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SC Asks Jaypee To Deposit Rs 600 Cr; Buyers Demand NOn July 4, the SC pronounced some relief to the ailing company and offered a concession. Jaypee will now have to pay Rs 600 crore to refund homebuyers post which the apex court has assured that it would ask the National Company Law Tribunal at Allahabad to expedite the case and decide on revival or restructuring.
After UP, MahaRERA Issues Recovery Warrant Against BThe Maharashtra Real Estate Regulatory Authority has slapped recovery notices on at least 11 realtors in the past two months. These developers failed to comply with orders passed by the MahaRERA. Section 40 of the Real Estate (Regulation & Development) 2016, says that buyers can demand issuance of an RC in case builders refused to refund him.
Mumbai Builder Fails To Deliver Apartments; Faces PrOver 2,500 homebuyers have launched a protest against Jaycee Homes and JVPD Properties Limited for failing to deliver apartments in the given time and also compensating them for the delay caused in about four real estate projects.
Purvanchal Expressway Moves A Step Closer To RealityThe Uttar Pradesh government has approved various proposals submitted by shortlisted builders for different packages of the expressway. These projects will be implemented in engineering, procurement and construction (EPC) model. The expressway will be constructed between capital Lucknow and Ghazipur connecting interior and semi-developed towns of the state.
Court Stays Construction Work In Noida’s Express ZenThe 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.