Real Estate News Update for August 3
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Noting that Noida and Greater Noida Authorities were not cooperating in completing the construction of Amrapali Group’s housing projects, which are being carried out under its supervision, the Supreme Court on Thursday directed their CEOs to appear before it.
Yamuna Expressway Industrial Development Authority (YEIDA) has filed an application in the Supreme Court to preserve its right to appeal against an order by the National Company Law Appellate Tribunal (NCLAT) that recently approved Suraksha Group’s resolution plan for debt-ridden Jaypee Infratech Ltd (JIL) and asked the company to pay Rs 1,335 crore towards farmers’ compensation over four years.
UltraTech Cement’s open offer for shareholders of India Cements is likely to open on September 19, and close on October 3. The mandatory open offer by UltraTech follows the company acquiring more than 55% stake in the Chennai-based cement-maker in the last two months.
Chief minister Pramod Sawant on Friday said that state govt will not allow the use of the industrial land of Zuari Agro Chemicals Ltd for the residential project of House of Lodha at Sancoale. Fatorda MLA Vijai Sardesai said the matter represents a “Rs 50,000 crore scam”.
The Greater Noida Industrial Development Authority (GNIDA) has decided to temporarily waive penalties for homebuyers who could not execute registry of their flats for developers’ failure to clear dues even after being issued part-occupancy certificates.
Dharavi Redevelopment Project Pvt Ltd (DRPPL), a special purpose vehicle set up by the govt with Adani Realty as lead developer and two govt agencies, Dharavi Redevelopment Project (DRP) and Slum Rehabilitation Authority, as partners has sought 1,255 acres from different govt agencies to build rental housing for ineligible residents.
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