#RealtyNewsRoundup: Noida Authority May Open Joint Account With Developers For Faster Project Delivery

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

After Greater Noida, the Noida authority, too, is toying with the idea to open joint accounts with real estate developers to ensure faster delivery of projects. The move would ensure that the money collected from homebuyers is spent only on completing housing projects and is not diverted or used elsewhere. The authority will ensure 30 per cent of the money collected from the homebuyers goes into paying land dues and 70 per cent is spent on completing the project.

The National Green Tribunal (NGT) bench ordered Pune-based developer to pay an environmental compensation cost of Rs 100 crore or five per cent of the total cost of the project, whichever is less, for flouting environment clearance conditions relating to an integrated housing project at Vadgaon Budruk off Sinhagad road in the city. The bench also directed the developer, Goel Ganga Developers India Private Limited, to pay another Rs 5 crore for flouting several environmental laws.

The Maharashtra cabinet has approved the construction of Metro line 2B and Metro line 4. While Metro 2B, which is estimated to cost Rs 10,986 crore, is proposed from DN Nagar, in Andheri West, to Mandala in the eastern suburbs. Metro line 4 will connect Mumbai to Thane at a projected cost of Rs 14,459 crore.

State-owned Housing & Urban Development Corporation Ltd (HUDCO) claims to have raised Rs 1,300 crore through private placement of non-convertible bonds to finance affordable housing and urban infrastructure projects. The company said the bonds would be due for maturity on November 30, 2019, and January 22, 2020, respectively.

Source: Media reports