#RealtyNewsRoundup: Homebuyers Can’t Wait Indefinitely For Possession, Says SC

Buyers can't be made to wait for an unreasonably long period to get the possession of their property, the Supreme Court has ruled. Passing its verdict in a case where the homebuyer had to wait for seven years before the developer was able to finish the project, the top court directed the builder to repay the booking amount to the buyer with a nine per cent annual interest and an additional compensation of Rs 2 lakh. 

***

Over 31,500 properties and 256 housing projects along rajakaluves and lakes will soon be issued Occupation Certificates (OC) and Commencement Certificates (CC) by the Bruhat Bengaluru Mahanagara Palike. The National Green Tribunal had ordered these properties not be granted these certificates because they violated on environmental norms. In 2016, the  tribunal had increased the buffer zone around lakes from 30 to 75 metre, prohibiting construction activities in these zones.

***

State-owned National Buildings Construction Corporation (NBCC) is planning to acquire more distressed real estate assets that do not have any corporate governance issues. “There are a few other projects where we have been approached. We are examining the commercial viability but we won’t take up projects where there are corporate governance issues,” Anoop Kumar Mittal was quoted as saying in a media report. NBCC has already been asked by the Supreme Court to start work on projects of insolvency-hit Amrapali. It is also among the prime bidders to take over beleaguered Jaypee Infratech.  

*** 

The Environment Pollution (Prevention and Control) Authority (EPCA) has recommended that the pricing for the residential parking in the national capital be jointly set by the local agencies, the residents’ welfare associations (RWAs) and shopkeepers’ association. The authority further suggested that higher rates be charged for additional cars.

Source: Media reports