#WeeklyNewsRoundup: Noida Developers To Deliver 25,000 Flats By December 2017

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Developers have assured the Noida Authority that they would deliver 25,000 residential units by December 2017, and submit a road map for handing over of residential units to homebuyers within a week. Chief executive officer of Noida and Greater Noida authorities have been conducting a meeting with developers in the region after a score of homebuyers met Uttar Pradesh Chief Minister Yogi Adityanath and shared with him the many woes they had been facing owing to project delays.

Strong response of institutional investors and high-net-worth individuals has helped the Rs 1,200-crore initial public offering of the Housing and Urban Development Corporation (Hudco) get oversubscribed nearly 80 times on its close on 11th May. Close to 20 lakh applicants bid in the offer, which was more than nearly 19 lakh applications recorded in the D-Mart IPO. Merchant bankers said Hudco's IPO was the most successful in more than a decade in terms application numbers.

In a letter to the Slum Rehabilitation Authority (SRA), interim chairman of Maharashtra Real Estate Regulatory Authority, Gautam Chatterjee has said it is mandatory for all slum projects to be registered with RERA. Under the RERA Act, a developer cannot sell flats in a project unless it is registered with the authority within three months of the Act coming into force.

Also Read: Should You Buy In Highrises Overlooking Slums?

The Maharashtra housing department is set to review the Maharashtra Ownership of Flats Act, 1963, (Mofa) and the Maharashtra Apartment Ownership Act, 1970, with the Real Estate (Regulation & Development) Act, 2016, coming into effect. Officials said that the exercise would help them eliminate duplicate laws.

Real estate major DLF has sold properties worth Rs 200 crore in its luxury housing project at Gurugram despite a slowdown in the residential segment. The company is developing about 750 apartments in its nine-acre luxury housing project, The Crest, launched in 2013. The company expects to complete the project this year. Meanwhile, DLF Cybercity has started construction activities for Phase-III expansion at the IT-SEZ in Chennai with investments attracting Rs 500 crore.

Source: Media Reports

Tags: DLF, Noida authority, Video, Maharashtra, propguide

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