#RealtyNewsRoundup: Noida Authority Asks Developers Not To Hand Over Flats Without Acquiring Completion Certificates

Realty News Roundup is PropGuide's selection of the day's top stories from the real estate sector.

The Noida Authority has warned developers of strict action if they hand over the possession of residential units to homebuyers without obtaining the requisite completion certificates. In a notice, the authority has also urged homebuyers to check details of projects, which have been granted completion certificates in recent months, on its website, before taking possession of a residential unit.

In a bid to optimally utilise available land, the Ghaziabad Development Authority board has amended building by-laws in the city. The new amendment entails that one housing unit will be allowed on plots measuring 50 square metres (sq m), two units would be allowed on plots up to 150 sq m, and four units would be allowed on a plot area of up to 300 sq m. The minimum plot size to construct stilt parking plus four floors has been increased from 120 sq m to 150 sq m.

Tata Realty & Infrastructure has emerged as the front-runner to buyout the Rs 300-crore Chhattisgarh road asset at Durg in the state from IDFC Alternatives and SMS Ltd. IDFC Alternatives which is leading the deal talks with suitors holds 48.4 per cent stake in the 18.4-km two-lane bypass road project while Nagpur-based infrastructure company SMS Ltd holds the remaining 51.6 per cent stake.

As many as 35 international real estate developers and marketing companies will showcase about 100 residential, commercial, retail, hotel and leisure projects during the three-day International Real Estate Expo (IREX) which kicks off in New Delhi from October 7. The investment opportunity in projects from Australia, Canada, Europe, New Zealand, Sri Lanka, Thailand, UAE, the UK, and the US starts from Rs 2 crore onwards. The companies will target ultra-high net worth individuals (UHNWIs) and high net worth individuals (HNIs) in the country.

Source: Media reports