors' bodies CREDAI and NAREDCO met Ritu Maheshwari, the CEO of Noida and Greater Noida development authorities and demanded a one-time settlement scheme to clear their land dues citing liquidity crunch. "In a meeting with the CEO of Noida and Greater Noida Authorities Ritu Maheshwari yesterday, real estate developers from NAREDCO and CREDAI urged the …

Project proposals for over 60,000 houses approved under PMAY(U): Govt
2 years, 10 months ago

Project proposals for over 60,000 houses approved under PMAY(U): Govt

Live Mint  

Project proposals for over 60,000 houses were approved for construction under the Pradhan Mantri Awas Yojana in Andhra Pradesh, Chhattisgarh, Himachal Pradesh, Karnataka and Rajasthan, the Ministry of Housing and Urban Affairs said on Tuesday. Earlier this month, Finance Minister Nirmala Sitharaman during the Budget presentation announced an allocation of ₹48,000 crore to build eight million houses. “The total number …

Union Budget 2022-23: What real estate sector, homebuyers expect from govt
2 years, 11 months ago

Union Budget 2022-23: What real estate sector, homebuyers expect from govt

India Today  

The real estate sector has a host of expectations from the government as Finance Minister Nirmala Sitharaman gets ready to announce the Union Budget 2022-23. TAX RELIEF ON HOME LOANS This year the real estate sector wants the government to go beyond the usual expectation of single-window clearance and industry status. There is a specific need for income tax relief …

Real estate recovering from Covid shock: Over 18,000 residential, commercial units to be delivered across NCR
3 years, 4 months ago

Real estate recovering from Covid shock: Over 18,000 residential, commercial units to be delivered across NCR

India Today  

Over 18,000 residential and commercial units are likely to be delivered this year across the National Capital Region, as the real estate sector looks to recover from the effects of the consecutive lockdowns due to Covid-19. One of the real estate giants of Noida, Gaursons group, is likely to deliver over 5,000 units including residential and commercial housing. On the …

NCR homebuyers, awaiting possession papers for years, ask UP govt to intervene
3 years, 5 months ago

NCR homebuyers, awaiting possession papers for years, ask UP govt to intervene

India Today  

As the 2022 Uttar Pradesh assembly election inches closer, homebuyers awaiting possession of their homes across the National Capital Region are once again demanding immediate attention of the state government. Thousands of homebuyers are still awaiting possession of their homes across Noida and Ghaziabad," said Abhishek Kumar, president, Noida Extension Flat Owners Welfare Association. As many as 1 lakh homebuyers …

Relief on loans up to ₹2 crore addresses borrowers’ distress, RBI tells Supreme Court
4 years, 2 months ago

Relief on loans up to ₹2 crore addresses borrowers’ distress, RBI tells Supreme Court

The Hindu  

The Reserve Bank of India has told the Supreme Court that the Centre’s resolve to shoulder the cost of ‘interest on interest’ for MSME loans and personal loans up to ₹2 crore addresses pandemic-induced financial distress among borrowers. The central bank reasoned that a complete waiver, on the other hand, of compound interest chargeable during the six-month moratorium would destabilise …

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