“The authority as per RERA Acts and rules will continue to take actions and impose heavy penalties against the errant promoters so that the promoters start complying with the orders and homebuyers can get the possession of their dream houses,” Rajive Kumar, Chairman, UP RERA said.
The real estate and infrastructure development business of the Mahindra Group has collected Rs 297 crore in residential business, recording a sequential growth of 122%, the company said in a regulatory filing.
The Real Estate Regulatory Authority (RERA) of Uttar Pradesh) had passed an order asking the realtor to refund amount paid by the homebuyer along with the interest as it could not give the possession of the booked flat.
The public notice elaborates that Emaar has approached National Company Law Tribunal (NCLT) alleging illegal conduct by Shravan Gupta and MGF Group, causing losses of properties and funds to Emaar India, previously Emaar MGF Land.
“We have acquired two land parcels of 7 acre and 2 acre and have entered into a revenue share agreement with the land owner. We have already sold inventory worth Rs 421 crore and are in talks to acquire more land in the same township,” said Yash Miglani, MD, Migsun group.
Past 4-year trends, however, indicate that average apartment sizes were reducing y-o-y since 2016. 2017 saw the maximum yearly decline of 13% in average apartment sizes in the top 7 cities against the preceding year – from 1,440 sq ft in 2016 to nearly 1,260 sq ft in 2017.
The members of CREDAI Western UP apprised the minister that the state government had revised registration fee of property in the state from February 2019, making it 1% of property cost, which was earlier only Rs 20,000.
On January 8, the UP government promulgated a tenancy ordinance to reduce the dispute between tenants and landlord. The Uttar Pradesh Regulation of Urban Premises Tenancy Ordinance, 2021, will make rent agreement mandatory for any property to be given on rent now.
Terming the matter as "exceptional" and having "compelling circumstances" against the realty firm, a two-member Chandigarh-based NCLT bench has granted the waiver in the filing criteria under Section 244 of the Companies Act, over the plea filed by the Omaxe former joint managing director Sunil Goel and his wife.