#RealtyNewsRoundup: Chennai NCLT Approves Oasis’ Resolution Plan For Vishwakarma Real Estates

June 18 2019   |   Proptiger

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The Chennai Bench of the National Company Law Tribunal (NCLT) has given its approval to Oasis Grace Engineering Projects to acquire embattled Vishwakarma Real Estates & Constructions. It was in April last year that the insolvency proceedings had started against the developer that had defaulted of nearly Rs 68 crore to lenders.

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The Delhi Development Authority on June 17 gave approval to the proposed signal-free integrated transit corridor between Jwala Heri Market traffic light junction and Jwalapuri traffic light junction. The two junctions form a part of the National Highway-10 that runs through the city. The signal-free corridor will connect various residential areas such as Punjabi Bagh, Mundka, Paschim Vihar and Nangloi, and will have a flyover and two underpass U-turns at Rohtak Road and Peeragarhi Chowk Junction.

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The Centre plans to launch a new housing scheme for the migrant labourers. Under this scheme, migrant labourers with an annual income of Rs 3 lakh or less will be provided with single-room rented accommodation across Indian metro cities. The scheme will be linked to the government’s Pradhan Mantri Awas Yojana.

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The government should encourage land leasing and land pooling to ensure enough land is available for industrial and infrastructure projects, State Bank of India has suggested. The bank has also suggested that the government lowered the consent threshold at 60 per cent or less for both public-private partnership (PPP) and private projects.

Source: Media reports



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