Low Budget Affordable Properties for Sale in Allahabad

National Building Construction Company (NBCC) is now planning to buy insolvency-hit Jaypee Infratech, a move that would help the public company to acquire land parcels in tony localities, Taj Expressway and Japyee Hospitals. NBCC will be competing with other construction majors, including L&T, Suraksha Asset Restructuring Company, Kotak group and ICUBE, which have shown interest in buying Jaypee Infratech, the sister concern of Jaiprakash Associates Limited (JAL). This is the second time process is on to acquire the insolvency-hit realtor.

Since September this year, the Greater Noida Bench of the RERA has heard 600 cases while the Lucknow Bench has heard 500 cases. The UP-RERA has directed many builders to pay penalty interest for undue delays. It has also directed many builders to pay penalty interest for undue delays. Hundreds of cases are being taken up by the authority. Preliminary investigation in several cases reveals that the builders may have diverted the funds.

Can authorities or state-run utility providers stake claim and stop liquidation of assets owned by a distressed company? What happens to the claims of private lenders such as banks? Through a recent order, the NCLT has made liquidation of assets owned by insolvency-hit companies easier.

The Allahabad High Court has ordered to stop the construction work at Noida Sector 77 project, Express Zenith till July 10. The order has come on the basis of an appeal made by one of the homebuyers alleging that the builder has constructed floors beyond the permitted limit sanctioned by the Noida Authority.

Following an order of the Allahabad High Court, the Noida Authority has said it would not issue occupancy certificate to real estate company Omaxe for its project Grand Omaxe in Noida till the builder pays dues to the tune of Rs 250 crore. About 300 residents are already occupying flats in this project since 2012 without the units being registered.