#RealtyNewsRoundup: Over 1,100 Homebuyers Get Possession Letters In Jaypee Projects

In the past two-and-a-half months, about 1,150 buyers of home with trouble-hit Jaypee have received the possession letters of their properties. According to a media report, 950 such letters were offered to buyers of Wish Town and Kosmos projects between August and September, another 200 documents have been given to investors in October so far.

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Meanwhile, the Supreme Court has directed real estate major Supertech to refund RS 1 crore to a Noida homebuyer because of the company's failure to provide possession on the unit on time. The apex court held that real estate companies are liable to hand over units to buyers within a fixed timeframe. In the current case, the buyer has booked a flat for Rs 1.1 crore in Supertech's Capetown project in Sector 74 Noida in October 2012. The company promised possession by October 2013.

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Goa has yet again extended the deadline for real estate developers to register with the Real Estate Regulatory authority—the state has yet to come up with an online portal for receiving RERA applications from developers. Now, promoters can register their projects with the regulatory authority till December 31 this year without paying a penalty. Earlier, the Union Ministry of Housing and Urban Poverty Alleviation had written two letters to Goa, asking it to frame and notify rules as quickly.

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Real estate major Oberoi Realty has witnessed a 25 per cent annual appreciation in its consolidated net profit at Rs 104.32 crore for the second quarter of the financial year 2017-18. While its revenue from real estate went up 23.3 per cent, revenue from hospitality slipped marginally to Rs 29.22 crore.

Source: Media reports