Orris Developers

Homebuyers would now act as “financial creditors” when fates of real estate developers who declare themselves insolvent are decided, with the Union Cabinet approving an ordinance to amend the Insolvency and Bankruptcy Code (IBC) of 2016.

In its recently released Development Control and Promotional Rules (DCPR), the BMC has proposed to use coal dust, which is widely known as fly ash, to make concrete and bricks for building construction. For using the material, developers will have to get a certificate from architects appointed by the BMC.

The three authorities in Noida – the Noida Authority, the Greater Noida Authority and the Yamuna Expressway Industrial Development Authority (Yeida) —have not paid the compensation for the gram panchayat land they acquired to sell to private developers, media reports say. Gram panchayat land is meant to be developed for the benefit of villagers. Instead, the three authorities sold this land for private use.

In a bid to connect interior and semi-developed towns of Uttar Pradesh, the state government plans to build an expressway between capital Lucknow and Ghazipur. With the state initiating the process to select contractors, the expressway project, also known as the Purvanchal Expressway, is all set to kick off.

Rates of property in Ghaziabad are likely to go slightly up with the city development authority hiking development charges. The 3.03 per cent increase in the fee comes into effect from April 1 this year. Before the hike came into effect, developers had to pay Rs 3,024 per square metre (psm) as development charge. They will now be paying Rs 3,114 psm.