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Supertech MD faces 3-year imprisonment for failing to refund homebuyer
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Real estate projects face delay of two years: NAREDCO-UP
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Real estate developers struggle to meet targets as pandemic rears its ugly head
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Realtors are struggling to meet both completion and launch targets as the necessary clearances from the relevant authorities are delayed because of the localized curbs on mobility. Supply bottlenecks are also becoming increasingly evident, as is the anxiety among the hard-hatted workforce engaged in construction.
Developers believe that once supply is affected, there will be an increase in property rates.
Planning to move into your new home this summer? You may have to defer those plans due to the covid surge – and the resultant disruptions in the building business.
Noida: Homebuyers of more than a dozen group housing societies waiting to get their flats registered may finally get some relief as the Noida Authority has started inspecting the properties to resolve the logjam with private developers. These buyers were offered possession by the builders but the registrations are yet to be completed. Officials said 18 projects were identified in the city in the first round and the developers have been asked to settle their dues.
Instead of paying the total dues upfront, the authority is ready to offer relaxations to the developers. “The developers do not need to give a one-time lump sum payment. Instead, they can pay in parts. We will provide them with an option of making flat-wise payments to settle their dues,” said the chief executive officer of the authority, Ritu Maheshwari. Builders have been given a time of three months to avail of the offer.
Supertech targets Rs 2,300 crore from sale of plots in three states
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