Real Estate News

NBCC likely to take up deserted projects of Amrapali and Jaypee

After a long wait, a conceivable solution might await the frustrated homebuyers who bought property in Amrapali projects and Jaypee Infratech in Noida.

The projects can possibly be taken over by the State-run NBCC, which will ensure the completion of the projects, after which it will hand them to the genuine owners. However, NBCC has demanded for full control of the funds through an escrow account.

As per the reports, the company’s charge would stay with the current promoters, or with the IRP (Insolvency Resolution Professional) in some cases.

After the homebuyers approached the government seeking solution, the high-level committee has met three times to restore the problems. The homebuyers want a government agency to handle the incomplete projects.

After the completion of the projects, a call can be taken on dividing the leftover money lying with the escrow account.

NBCC will ensure the completion of the projects by engaging third party construction companies to which it will act as a PMC (Project Management Consultant).

Amrapali has effectively made a representation to the Supreme Court, saying they need the assistance of NBCC to finish the venture, and they might want to hand it over to NBCC, or some other comparative government body, to complete the rest of the work. According to the affidavit submitted with the Supreme Court, Amrapali group will build up an aggregate of 40,987 units, which require Rs 5,112 crore for completion.

For NBCC, which is as of now executing ventures worth Rs 80,000 cr all over India, assuming control over the unfinished ventures may not be a colossal task as assessments suggest that the aggregate cost of finishing both the projects — Jaypee and Amrapalli — may not exceed Rs 15,000 crore. While NBCC may not gain much by taking up these unfinished projects, it might thusly open up more doors for the organization.

July 30, 2018 / by / in , , , ,
‘Advisory Committees’ to sort out problems of Homebuyers and Builders

On Friday, at the Global Investment Summit 2018, Gurugram the Union Minister of State in the Ministry of Housing and Urban Affairs, Hardeep Singh Puri said that ‘Advisory Committees’ have been set up by the government in the southern, eastern and western region to fix the existing issues of real estate.

The committees will counsel with homebuyers and builders and look to solve problems for the same so that the deliveries of affordable houses are not postponed further and developers are also ready to deal with their beaurocratic problems.

The assigned work of the committees will begin in June 2018.

The government was advised by Mr Rajeev Talwar, chairman NAREDCO (National Real Estate Development Council) to take care of those real estate builders and developers whose land parcels have been mortgaged by different states in pretext as it would postpone the venture’s completion date and put a stop to the country’s real estate development.

The minister put the blame on some selected real estate developers who have defamed this sector noting that proper action will be taken against them as per the law. He also assured that the Union government – in counsel with the state of Haryana and UP, would be able to fix and solve the problems of NCR developers and builders.

Hardeep Singh Puri also said that the members of the Advisory Committee will also address the issues of builders related to RERA.

June 2, 2018 / by / in , , , , , ,