#RealtyNewsRoundUp: Centre Ready To Implement Delhi Metro's Phase-IV Project

Following the ongoing delay in approvals from the Delhi government, the Centre has decided to implement the Phase-IV of the Delhi Metro and the Delhi-Meerut Rapid Rail Transit project on its own. A delay of three years in approving the projects had pushed the cost of the Phase IV project by Rs 12,000 crore while adding another Rs 1,000 crore to the cost of the Delhi-Meerut Rapid Rail Transit project.

***

The Supreme Court has asked the real estate company Unitech to furnish details of its properties and that of the subsidiaries in India as well as abroad. The apex court has asked for details of properties that are free from encumbrances. For now, the SC also stayed on the actions taken by the National Consumer Disputes Redressal Commission against a co-developer of Unitech. The developer informed the apex court that Mumbai-based firm J M Financial Ltd was interested in financing their under-construction project. The matter is listed for March 12 for hearing.

*** 

The Supreme Court has asked the Centre to respond to the public interest litigation (PIL) filed alleging a violation of fire safety norms specified in the National Building Code, 2016, by developers. According to the PIL filed, even the SC and Parliament buildings did not comply with fire safety norms.

*** 

To implement the Real Estate (Regulation & Development) Act, 2016, the Telangana government has formed an expert committee to study the procedure being followed by Karnataka and Maharashtra. The panel will study the administrative setup and procedural aspects being followed by these two states.

Source: Media reports