Showing posts from 2016

Real Estate (Regulation and Development) Act 2016 !!

Rajya Sabha cleared the Real Estate (Regulation and Development) 2016, which aims at setting up a real estate regulator, protecting the interest of buyers, increasing the disclosure norms for developers and increasing the transparency in the industry. The recommendations of the standing committee of Parliament on urban development and suggestions of various stakeholders including consumer organizations, industry associations, academia and experts have been taken into consideration. The Act came into force from May 1st 2016.
Project Size and Applicability:

The applicability of the Act has been extended to commercial, in addition to residential real estate. Further, ongoing projects that have not received Completion Certificates have also been brought under the purview of the Act and such projects will need to be registered with the Regulator within three months.

All the residential projects admeasuring 500 sq mtr or more than 8 apartments have to be registered with the authority; ther…

Jaypee Group defaults on Rs 4,460 cr debt of Indian Banks Payments !!

Reflecting substantial financial stress, diversified Jaypee Group companies have defaulted on loans and other payments worth Rs 4,460 crore.

The Group has on a consolidated basis failed to repay Rs 2,905.6 crore in principal amount to banks and another Rs 1,558.93 crore crore in interest payments.

"Overdue principal repayment of loans borrowings ... outstanding on March 31, 2016 wherein the period of delay ranges from 1 day to 269 days" include debt of Rs 2,183.17 crore.

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Jaypee Naturvue Apartment Construction not Started Yet-Project was Launched in August 2013 !!

Dear Friends, Last week I had visited Jaypee Sport city on Yamuna expressway to see progress of construction of booked Naturvue Project, that was no any construction work even there was no any single brick work was there. Approx 1000 individuals/end users had booked 2BHK flat there in August 2013, Maximum people has paid 7-15 lacs till now. At time of flat booking Jaypee guys were fooling end users by show attractive pics of singing guys pics, F1 Track, near by greenery etc.