 |
| |||
Dear ck.kislay,
You are subscribed to the thread "Noida City Real Estate Updates" by Cookie, there have been 4 post(s) to this thread, the last poster was MANOJa.
https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/noida-real-estate/47500-noida-city-real-estate-updates
These following posts were made to the thread:
https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/noida-real-estate/47500-noida-city-real-estate-updates
Posted by: MANOJa
On: March 16 2018 07:51 AM
[h=1]Homebuyers' claims to be settled first, SC tells banks[/h] TNN | Updated: Mar 16, 2018, 03:06 IST [IMG]https://timesofindia.indiatimes.com/thumb/msid-63324271,width-400,resizemode-4/63324271.jpg[/IMG] NEW DELHI: Holding that interest of [URL="https://timesofindia.indiatimes.com/topic/homebuyers"]homebuyers[/URL] who have invested in [URL="https://timesofindia.indiatimes.com/topic/Amrapalis-projects"]Amrapali's projects[/URL] but have not been given [URL="https://timesofindia.indiatimes.com/topic/possession"]possession[/URL] has to be given primacy over the claim of financial institutions to get their [URL="https://timesofindia.indiatimes.com/topic/loan-recovered"]loan recovered[/URL] from the [URL="https://timesofindia.indiatimes.com/topic/company"]company[/URL], the Supreme Court on Thursday directed the [URL="https://timesofindia.indiatimes.com/topic/creditor-banks"]creditor banks[/URL] to keep their [URL="https://timesofindia.indiatimes.com/topic/hands-off"]hands off[/URL] its [URL="https://timesofindia.indiatimes.com/topic/housing-projects"]housing projects[/URL]. Giving assurance to more than 41,000 flat-buyers who are facing uncertainty due to the company's failure to hand over flats and the initiation of insolvency proceedings against it, a bench of Justices Arun Mishra and U U Lalit said their problem would be first addressed by the court and claims of banks to get their money back considered at later stage. It said homebuyers' stakes could not be compromised to protect the interest of creditor banks. "You have to wait till we give justice to flat-buyers. Till then you will not be able to touch the properties (housing projects) ... At the same time, we will also protect your interest. Our order is very clear and we will hauled up people for contempt in case of any violation," the bench told the banks after their lawyer pleaded for the court's direction to get their money refunded from the company. The bench was hearing a batch of petitions filed by hundreds of homebuyers who approached the court to protect their investment as Amrapali failed to give possession of flats while its sister firm is facing insolvency proceedings. The petitioners had booked homes in Amrapali's various projects in Noida and Greater Noida, including Amrapali Centurion Park-Low Rise Project, Amrapali Centurion Park-Terrace Homes and Amrapali Centurion Park-Tropical Garden. They moved the SC after National Company Law Tribunal (NCLT) initiated Corporate Insolvency Resolution Process and the tribunal restrained the company from transferring or disposing of its assets on a plea of Bank of Baroda which had given loan to the company. Interim Resolution Professional (IRP) has taken over the affairs of Amrapali after NCLT admitted the insolvency proceedings initiated by Bank of Baroda against the firm on September 4 last year. As the investments made by homebuyers have been put at the bottom of the priority list in insolvency proceedings, they could be refunded only after banks recovered their dues after selling the assets of the company, making the position of buyers vulnerable. Advocate Gaurav Bhatia, appearing for the company, told the bench that Amrapali had started construction work in Leisure Park project at Greater Noida West as per the direction of the apex court. The project contains 19 towers and nearly 1665 flats. [url]https://timesofindia.indiatimes.com/city/delhi/homebuyers-claims-to-be-settled-first-sc-tells-banks/articleshow/63323627.cms[/url]
With warm regards,
Team IREF
https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/noida-real-estate/47500-noida-city-real-estate-updates
Posted by: MANOJa
On: March 16 2018 07:52 AM
[h=1]Yamuna Authority to submit feasibility report on Delhi-Jewar Airport metro line[/h] Navbharat Times | Updated: Mar 15, 2018, 19:14 IST [IMG]https://timesofindia.indiatimes.com/thumb/msid-63319430,width-400,resizemode-4/63319430.jpg[/IMG] NOIDA: [URL="https://timesofindia.indiatimes.com/topic/Yamuna-Authority"]Yamuna Authority[/URL] is preparing a feasibility report regarding a non-stop metro service from [URL="https://timesofindia.indiatimes.com/topic/Greater-Noida"]Greater Noida[/URL]'s [URL="https://timesofindia.indiatimes.com/topic/Pari-Chowk"]Pari Chowk[/URL] to [URL="https://timesofindia.indiatimes.com/topic/Jewar-Airport"]Jewar Airport[/URL]. The same non-stop metro line will run from Delhi airport to Jewar as well. Yamuna Authority's CEO [URL="https://timesofindia.indiatimes.com/topic/Arunveer-Singh"]Arunveer Singh[/URL] said that they are planning this metro line for the people travelling to airport and for this they are preparing the feasibility report. He said that this metro line will help people in reaching the airport in a short duration of time. This will be a 38-kilometre track. They are also planning to have no stoppage at this route. For the metro coming from Delhi Airport to Jewar, there will be two or maximum three stoppages. Through this metro line the passengers will be able to reach Jewar Airport in short duration. The CEO said that for local passengers there will be a facility of tram or some other transport so that they can reach Jewar Airport. The study is going on regarding this thing. Some changes may take place in near future. [url]https://timesofindia.indiatimes.com/city/delhi/yamuna-authority-to-submit-feasibility-report-on-delhi-jewar-airport-metro-line/articleshow/63319432.cms[/url]
With warm regards,
Team IREF
https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/noida-real-estate/47500-noida-city-real-estate-updates
Posted by: MANOJa
On: March 16 2018 11:23 AM
[B]NGT stays felling of trees at cremation ground in Noida[/B] [URL="http://www.thehindu.com/profile/author/Shinjini-Ghosh-9147/"][IMG]http://www.thehindu.com/static/theme/default/base/img/author-deafault.png[/IMG][/URL][URL="http://www.thehindu.com/profile/author/Shinjini-Ghosh-9147/"]Shinjini Ghosh[/URL] NEW DELHI, MARCH 16, 2018 00:00 IST UPDATED: MARCH 16, 2018 04:07 IST [IMG]http://www.thehindu.com/todays-paper/tp-national/tp-newdelhi/article23266580.ece/alternates/FREE_660/15ndshinjini02NGJE3K8AGP3jpgjpg[/IMG] [B]Issues notices to UP govt, CPCB, Noida Authority[/B] The National Green Tribunal (NGT) has imposed a stay on alleged felling of trees on a piece of land in Noida where a cremation ground is being constructed. Issuing notices to the Environment Ministry, the Uttar Pradesh government, the Central Pollution Control Board (CPCB) and Noida Authority, the Bench headed by judicial member Jawad Rahim said on Wednesday, "Till further orders, there shall be no felling of trees on the property in question by all [authorities] concerned and a statement that they have complied with this order shall be filed along with the statement of objection." [B]Noida Master Plan[/B] The plea, filed by the Residents' Welfare Association of Sector 92 in Noida had alleged that a cremation ground located along the south-east boundary of Sector 92 was being established in violation of the Noida Master Plan. "The said action of the respondents is in clear violation of the Master Plan and shall cause environmental degradation and physical harm to the residents of the locality," read the plea. Further, the petition stated that proximity of the cremation ground to the residential society will result in residents being hassled. "The residents of the sector will be exposed to the stench and smell of burning flesh, which by virtue of being airborne will be inhaled by the residents along with a huge amount of ash, that is also released in the air." It added that the plot in question was designated as forest land under Noida Master Plan. "It is pertinent to note that the parcel of land where the respondent number two is proposing to develop the said cremation ground, as per the Noida Master Plan 2021, has been recorded as a city forest. Further, the authority has also carried out a massive drive of illegally cutting down trees in the city forest area for construction of the boundary wall," the petition added. [I][B]The residents of the sector will be exposed to the stench and smell of burning flesh... along with a huge amount of ash...[/B][/I] [I][B]plea filed by Noida Sector 92 RWA[/B][/I] [URL="http://www.thehindu.com/todays-paper/tp-national/tp-newdelhi/ngt-stays-felling-of-trees-at-cremation-ground-in-noida/article23266581.ece"]http://www.thehindu.com/todays-paper...le23266581.ece[/URL]
With warm regards,
Team IREF
https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/noida-real-estate/47500-noida-city-real-estate-updates
Posted by: MANOJa
On: March 16 2018 06:06 PM
[B]Jaypee homebuyers ask FM to instruct PSU banks to accord priority to their interest[/B] [URL="http://www.moneycontrol.com/"][IMG]https://s2.yimg.com/lo/api/res/1.2/ip4yCHPgnCPD31clyuDB7A--/YXBwaWQ9eW15O3c9MTUwO3NtPTE7aWw9cGxhbmU-/https://media.zenfs.com/creatr-images/GLB/2018-01-30/30585c40-05a5-11e8-bc34-bd579938c4ca_logo-2-.png.cf.jpg[/IMG][/URL] Vandana Ramnani,Moneycontrol 1 hour 28 minutes ago [IMG]https://s3.yimg.com/lo/api/res/1.2/fmr4PzqbZVtyg59iMReDmQ--/YXBwaWQ9eW15O3E9NzU7dz0zNzg7c209MQ--/http://media.zenfs.com/en-IN/homerun/moneycontrol_new_482/13e163c85821ad7abff0eb9f6a2a1d7c[/IMG] Ask resolution professional to make sure an amount of Rs 4000 crore is deposited in an escrow account to complete ongoing projects latest by December 2019 Vandana Ramnani Moneycontrol News Jaypee homebuyers, who have been waiting for years to get their homes, have written to both the finance minister Arun Jaitley and the resolution professional Anuj Jain demanding that their interests in the resolution plan of Jaypee Infratech Limited be protected. They have asked the FM to instruct PSU banks to accord priority to their interest, provide for funding for timely construction of the units and payment of reasonable delay compensation. They have also demanded the creation of an escrow account in accordance with RERA norms and a deposit of at least Rs 4000 crore for completing ongoing projects and timely possession of housing units. "With a view to ensure that the IBC process of JIL should not result in punishing the homebuyers, we request you to kindly instruct the PSU lenders to accord priority to the interest of the JIL homebuyers," says the letter to FM shared with Moneycontrol. "We request you to ensure that a resolution plan of JIL should necessarily provide for funding of timely construction and possession of flats; and payment of reasonable delay compensation to the homebuyers," says the letter addressed to the finance minister Arun Jaitley by legal counsels representing nine associations of flat buyers aggregating to a total of 2460 home buyers of Jaypee Infratech Limited (JIL) and Jaiprakash Associates Limited (JAL) who have purchased real estate projects Jaypee Greens Wish Town, Noida. "The following elements must be necessarily provided in resolution plan of JIL: Deposit of at least INR 4,000 crores or sufficient amount for construction of flats in RERA compliant escrow account(s) prior to payment of any cash to banks/financial creditors," says the letter. "If required, PSU Lenders should accept deferment of their dues and/or accept land as settlement of their dues; and payment of reasonable compensation for delay to the JIL Homebuyers," the letter says. "As possession of flats in a timely manner is most critical, any upfront cash being brought in by a resolution applicant should be deposited in an escrow account for construction of flats in accordance with the Real Estate (Regulation & Development) Act, 2016 (RERA). Based on a rough estimate, an amount of at least INR 4,000- 5,000 crores may be required for construction of flats sold by JIL," it reads. "The JIL homebuyers have suffered average delays of 3- 4 years in the hands of JIL and completion of their projects may take another 2- 3 years. Given this, it is critical that the JIL Homebuyers be paid reasonable compensation for delay. Our Clients strongly believe that any compensation lower than 10 per cent per annum would not be a reasonable compensation for delay and would defeat the purpose of enactment of the RERA and the IBC," it says. In a separate letter, homebuyers have asked the resolution professional to place the letter of demands before the members of the committee of creditors (COC) request them to ensure that the following elements are necessarily provided in resolution plan of JIL. Besides the creation of an escrow account as per RERA norms, homebuyers have asked the resolution professional to make sure that the resolution plan provides for timely possession of apartments. "Based on media reports, we understand that certain resolution applicants are proposing to complete Jaypee Greens Wish Town/ongoing projects by the year 2024. Please note that adoption of any such resolution plan by CoC would be detrimental to the interest of homebuyers and consequently would be out rightly rejected by the homebuyers. As the homebuyers have already suffered average delay of 3-4 years, any further delay in the completion of the flats is unacceptable to the homebuyers. Thus, we hereby reiterate that the resolution plan should provide for completion of Jaypee Greens Wish Town or other ongoing projects at the earliest possible or latest by December 2019," says the letter. The letter also stressed that the resolution plan should provide for the payment of reasonable delay compensation to the home buyers. "It is important that they receive reasonable compensation for delay in the insolvency resolution process of JIL. Our Clients strongly believe that any compensation lower than 10% per annum would not be a reasonable compensation for delay and would be contrary to the directions of the Supreme Court in this matter as well contrary to the RERA and the IBC. The interest claimed by Our Clients is also in line with the rulings of National Consumer Dispute Redressal Commission (NCDRC) under the Consumer Protection Act, 1986 (CPA)," says the letter addressed to the RP. As JIL's dues to the banks are approximately Rs 9,000 crore, if the banks were to accept land of 2000 acres in lieu of their dues, the banks would recover their dues. Proceeds/cash flows from the remaining land parcels of approx. 1500 acres should be used by the resolution applicant to provide reasonable compensation for delay to the homebuyers as well as to ensure completion of the flats in a timely manner, says the letter. They have also asked the resolution professional to make sure that the super area of the allotted flats should not be increased at the time of providing possession of these flats to the home buyers; the car parking charges should be repaid to the home buyers; and the service tax collected from the home buyers should be repaid. [URL="https://in.yahoo.com/finance/news/jaypee-homebuyers-ask-fm-instruct-085430258.html"]https://in.yahoo.com/finance/news/ja...085430258.html[/URL]
With warm regards,
Team IREF
With warm regards,
Team IREF
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Unsubscription information:
To unsubscribe from this thread, please visit this page:
https://www.indianrealestateforum.com/member/77913-ck-kislay/subscriptions
0 comments:
Post a Comment