#RealtyNewsRoundUp: Lavasa Corporation To Face Insolvency

Hindustan Construction Company (HCC) has said that the National Company Law Tribunal has accepted its plea to start proceedings on its debt-ridden real estate arm, Lavasa Corporation. This is the company that has been developing India’s first privately built smart hill city Lavasa near Pune.

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HDFC will provide home improvement loans and at lower rate of interest for rebuilding properties ravaged by floods in Kerala. The bank will not change any processing fee to issue these loans. These loans will be provided for properties located in Kerala, even if the customer is stationed somewhere else, and will be valid only for loan applications submitted till October 31, subject to the mortgage lender's norms and eligibility criteria.

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When the four officials of the Uttar Pradesh Real Estate Regulatory Authority’s (UP RERA) Greater Noida Bench starts working formally from September 4, they are going to follow the example set by their Maharashtra RERA counterparts. Reports say the MahaRERA has in the past one year resolved as many as 2,220 cases.  The feat was achieved by hearing 25 cases every day and by concluding hearing in a matter of one month.  More importantly, the authority was able to amicably settle 80 per cent of these cases out of court.

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The National Consumer Disputes Redressal Commission (NCDRC) has asked real estate giant Unitech to pay within six weeks an amount of Rs 58 lakh along with a compensation of simple interest at the rate of 10 per cent per annum to a homebuyer after the company failed to hand over an apartment within the stipulated time.

Source: Media reports