#RealtyNewsRoundup: Punjab RERA Imposes Rs 1.5-Cr Penalty On Chandigarh Developer

The Punjab Real Estate Regulatory Authority (P-RERA) has imposed a penalty of Rs 1.5 crore on Chandigarh-based Gupta Builders & Promoters for selling real estate inventories at two of its projects that have not been registered in RERA and have not received a Change in Land Use (CLU) approval. This is the highest ever penalty imposed by any RERA in the country.

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Rating firms Moody’s and Fitch have downgraded Lodha Developers’ outlook from stable to negative in the past five days on the backdrop of weak liquidity position. The firms are also of the view that the developer is likely to have insufficient cash flows to repay its Rs 69-billion debt in March next year. According to Fitch, Lodha is one of the highest leveraged companies among 'B' category property-developer peers in Asia Pacific.

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Homebuyers have filed a petition with the Supreme Court (SC) asking to stop the dissolution of the debt-laden developer Jaypee Infratech citing the delay in insolvency proceedings that were to be completed within 270 days. It was in August 2018 that the SC had ordered to start insolvency proceedings against the developer. Meanwhile, the Committee of Creditors is expected to review NBCC’s bid to take over Jaypee on May 9.

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A multi-level car parking project will soon kick off across 101 locations in Chennai. The Rs 2,000-crore project will create a car-parking space for over a lakh cars in the city. Chennai’s municipal corporation has identified 12,000 slots in Anna Nagar, Vepery, Besant Nagar and T. Nagar that are being used for on-street parking causing congestion in these areas.

Source: Media reports