#RealtyNewsRoundUp: Change In Bankruptcy Code May Firm Up Homebuyers’ Position

If the recommendations of the Injeti Srinivas panel, which was set to suggest changes in the Insolvency and Bankruptcy Code (IBC) are accepted, homebuyers will see an upgrade in the list of creditors, coming on a par with financial creditors. The money builders raise from homebuyers would also be treated as financial debt. Currently, homebuyers are placed at the bottom of the list of creditors who can stake their claim if a company has to go insolvent and its assets have to be liquidated.

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The Delhi Development Authority (DDA) will launch its 2018 housing scheme in June, with nearly 21,000 flats on offer. Unlike its previous schemes, the DDA won’t include flats that were surrendered in earlier schemes. The 2018 housing scheme would once again have mostly one-bedroom flats on offer. The flats are located in areas such as Vasant Kunj, Dwarka, Rohini, Narela, Siraspur, etc.

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In a move that could ensure it is richer by Rs 1 lakh crore, the government has initiated the process to sell enemy properties ─ movable and immovable assets of people, who left India to become citizens of Pakistan and China after partition. Apart from issuing guidelines to the Custodian of such properties about the manner in which the sale process has to take place, the home ministry has also constituted a district-level valuation committee to complete the process within three months. An Enemy Property Disposal Committee will also be set up to advise the Centre on sale of these properties.

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The Supreme Court on March 26 pulled up the Delhi government for failing to file a comprehensive action plan to check encroachments and pollution in the national capital. The apex court said that government was not serious about removing the encroachments from the streets of Delhi and no concrete proposals had been made.

Meanwhile, the Delhi government has said it will issue a notification on mixed-land use along 351 roads soon after the SC approves it, paving the way for legalising commercial establishments. The move intends to avoid the sealing drive against commercial establishments along these roads.

Source: Media reports