#RealtyNewsRoundUp: Lakshdeep To Renegotiate Jaypee Infra Bid

The group led by Lakshdeep Investments & Finance, which was the highest bidder for bankrupt developer Jaypee Infratech, is open to renegotiating its rejected offer. The consortium has now filed an intervening application in an ongoing case in the Supreme Court, seeking extension of the deadline on insolvency proceedings against the trouble-hit real estate company. Meanwhile, the Supreme Court on May 16 asked Jaiprakash Associates Limited to deposit an additional Rs 1,000 crore with its Registry by June 15 to provide refund to the hassled homebuyers.

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The Supreme Court has allowed the Centre to proceed on amending the Master Plan 2021, but directed it to invite objections from people and take a final call only after considering them. This has come as a big relief to all those who have been affected by the sealing drive in Delhi for running business from premises tagged residential.

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The Supreme Court has directed real estate company Supertech to deposit an additional Rs 5 crore by June 20 to refund to the homebuyers who have taken loan from banks and opted out of the Emerald Towers project in Noida. Earlier, the court had directed Supertech to deposit Rs 10 crore with its registry to pay interest to the homebuyers.

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The remaining section of the Delhi Metro’s Magenta Line, connecting south Delhi’s Kalkaji Mandir and west Delhi’s Janakpuri West, is set to open within the next week, say officials. Once this stretch is operational, commuters from Noida and south Delhi will be able to travel directly to the airport on the Metro. The line has received the approval from the commissioner of Metro rail safety (CMRS) to start operations.

Meanwhile, the Cabinet has approved the nearly seven-km Metro rail project connecting Noida City Centre with Sector 62. The stretch, to be developed at an investment of Rs 1,967 crore, is set for completion by September this year.

Source: Media reports