Real Estate News Update for November 24
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Regulatory
MUMBAI: The insolvency process for the bankrupt Lavasa Corporation took a new turn with the principal bench of the National Company Law Appellate Tribunal (NCLAT) allowing a State Bank of India (SBI) petition seeking to set aside a lower court's approval for the resolution plan submitted by Darwin Platform Infrastructure (DPIL).
Regulatory
NOIDA: After Ace group, one more real estate company has been granted a 'zero period' waiver by the Allahabad high court because it did not get unencumbered land for its project, without which it could not go ahead with the construction.
RERA
MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed Raymond Ltd to deduct just 2% of the total consideration of a flat without any interest, after the developer forfeited the entire amount of about Rs 6 lakh paid by a couple, following the cancellation of their booking. It cited a recent MahaRERA circular, which states a promoter is allowed to forfeit just 2% of the amount in case of cancellation of booking by an allottee.
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Housing Finance
NEW DELHI: Home First Finance Company's two promoters as well as Warburg Pincus affiliate on Thursday sold shares of the affordable housing finance firm for Rs 753 crore through open market transactions.
Residential
NEW DELHI: The residents of the Signature View Apartments, up for demolition in north Delhi, can approach the high court for a hearing on the vacation clause since the matter now is sub judice, the DDA told the building RWA on Thursday. The apartment complex in Mukherjee Nagar, built in 2007-09 with 336 MIG and HIG flats, has some construction issues and is up for demolition by the Delhi Development Authority.
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