#RealtyNewsRoundUp: Homebuyers To Be Treated As Creditors In Insolvency Proceedings Against Builders

Homebuyers will now be recognised as “financial creditors” under the insolvency law, with President Ram Nath Kovind giving his assent to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018, on June 6. The ordinance was approved by the Cabinet on May 23. 

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The affordable housing segment will get a boost with the Reserve Bank of India on June 6 raising the loan limits under priority sector lending. The RBI has decided to revise the housing loan limits for PSL eligibility from Rs 28 lakh to Rs 35 lakh in metropolitan centres and from Rs 20 lakh to Rs 25 lakh in other centres.

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Notwithstanding a range of civic issues, including sewerage problems and water woes affecting the national capital, city lawmakers and councillors did not raise the issues in the Assembly and civic bodies adequately, according to a white paper released by Praja Foundation at a press conference. The NGO claimed that as many as 1,65,735 complaints were raised by Delhi citizens related to water supply and 73,088 related to sewerage issues in 2017". However, only "59 water-related issues" were raised by MLAs in the Delhi Assembly last year while councillors raised issues related to water only "29 times" from April-December 2017.

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The Uttar Pradesh government will spend Rs 4,000 crore on land acquisition for the Noida international Airport project near Jewar. The State Civil Aviation Department will spend Rs 1,500 while the Noida Development Authority will extend a matching amount. The Greater Noida Authority and the Yamuna Expressway Industrial Development Authority will be extending another Rs 500 crore each.

Source: Media reports