Archive for March 2017

Jaypee gets YEIDA notice to pay Rs 900 crore dues or lose land

According to Singh, the developer has been defaulting on its instalments for land allotted for the last five years

Jaypee gets YEIDA notice to pay Rs 900 crore dues or lose landGREATER NOIDA: Yamuna Expressway Industrial Development Authority (YEIDA) on Tuesday said that it has issued a final notice to Jaypee Infratech to pay up Rs 900 crore or face cancellation of allotment of 1,000 hectares of land.

Arunvir Singh, chief executive officer (CEO), YEIDA told TOI, “We have issued a show-cause notice asking the developer why the allotment should not be cancelled. If the group fails to clear its dues by April 15, strict action is on the cards, including cancellation of the lease deed.”

According to Singh, the developer has been defaulting on its instalments for land allotted for the last five years. “The land in question was allotted to the developer in three pockets in the YEIDA area for constructing residential units,” he said. “This totals about 1,000 hectares and is located in three pockets including Sector 25 and Jaypee Sports City,” he said. “Owing to the default by the builder, the allottees are suffering. Currently, the builder has not even started construction on the land,” he added.

Singh said that if the developer did not respond satisfactorily within the stipulated time limit after the notice, strict action was on the cards for it. “We will not shy away from cancelling the lease deed of the developer,” he said, adding that the group has to also pay YEIDA an additional Rs 1,200 crore. “This amount has to be disbursed to farmers as hiked compensation for land acquisition in the area. However, this matter is sub judice and is awaiting the appointment of an arbitrator after approval from the state government as the developer has challenged the Allahabad high court direction that farmers be paid enhanced compensation,” Singh said.

When contacted, Jaypee Infratech officials said they were not aware of any notice from YEIDA and refused to comment further on the issue.

Meanwhile, YEIDA is also getting ready to issues show-cause notice to seven more builders in its area. Earlier this month, YEIDA had started the procedure of cancellation of seven allotments of these builders. The developers, which include five group housing builders and two institutional ones, owe the Authority nearly Rs 525 crore. The notices are likely to be issued on Thursday, officials said.

DISCLAIMER

The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors. www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

Supertech’s Emerald Towers in Noida will be demolished if built without proper sanction: SC

The towers have 857 apartments, of which about 600 flats have already been sold

Supertech Emerald Towers in Noida will be demolished if built without proper sanctionNEW DELHI: The Supreme Court today said if the two 40-storey residential buildings of Supertech’s Emerald Towers in Noida were constructed without a proper sanction, these would be “demolished”.

“The buildings, if built without a proper sanction, will be demolished,” a bench comprising Justices Dipak Misra and A M Khanwilkar said.

It was hearing pleas against the Allahabad High Court‘s April 11, 2014 verdict ordering demolition of the two 40-storey residential twin towers –Apex and Ceyane — in Noida and directing Supertech to refund money to homebuyers with 14 per cent interest in three months.

The towers have 857 apartments, of which about 600 flats have already been sold.

During the hearing, the court said if the homebuyers, who have invested and want to come out of the project, they can come out of the same.

It said that the investors who want to stay in the project, can do so as the builder has also challenged the high court’s order.

The counsel appearing for Noida authority told the bench that the sanctioned plan for the building was in accordance with the guidelines and it was aggrieved by the high court’s finding in this regard.

Some of the homebuyers claimed that despite the apex court’s direction, they have not been refunded the amount by the builder.

The counsel appearing for the developer countered the submission and said they have given refund to the homebuyers and if anyone files an application for getting back money, it would be dealt within four weeks and the principal amount will be refunded to them.

The court also noted that in pursuance to its earlier order, Rs 5 crore has been deposited by the builder.

It fixed the matter for final hearing on August 9.

The court had earlier asked the National Buildings Construction Corporation (NBCC) to submit its report after inspecting Supertech’s Emerald Towers to ascertain whether the two 40-storey buildings were built in green area in violation of the sanctioned plan.

It had on February 16 last year directed Supertech to refund money to the flat owners, saying, “Developers can’t take investors for a ride.”

Earlier, it had directed Supertech to give back money to flat owners who had sought refund of their investment after the towers were directed to be demolished by the Allahabad High Court.

DISCLAIMER

The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors. www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

SC directs Unitech chairman, MDs, all other directors to be present in court on May 5

A Supreme Court bench headed by Justice Dipak Misra also denied to entertain any further application for exemption from the presence of the directors in the court

SC directs Unitech chairman and all other directors to be present in court on May 5

Supreme Court

NEW DELHI: The Supreme Court on Monday directed Ramesh Chandra, chairman of real estate firm Unitech, managing directors Ajay Chandra and Sanjay Chandra and all the other directors of the company to be present in the court on May 5, and also asked the builder to submit the final proposal for the completion of its pending projects.

A Supreme Court bench headed by Justice Dipak Misra also denied to entertain any further application for exemption from the presence of the directors in the court.

The court also said that all proceedings in cases against Unitech and its directors before different courts and forums will continue, informed lawyer ML Lahoty, who represented around 1,700 home buyers of Gurgaon’s Unitech Residences and Vistas project in the court.

“The apex court asked all the directors of Unitech to be present in person and asked the company to submit the final proposal in the next hearing on May 5. It also denied to entertain any exemption application from Unitech,” Lahoty said.

The company on February 27 proposed before the Supreme Court to submit a comprehensive scheme for dealing with completion of the pending projects and refunds for home buyers. However, it failed to submit the proposal, and demanded more time today.

Around 13,337 home buyers in 41 projects of Unitech, primarily in Noida and Gurgaon, are stuck due to delay.

The Delhi High Court had on September 2 last year agreed upon a scheme of compromise and arrangement under Section 391 of Companies Act as submitted by a group of homebuyers and asked Unitech to hold meetings with homebuyers. The court asked the builder to set up escrow accounts to allow it to complete its pending projects.

The court also stayed all the proceedings pending against Unitech, barring all Supreme Court orders, or which may be filed against the company or its directors before different forums.

The Supreme Court on November 18, however, stayed all the meetings between homebuyers and the company on the proposed scheme of compromise to complete the pending projects.

The apex court on December 15 finally put a complete stay on the Delhi High Court order, thereby reopening of all the pending cases against real estate firm Unitech and its directors before different courts and forums.

DISCLAIMER

The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors. www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

Higher compensation for buyer if builder delays project

The State Commission considered the evidence and ordered the builder to refund the amount received for the flat with 6% interest

Higher compensation for buyer if builder delays projectMUMBAI: Builders execute agreements in which they have a clause that either absolves them of the liability to pay interest, or stipulates payment of measly interest if they delay the project. Is such a clause binding?

Case Study: Dr Ambuj Choudhary had booked a flat in aproject called Omaxe Parkwoodsin Himachal Pradesh which was being constructed by Omaxe Builders. The flat’s basic price was Rs 16,94,550, and possession was to be given in 18 months. Choudhary paid Rs 3 lakh as booking deposit in 2006.

The builder delayed commencement of construction as necessary approvals had not been obtained from the authorities. In March 2009, a formal agreement was executed for sale of the flat. Choudhary paid Rs 16,57,322 instalments from time to time and obtained a housing loan from IDBI Bank. But construction did not begin.Choudhary wrote many letters and had a legal notice sent, but the builder ignored the communications.

Aggrieved, he filed a complaint before the Chandigarh State Commission, alleging that the builder had made false promises through misleading advertisements. He sought refund of the amount paid by him with18% interest, rent for alternative accommodation, etc.

The complaint was contested by Omaxe which questioned the maintainability of the complaint before the State Commission at Chandigarh.The builder blamed Choudhary for failing to make timely pa yment of instalments. It was contented that construction was in full swing and possession would be given in due course.

The State Commission considered the evidence and ordered the builder to refund the amount received for the flat with 6% interest. And, for the delay, monthly compensation at the rate of Rs5 per sqft of super built-up area was also awarded as per terms of agreement.Further, compensation of Rs 1 lakh and litigation costs of Rs 20,000 were also awarded. This order was challenged in appeal, where the builder wanted the order to be set aside while Choudhary wanted the interest rate enhanced to 18%.

The National Commission observed that for availing a housing loan, a tripartite agreement was executed between Choudhary , the builder and the bank. Since this agreement was executed in Chandigarh, a part of the cause of action had arisen there. The builder also had a regional office at Chandigarh. So the National Commission concluded that the State Commission at Chandigarh would have territorial jurisdic tion.

On merits, the National Commission noted that the builder had not explained how the booking was accepted without being in a position to deliver possession within the promised time frame. The Commission ruled that a builder had no right to accept payment from flat purchasers without being certain about handing over possession. The Commission concluded that acceptance of money in the absence of a clear schedule in place for construction and handing over possession would constitute a deficiency in service. It rejected the builder’s contention that Choudhary was to be blamed for not paying instalments in time, observing that a flat purchaser cannot be faulted when the builder has delayed construction.

The National Commission observed that interest at 6% was payable if delay was due to circumstances beyond the builder’s control. As there was no such evidence, the flat buyer would be entitled to a higher interest rate.

By its order of February 13, 2017 delivered by Dr BC Gupta, the National Commission upheld the order passed in Choudhary’s favour and dismissed the builder’s appeal. The Commission also held that Choudhary would be entitled to get his refund with 18% interest.

Impact: A builder has to pay a higher rate of interest when he defaults in handing over possession on time. (The author is a consumer activist and has won the Govt.of India’s National Youth Award for Consumer Protec tion. His email is jehangir.gai.columnist@outlook.in)

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The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors. www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

Noida MLA Pankaj Singh to visit all under-construction housing projects

In a meeting held with the homebuyers’ body, Noida Extension Flat Owners Welfare Association (Nefowa)

Noida MLA Pankaj Singh to visit all under-construction housing projectsNOIDA: Gautam Budh Nagar MLA Pankaj Singh on Thursday assured homebuyers of Noida in a meeting that he would personally visit all the under-construction housing projects of Noida and Greater Noida to get a first-hand estimate of the backlog of home deliveries in the twin cities.

In a meeting held with the homebuyers’ body, Noida Extension Flat Owners Welfare Association (Nefowa), on Wednesday morning, Singh assured the buyers that all pre-election promises made by Singh to the homebuyers will be met.

“All cooperation has been promised to the buyers, especially with the issue of implementation of the Real Estate (Regulation and Development) Act, 2016, (RERA) in UP and setting up a pro-buyer regulator,” the office of Pankaj Singh on Akbar Road, New Delhi, said.

The homebuyers of Noida had withdrawn their ‘No House No Vote’ campaign ahead of the UP election after promises by BJP national leaders that RERA would be implemented in the state after the election.

The buyers requested Pankaj that they be given an opportunity to meet chief minister Aditya Nath Yogi so they could directly explain their situation to him.

Nefowa president Abhishek Kumar said it has been a long wait for the buyers. “We have waited for years now and some action needs to be taken to correct the situation,” Kumar said.

He said that Nefowa representatives have expressed their demand to Pankaj Singh that RERA be implemented in Uttar Pradesh with the central government’s recommendations in it and not the watered-down version notified in UP in November last year.

Shweta Bharti, general secretary, Nefowa, said, “We have sought a date when we can take Singh on a personal visit to Noida Extension and surrounding areas under construction where apartments are delayed. We hope we get a date from him soon.”

Last November the buyers had condemned the four exclusions made in the UP adaptation of RERA as implemented in the Union Territories.

DISCLAIMER

The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors. www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

Unitech chairman, 2 MDs get 3-year jail term again

The court has also issued non-bailable warrants against Unitech chairman and two MDs, along with charging a fine of Rs 10,000 each

Unitech chairman and 2 MDs get 3-year jail term againNEW DELHI: The Consumer Disputes Redressal Commission in Chandigarh has sentenced real estate firm Unitech‘s chairman Ramesh Chandra and managing directors Ajay Chandra and Sanjay Chandra to a three-year jail term for not complying with the court’s order, according to a report in The Tribune.

The court has also issued non-bailable warrants against Unitech chairman and two MDs, along with charging a fine of Rs 10,000 each.

This is the third time in the past two months that they have been awarded the sentence, however, no arrest has been made in the case yet, according to the report.

The case relates to Uniworld City, Sector 97, Mohali, where the complainants Ajay Raina and his wife Rajesh Raina had purchased a plot, measuring 358.80 square yards. However, despite making the payment, they were not given the possession of the plot.

The Rainas then filed an execution plea before the court, following which the commission had, on May 24 last year, ordered Unitech to refund a sum of Rs 50,16,650 along with interest at the rate of 15% (compounded quarterly).

Unitech was also directed to pay Rs 3.50 lakh as compensation to them along with the litigation fee.

DISCLAIMER

The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors.www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

Two directors of Gr Noida’s AVJ Heights arrested for ‘mortgaging’ flats already sold

The police had filed a case for cheating and fraudulent activity against the accused Vinaj Jain (45) and Vipin Aggarwal (40) at Surajpur police station six months ago

Two directors of Gr Noida AVJ Heights arrested for mortgaging flats already soldGREATER NOIDA: Two directors of residential society AVJ Heights in Sector Zeta 1, Greater Noida, were arrested on Thursday for allegedly mortgaging the flats they had already sold to buyers. The police had filed a case for cheating and fraudulent activity against the accused Vinaj Jain (45) and Vipin Aggarwal (40) at Surajpur police station six months ago.

According to police, there are 12 towers in AVJ Heights in Sector Zeta I. There are 1,800 flats in these towers, of which 1,200 are occupied. The AVJ Heights Apartments Owners Association had accused the developer of fraudulent activity by talking huge loans against the flats of residents without their knowledge.

Police said that some buyers had paid the money and got possession of the flats. However, weeks later they were informed by some bank officials that loans had been issued against their flats. This happened with several residents and they protested in June 2016 outside the society against the builder alleging fraudulent activities and registered an FIR against the developer on June 26.

They also alleged that some armed goons had entered their society and thrashed them with canes when they were protesting. However, the developer denied any fraudulent activity. Anuj Kumar, SHO, Surajpur police station, said a case of cheating and forgery had been registered against them.

DISCLAIMER

The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors.www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

PM Narendra Modi’s flagship projects in focus in UP

Board meetings, which weren’t called for months, have suddenly been wrapped up to push smart city projects implementation.

PM Narendra Modis flagship projects in focus in UPNEW DELHI: Within days of a BJP government coming to power in Uttar Pradesh, Prime Minister Narendra Modi’s pet programmes are finally in focus in the state. Uttar Pradesh administration has swung into action taking stock of implementation of flagship programmes, including Swachh Bharat,Smart City and Housing for All.

The flagship programmes have shown very little or no progress in Uttar Pradesh getting caught in the politics between the Centre and Samajwadi Party’s state government.

Despite repeated review meetings conducted by urban development minister M Venkaiah Naidu, UP was lagging behind in target achievements under all these programmes.

However, with a BJP government taking over and Chief Minister Yogi Adityanath expressing his intentions of good and effective governance on the first day, the projects have got a sudden fillip. Review meetings have taken place over the last two days to check how UP cities can be declared Open Defecation Free – a goal set under Swachh Bharat Mission – by the end of 2017.

Under Smart City mission, UP has a quota of 13 cities but only Lucknow has been able to make it to the final list in the first three rounds of Smart City Challenge. The other 12 would have to compete in the final round this month.

Asenior urban development ministry official told ET, “Divisional commissioners who would not even take our phone calls are proactively calling up and assuring support to initiatives.

Board meetings, which weren’t called for months, have suddenly been wrapped up to push smart city projects implementation.”

Under Swachh Bharat mission, UP has achieved only 30% of target set for toilet construction even after half the mission period has elapsed.

Even in solid waste management head of the mission the progress has been very poor. Housing for All initiative has also shown poor progress. So far, construction of only 12,000 affordable houses has been sanctioned by the Centre after a proposal of the state government. UP had projected a shortage of 16 lakh dwelling units in the initial stages of scheme.

DISCLAIMER

The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors.www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

Online-generated documents will now be verifiable in Noida, Gr Noida

These documents generated online will be supported with a digital signature as well as a unique bar code number to make them authentic.

Online-generated documents will now be verifiable in Noida and Gr NoidaNOIDA: Having launched an online delivery of services for its 16,300 institutional, industrial and commercial properties in December, Noida Authority has gone a step further. Deepak Agarwal, Chief Executive Officer (CEO), Noida and Greater Noida said on Tuesday that all documents and certificates issued by both Authorities of Noida and Greater Noida will soon be verifiable. These documents generated online will be supported with a digital signature as well as a unique bar code number to make them authentic.

According to officials, Agarwal has directed his team of officials to implement the move within a week. “We have also started intensive training programs of our staff who are involved in the online services at both Authorities,” he told TOI. “Allottee and anyone who wants to check the authenticity of a document issued online by the two Authorities will be able to go to the respective website and verify the documents,” he said. “This facility will be implemented within a week at both Authorities,” he added say the aim is to ensure speed and transparency.

With the online facility in place, allottees do not have to visit the Authority to get their works done and are able to get them done from anywhere. A host of services including permissions for mortgage, mutation of land, transfer memorandum, completion and functional certificates, lease rent deposit, water bill payments, etc are available for allottees to avail online. The services can be accessed from Noida’s website and Greater Noida’s website.

Agarwal said that with the online services, ease of doing business in both cities, approvals for building plans and interface with every allottee has become faster and straightforward. “Slowly we plan to go completely digital and to do away with manual applications and processes besides providing a single window access to information and services,” the CEO added.

DISCLAIMER

The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors.www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

Middle-class home buyers get clarity to avail loan subsidy under Pradhan Mantri Awas Yojna

All home buyers with annual incomes of above Rs 6 lakh and up to Rs 18 lakh per year will be eligible for receiving interest subsidy on housing loans taken in 2017 under Pradhan Mantri Awas Yojna (Urban)

Middle-class home buyers get clarity to avail loan subsidy under Pradhan Mantri Awas YojnaNEW DELHI: Giving clarity on the government’s credit linked subsidy scheme (CLSS) for home buyers in the middle income group (MIG) segment, Union minister for housing Venkaiah Naidu on Wednesday released the guidelines for the implementation of the scheme.

The move is set to bring down the monthly equated monthly installment (EMI) for the middle class by over Rs 2,000.

All middle class home buyers with annual incomes of above Rs 6 lakh and up to Rs 18 lakh per year will be eligible for receiving interest subsidy on housing loans taken in 2017 under Pradhan Mantri Awas Yojna (Urban).

Interest subsidy will be provided on home loans for construction or purchase of house with carpet area of 90 square meters by those earning up to Rs 12 lakh per annum and of 110 sqm by those earning up to Rs 18 lakh per year.

No processing fee will be charged by banks or housing finance companies from the applicants under CLSS.

“Not only poor, but middle class is also on top of our PM’s agenda. Middle income groups make substantial contribution to the economic growth of the country besides paying taxes and deserved support to fulfill the dream of owning a house which is a basic and genuine aspiration,” said Naidu.

Prime minister Narendra Modi on December 31 announced the extension of CLSS to the middle class people, offering interest subsidy of 4% on housing loans of up to Rs 9 lakh of those with an income of Rs 12 lakh per year and of 3% on home loans of up to Rs 12 lakh of those earning Rs 18 lakh per year.

Housing loans above Rs 9 lakh and Rs 12 lakh will be at non-subsidised rates.

According to National Housing Bank MD and CEO Sriram Kalyanaraman, the interest subsidy of 4% under the scheme will bring down EMI by Rs 2,062 per month on a housing loan of Rs 9 lakh and interest subsidy of 3% will reduce the monthly outgo by Rs 2,019 on Rs 12 lakh loan, considering normal housing loan interest rate of 8.65%.

The scheme will be applicable just for one year starting January 1, 2017 and the government has allocated Rs 1,000 crore in Union Budget this year for the same.

“We may consider expending this MIG scheme based on the response and demand,” informed Naidu.

The tenure of loan can be a maximum of 20 years or that preferred by the home buyer, whichever is lower.

The scheme gives preference to women with overriding preference to widows, single working women, people from scheduled castes and scheduled tribes, backward classes, differently abled and transgender people.

National Housing Bank (NHB) on Wednesday also signed memoranda of understanding with 45 housing finance companies, 15 scheduled banks, 2 regional rural banks, 1 cooperative bank, 4 small finance banks and 3 non-banking finance companies-micro finance institutions for implementation of CLSS(MIG) component of PMAY(Urban).

NHB and Housing and Urban Development Corporation (HUDCO) have been designated as central nodal agencies for implementation of CLSS for both MIG and EWS/LIG who would reimburse interest subsidy to primary lending institutions.

The CLSS component of PMAY(Urban), launched in June 2015, was already applicable for the economically weaker sections (EWS) and low income group (LIG) with income of Rs 3 lakh and Rs 6 lakh per year, respectively. People in this group are getting interest subsidy of 6.5% on a home loan of up to Rs 6 lakh.

DISCLAIMER

The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors.www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

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