#RealtyNewsRoundUp: Builders Cheating Homebuyers Is Criminal Offence, Says Bombay HC

Complaints filed by public, where they allege of being cheated by a developer cannot be termed as "civil disputes" and the police have to probe such cases diligently, the Bombay High Court has said. While passing the order, the HC also said that the police should not shirk away from their responsibility by terming such complaints as civil disputes.

Meanwhile, the Maharashtra Real Estate Regulatory Authority (MahaRera) has ordered JVPD Properties Private Limited to refund Rs 7.10 crore, along with a 15 per cent interest, to 21 homebuyers  for its failure to execute a project at Santacruz

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Spotting diversion of funds to the tune of over Rs 2,700 crore by the embattled real estate firm Amrapali Group, the Supreme Court on May 10 sought details of financial transactions made by the company in the next five days. It said that the "jigsaw puzzle" created by the company, facing insolvency proceedings initiated by creditor banks for not repaying loans, had to be solved so that the hassled homebuyers could be granted relief.

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Jaiprakash Associates Limited (JAL) has moved the Supreme Court, seeking approval of its Rs 10,000-crore resolution plan for revival of Jaypee Infratech. The real estate company has also sought directions to restrain the National Company Law Tribunal (NCLT), Allahabad, from proceeding further in the matter. Meanwhile, nearly 1,000 homebuyers representing various Wish Town projects of Jaypee group staged a demonstration at the sales and marketing office of the builder, demanding that they be given their houses before any financial liability of the company was disbursed with.

Earlier, in a bid to retain buyer loyalty, Jaypee group has announced a sanction of 2,000 shares for each buyer whose apartments are pending for registration. These shares are to be transferred at the time of registration at nil consideration.

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The Delhi Metro’s Magenta Line stretch between Kalkaji Mandir-Janakpuri is likely to be opened for public next week. With that, Terminal-1 of the Indira Gandhi International Airport will get a link with the Metro network. The new section will also reduce the travel time from Noida to Gurgaon to 50 minutes.

Source: Media reports