Real Estate

A detailed project report on the 16 stalled projects of real estate major Amrapali group will be submitted to the Supreme Court next week, National Buildings Construction Company (NBCC) said on Thursday. The matter relates to non-delivery of flats to around 42,000 homebuyers by the embattled Amrapali group. NBCC chairman and managing director Anoop Kumar Mittal said the company has issued tenders for 10-11 projects, out of the stalled 16. Stating that the work on the Amrapali projects would start after the court's nod, he said the funding would be decided by the top court.

NBCC CMD Anoop Kumar Mittal said the company has issued tenders for 10-11 out of the 16 stalled projects.

According to the petitioner, the amount was deposited after it emerged as the successful bidder for developing the design and constructing an integrated airport township and multi-services aerospace park, in a bidding process by the APIIC in 2008.

Besides the details of the bank accounts of 46 companies, the court directed that all the computers and laptops having details of transactions since 2008 would be handed over to the forensic auditors.

In 15 of the 100-plus municipalities surveyed by Bloomberg, the monthly housing cost for units used in the analysis would be at least double an average income. Mumbai, Buenos Aires and Kiev led the "impossible dream" pack.

Delhi and Pune came a close second in average cost of construction at Rs 2,750 per sq ft.

A bench of Justices Arun Mishra and U U Lalit, however, restrained the NCLT from proceeding ahead in the matter without any express direction from the court.

National Buildings Construction Corporation (NBCC) will conduct valuation of the properties belonging to the directors of the Amrapali group, the court ruled on Thursday.

Last month, the committee also sanctioned construction of 2.67 lakh affordable houses for the poor in 10 states.

The top court also allowed RBI to direct banks to initiate separate insolvency proceedings against JIL's holding company Jaiprakash Associate Limited.

PropEquity has cited a variety of reasons such as financial constraints, execution challenges, over ambitious launches by developers and slowing sales behind these project delays.

Indiabulls Housing Finance said the increase in lending rates - or interest rates on home loans - comes "with the growing cost of funds led by the consecutive raise on repo rate by the RBI.

Mumbai's Bandra Kurla Complex (BKC) slipped to 26th position with an annual prime rent of $96.51 per sq ft from 16th rank.

The carpet area - or the area enclosed within the walls excluding wall thickness - has been raised to 160 square metres for MIG -I and 200 square metres for MIG-II, according to the Ministry of Housing and Urban Affairs.

In a big step to protect home-buyers, changes to the Insolvency and Bankruptcy Code (IBC) will come into force with President Ram Nath Kovind signing off on the government's ordinance or special order. The Insolvency and Bankruptcy Code (Amendment) Ordinance aims at saving the buyers when builders declare bankruptcy in the middle of a real estate project. Earlier, this used to leave hundreds of thousands of home buyers without any means to recover the money they invested. With this, the situation like Jaypee Infratech is unlikely to arise where the home buyers had to file a petition In the Supreme Court for restraining the sale of assets. When a company is bankrupt, financial creditors (banks) have the first right over the proceeds of assets. Now, when the buyers are also treated like financial creditors, they would also stake a claim in the assets' sale as well as in the bankruptcy proceedings.