#RealtyNewsRoundUp: CREDAI Asks Developers To Give Real Time Information To Buyers
Realty News Roundup is PropGuide's selection of top stories from the real estate sector.
Realtors' body Confederation of Real Estate Developers' Associations of India (CREDAI) has asked its member developers to give real time information to buyers about the ongoing projects, which are delayed and honour their commitments in order to prevent consumers from taking legal recourse.
This comes amid the Unitech case in which a Delhi court on January 11 sent Unitech's chairman, its two managing directors and a director to 14-day judicial custody in alleged cheating cases filed by two investors. Read more
In what could be termed as a blow to real estate developer Mantri Realty, Bombay High Court has directed an official liquidator to take physical possession of all assets, books and records of the company, according to The Times of India.
This move comes in connection to cases filed by individuals who had invested money and were promised high returns. The court blamed the company's Chairman and former managing director Sunil Mantri for allegedly misrepresenting facts before it and directed him and three other directors not to leave the country, the report added. Read more
Off the frontpage
Mortgage lender HDFC's new private equity fund aims to raise $500 million from offshore investors for domestic property projects, including warehousing and logistics, according to a Reuters report.
Before this asset manager HDFC Property Fund has mainly invested in housing projects through earlier funds. Read more
Real estate developer Omaxe has been directed Mohali District Consumer Disputes Redressal Forum to pay Rs 25,000 to an Ambala man for mental agony, according to The Times of India report. The man had bought an under-construction flat from the developer in May 2007. Read more
Union Transport Minister Gadkari launched seven national highway projects in Chhattisgarh on Wednesday. The minister said that road projects worth Rs 40,000 crore had been sanctioned for Chhattisgarh by his ministry. The projects will go full steam ahead in another 18 months. Read more