Board irons out development bottlenecks
Jan 12, 2013, 01.41AM IST TNN

NOIDA: Several development projects were approved in the joint board meeting of the Noida, Greater Noida and Yamuna Expressway authorities on Friday. Even though the main focus remained on boosting connectivity and developing industrial clusters, the authorities even attempted to pacify agitating farmers by amending provisions related to land acquisition.

Noida Authority CEO Sanjeev Saran said rapid population growth has led to an urgent need to improve the transportation system. An additional 170 buses, including 20 semi low-floor buses and 50 feeder vehicles, will be started at the cost of Rs 40.5 crore. "The Authority will develop the city bus terminal in Sector 82 on 3.9 hectare with world-class infrastructure," he said.

Concerned over rampant accidents on Noida-Greater Noida Expressway, an Rs 15 crore Intelligent Transport System (ITS) will be installed to monitor and manage traffic flow.

To counter farmers' agitation, the board passed several amendments in the provisions to sort out abadi regularization, disbursement of developed land, enhanced compensation and inherited and non-inherited property issues.

"The land in Gautam Budh Nagar district was acquired in three phase in 1976, 1979 and 1997. Earlier, those farmers whose land was acquired in 1976 were eligible to get 5% abadi land, while those whose land was acquired between 1979 and 1997 were kept out of pool. The board has approved to grant abadi land to these farmers too," said Rajesh Prakash, administrative officer, Noida Authority.

"The minimum size of developed plots to be given to farmers whose land was acquired will be 40sq.mtr. The 5% developed plots will also be given to those farmers who were found eligible for plots below 40sq.mtr," Prakash added.

Around Rs 650 crore has already been disbursed towards enhanced compensation to farmers and the board has approved another Rs 450 crore. For village development work, the engineering department will not need approval from the land records department now.

The number of highrises in the city is expected to increase in the next two years, so there is a need of updated fire safety infrastructure. "The Authority will buy 72m hydraulic machines in case of fires in highrises," Saran said. A 1MW solar power plant will be developed on a 5 acre plot over the Sector 135-152 irrigation drain mainly for streetlights.

NOIDA: Several development projects were approved in the joint board meeting of the Noida, Greater Noida and Yamuna Expressway authorities on Friday. Even though the main focus remained on boosting connectivity and developing industrial clusters, the authorities even attempted to pacify agitating farmers by amending provisions related to land acquisition.

Noida Authority CEO Sanjeev Saran said rapid population growth has led to an urgent need to improve the transportation system. An additional 170 buses, including 20 semi low-floor buses and 50 feeder vehicles, will be started at the cost of Rs 40.5 crore. "The Authority will develop the city bus terminal in Sector 82 on 3.9 hectare with world-class infrastructure," he said.

Concerned over rampant accidents on Noida-Greater Noida Expressway, an Rs 15 crore Intelligent Transport System (ITS) will be installed to monitor and manage traffic flow.

To counter farmers' agitation, the board passed several amendments in the provisions to sort out abadi regularization, disbursement of developed land, enhanced compensation and inherited and non-inherited property issues.

"The land in Gautam Budh Nagar district was acquired in three phase in 1976, 1979 and 1997. Earlier, those farmers whose land was acquired in 1976 were eligible to get 5% abadi land, while those whose land was acquired between 1979 and 1997 were kept out of pool. The board has approved to grant abadi land to these farmers too," said Rajesh Prakash, administrative officer, Noida Authority.

"The minimum size of developed plots to be given to farmers whose land was acquired will be 40sq.mtr. The 5% developed plots will also be given to those farmers who were found eligible for plots below 40sq.mtr," Prakash added.

Around Rs 650 crore has already been disbursed towards enhanced compensation to farmers and the board has approved another Rs 450 crore. For village development work, the engineering department will not need approval from the land records department now.

The number of highrises in the city is expected to increase in the next two years, so there is a need of updated fire safety infrastructure. "The Authority will buy 72m hydraulic machines in case of fires in highrises," Saran said. A 1MW solar power plant will be developed on a 5 acre plot over the Sector 135-152 irrigation drain mainly for streetlights.
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  • Relief in sight for 50,000 Noida flat buyers as authority plans new agreement https://www.livemint.com/Money/dQEGm4Nt4feBwSRowDhhFJ/Relief-in-sight-for-50000-Noida-flat-buyers-as-authority-pl.html


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  • Handover of flats without occupancy certificate illegal, say experts TNN | Dec 20, 2018, 08:02 IST


    Representative image

    NOIDA: Getting a house on the basis of a ‘lease agreement’ by simply paying 5% stamp duty may not be a solution after all, feel real estate experts. Issues in the long-term related to the sale of property and fire safety norms, water, etc could be highly compromised by builders in this method as they will try to hastily exit projects. Buyers, meanwhile, are livid as they feel victimised.

    “The proper route for handing over flats to buyers is through occupancy certificates after the houses get completion certificates. Handing over flats is not just a matter of securing revenues for the state, but there are other issues that should be kept in mind. Suppose if a lift falls or there is some other kind of problem in maintenance or construction, who will be held accountable?” said Balwinder Kumar, member of Uttar Pradesh Real Estate Regulatory Authority (UP-Rera).

    “The process of handing over occupancy certificates is important simply because it ensures a certain amount of quality assurance from the builders. So we do not approve of this method of handing over of flats,” he added.

    Real estate lawyer, Aditya Parolia, also flayed the process as legally non-viable. “The occupancy certificate does not simply come from the Noida Authority or Greater Noida Authority as securing completion certificates requires the approval of at least nine departments, including water supply, fire safety and other environmental clearances. Also, once the builder hands over the flats on the basis of lease agreements, the buyer will not be able to sell the house,” said Parolia of PSP Legal.

    Homebuyers, too, do not seem to be impressed with the district administration’s decision. “This will go in favour of builders who will easily handover flats and cease to take responsibility for maintenance thereafter,” said Abhishek Kumar, president of Noida Extension Flat Owners Welfare Association.











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  • Buyers asked to pay 5% stamp duty: Noida said not kept in loop TNN | Dec 20, 2018, 08:00 IST

    NOIDA: The Noida Authority said on Wednesday that it will study the district administration’s move to give a legal document to buyers who pay 5% stamp duty for their flats that have been handed over to them by developers without completion certificates.

    According to officials, a developer has to submit a building plan prepared as per the bylaws of the Authority for getting a completion certificate. Noida Authority checks the project’s dues and directs the developer to get NOC from its finance department.

    Later, a team conducts project inspection and checks if it adheres to safety and green norms. Completion certificates are issued after site verification within 30 days, if all the parameters are fulfilled.

    A senior official said that the administration has not approached Noida Authority over the issue.

    “If the projects are delayed, the developers are declared defaulters. Once they come to Noida Authority for completion certificates, they are fined for the project delay. So we need to study the administration’s move carefully,” he added.






    https://timesofindia.indiatimes.com/city/noida/buyers-asked-to-pay-5-stamp-duty-noida-said-not-kept-in-loop/articleshow/67169792.cms



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  • Wall collapse: officials slam Noida Authority



    STAFF REPORTER
    NOIDA, DECEMBER 20, 2018 00:00 IST
    UPDATED: DECEMBER 20, 2018 03:40 IST


    2 kids were killed in Monday’s mishap


    Monday’s mishap, in which two children were killed after a wall of a school collapsed, has brought to light the lackadaisical attitude of the Noida Authority against owners of unauthorised and unsafe buildings being used as schools in villages, officials said.

    Building approvals

    Officials of the Education Department in Gautam Buddh Nagar district said 174 illegal private schools are operational in villages without building approvals. Seventy of these 174 illegal schools are operational in Noida villages, the officials added.

    The Noida Authority is responsible for regulating buildings of all kinds, including schools, in urban and rural areas.

    After the twin building collapse in Greater Noida’s Shahberi in July, in which nine persons were killed, the Noida Authority had conducted a survey to identify illegal buildings in all the villages.

    On August 3, the Authority identified 1,757 buildings that were constructed without approval.

    No response

    Noida Authority Chief Executive Officer Alok Tandon and Additional Chief Executive Officer R.K. Mishra remained unavailable for a comment on the issue despite repeated attempts to reach them.

    “We had initiated action against illegal schools in 2017 and over 85 were shut down then. We are taking necessary action in this regard and schools which are illegal will face tough legal action,” said District Magistrate B.N. Singh.






    https://www.thehindu.com/todays-pape...le25785728.ece


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  • Noida authority seeks legal opinion on DM’s sub-lease registry directive Meenakshi Sinha

    A day after district magistrate directed homebuyers to opt for “agreement to lease” document with 5% stamp duty, the Noida Authority says it will take legal opinion before it decides on the issue. The stamp and revenue department in the meantime will be pursuing developers to execute the registration process as committed in the meeting with the DM.
    | TNN | Dec 21, 2018, 15:43 IST

    NOIDA: A day after the district magistrate directed homebuyers to opt for “agreement to lease” document with 5% stamp duty, the Noida Authority says it will take legal opinion before it decides on the issue. The stamp and revenue department in the meantime will be pursuing developers to execute the registration process as committed in the meeting with the DM.

    “We are taking legal opinion on the matter and will proceed according to the advice as per laid down rules,” said Santosh Kumar OSD Noida Authority.

    On Wednesday district magistrate BN Singh directed that the more than 50,000 homebuyers in Noida, Greater Noida and Yamuna Expressway areas, who got possession of their flats without a completion certificate, will have to pay 5% stamp duty to the government (the district administration) and sign an “agreement to lease” document. This agreement will give the buyers legal ownership of their flats but not the right to sell them, until the developer gets a completion certificate from the respective authorities - Noida Authority, GNIDA and YEIDA.

    While the move is seen as an exercise to meet revenue targets of Rs 2,532 crore, sources from Noida Authority maintain that it will lead to confusion and chaos. “Though the lease agreement will benefit both, the homebuyer and the builder, in the long run, there’ll be complications as the builder will not complete the project or seek completion certificate and get away in the process,” said a source from the authority. For homebuyers, though the agreement will give legal ownership of their flats, they will not have the right to sell it until the developer gets a completion certificate from the respective authorities. “So the homebuyer too will be in a lurch,” said Devinder Singh, a resident of sector 77.

    The stamp and revenue department in the meantime is gearing up for the registry process. “We will do the registry process as per the directive of the district magistrate though right now there is no such document received by us. People need time to process the documents and necessary make arrangements,” said Rajesh Kumar sub registrar Noida stamp and registry department.








    https://timesofindia.indiatimes.com/city/noida/noida-authority-seeks-legal-opinion-on-dms-sub-lease-registry-directive/articleshow/67192921.cms


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  • Property deeds to go online in Noida from January 1 TNN | Dec 25, 2018, 07:42 IST



    Picture for representation purpose only

    NOIDA: All work related to registration or transfer of residential property and similar services can only be done online from January 1, the Noida Authority has decided. Until now, people had the option of executing such work manually. Officials said the move would bring more transparency and efficiency at workplace.

    Rajesh Kumar Singh, OSD to the Noida Authority, said online services were launched in November. “People were told to get themselves registered under KYA (know your allottee). Services like mortgage, work extension, mutation, development fee, etc. were made online. Now, the Authority has planned to make online facilities compulsory for all these services. Manual services will be stopped from this month.”

    “People will be able to execute the procedure and paperwork from home and check the status of their applications online. They can make online payment and the work will be done after due process,” he added. The Authority is also planning to provide compulsorily online facility for transfer of memorandum (TM) from January 15. TM is an official permission granted by the Authority to the owner of the property for transferring his/her right of ownership.








    https://timesofindia.indiatimes.com/city/noida/property-deeds-to-go-online-in-noida-from-january-1/articleshow/67237837.cms


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  • Controversy erupts over waste pile-up in Nithari Shikha Salaria | TNN | Dec 26, 2018, 07:08 IST


    Picture for representation purpose only

    NOIDA: The ongoing strike by house-keeping staff has led to another controversy, with locals from Nithari village objecting to garbage strewn inside and outside the premises of district hospital.

    Some locals who had gathered to offer prayers in a small area opposite the district early intervention centre (DEIC) on Tuesday objected to the garbage strewn around the dustbin kept outside a small gate where the idols of their village deity and Lord Shiva are placed. According to them, the idols have been present ever since the villagers gave up their land for the hospital building. Vineet, a resident of Nithari, said, “The garbage was strewn near the dustbin too which has been kept just outside the temple. It’s very disturbing.”

    Alleging that authorities have refused to shift the dustbin from outside their place of worship to outside the hospital gate, another resident Vinod said they will protest the move on Wednesday.

    Meanwhile, around 40 house-keeping staffers who are sitting on protest since December 1 rue that neither the hospital authorities nor administration has given them a written assurance on their demands. Hospital CMS Dr Ajai Agrawal said they would look into the issue on Wednesday.








    https://timesofindia.indiatimes.com/city/noida/controversy-erupts-over-waste-pile-up-in-nithari/articleshow/67249245.cms

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  • Uttar Pradesh RERA to star-rate projects for quality


    ​​The regulatory body has also shortlisted 10 projects in the twin cities, which it would de-register in 2019 and engage external agencies for completion.Sharmila Bhowmick | TNN | December 29, 2018, 08:03 IST

    File photo

    GREATER NOIDA: In a first in India, the Uttar Pradesh Real Estate RegulatoryAuthority (UP-Rera) will next year introduce a star-rating system to mark the quality of a housing project as well as the credibility of its builder.

    The regulatory body has also shortlisted 10 projects in the twin cities, which it would de-register in 2019 and engage external agencies for completion.

    UP-Rera member Balwinder Kumar told TOI the projects will be divided into five-star, four-star, three-star, two-star and one-star categories, depending on what the developer promises to deliver and its credibility in delivering the same.

    The star-based system will segregate the best builders and their projects from mediocre and ordinary ones, according to him.

    “The star-ranking system will also give buyers the clarity on where they can invest freely and where they should be careful. So typically, if UP-Rera gives a project a five-star mark, it will mean we have checked the previous projects of the builder and its track record in delivering them. We would have checked the funds the builder has to complete the current project as promised at the point of sale,” Kumar said.

    UP-Rera has already drawn up a list of 10 projects which are now being examined for potential de-registration in 2019. “We have the mandate to de-register at least 10 builders in 2019 so that we can take over the projects, get a third party on board and facilitate completion. The builders of these projects have failed to deliver on time, and we will take this matter on priority basis,” Kumar said.

    UP-Rera will also henceforth dissuade buyers from seeking refunds while driving the projects to completion. “Our two main activities so far have been to help buyers exit projects in case they wanted the same. And the second was to push the builder to deliver. However, if more and more buyers are given refunds, builders can’t complete their projects. So next year, we will focus more on delivery,” Kumar said.






    https://realty.economictimes.indiati...ality/67295774
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  • Now, machines to clean another 94km of Noida’s roads Meenakshi Sinha | TNN | Updated: Jan 2, 2019, 03:42 IST


    Mechanised sweepers will clean Noida’s roads after 8pm to avoid snarls

    NOIDA: Noida Authority chief Alok Tandon inaugurated a project on Tuesday under which a total of 94km of roads with a width of 45m and above will be cleaned by machines.
    These include roads mentioned in Master Plan I, II and III, service lanes along the Noida Expressway, FNG Expressway, Shashi Chowk and roads in sectors 68, 77-115, Khoda and Hoshiyarpur villages.

    After setting up a waste remediation plant in Sector 54 last month, this is the second such step by the Noida Authority towards addressing the city’s solid waste and pollution problems.

    During the event, Tandon said, “We have taken many steps to address the management and disposal of the city’s solid waste as per National Green Tribunal (NGT) guidelines. We have given contracts for door-to-door waste collection, disposal and remediation, as well as treatment of construction waste and mechanised sweeping of roads.”

    “In the first phase of this exercise, a waste remediation plant was inaugurated in Sector 54 on December 9. In the second phase, we have inaugurated mechanised sweeping,” the CEO added. The five-year contract for the sweeping project was awarded to Chennai-based MSW Pvt Ltd for Rs 28.7 crore in April last year. “Under the project, 94km of roads will be swept by machines on a daily basis. The roads include Master Plan roads I, II and III, service lanes along the Noida Expressway, parts of Dadri Road and some stretches in sectors 74, 75, 77, 78 and 117,” officer on special duty (OSD) Rajesh Kumar Singh told TOI.

    Noida Authority officials said sweeping would be done by mechanised vans after 8pm keeping in mind the traffic restriction. “Transparency and accountability will be maintained through electronic surveillance,” Singh said. Mechanised cleaning includes sweeping the central verge, service lanes and footpaths at a speed of minimum 10 km/hour. Till now, the Authority has issued tenders and contracts for mechanised sweeping of a total of 243km of roads.










    https://timesofindia.indiatimes.com/city/noida/now-machines-to-clean-another-94km-of-noidas-roads/articleshow/67341496.cms

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  • RWA federation urges high rises to have 5-ft balcony railings Meenakshi Sinha | TNN | Jan 3, 2019, 14:05 IST


    Representative image

    NOIDA: Given the sector 120 incident of an engineer falling off his balcony on New Year’s Eve, the RWA federation has issued an advisory to all high rise apartment buildings in the district to ensure a minimum 5 ft. balcony grill railing/wall through their respective RWAs and maintenance office in order to ensure proper safety and security of the residents.

    They have also urged the district magistrate to issue necessary directive if need be.

    “The Monday night incident of a young resident of sector 120 falling off his balcony was very tragic. There are many thousands of such high rise apartments across the city and the district where many such incidents have been reported in the past. Not only adults, unsafe balconies or without adequate height of grill railings/walls have also led children to fall prey to such mishaps. Small children are particularly vulnerable to such threats. Hence, we have issued an advisory to all such building maintenance staff as well as their RWAs to ensure proper height of these balcony railings with a minimum being 5 ft.,” said N P Singh president Federation of Noida Residents Welfare Associations (FONRWA).

    In buildings where balconies exist with lower grill/wall height, Singh maintained that if at a nominal charge to increase its length one is able to secure the safety of one’s family, then it should not be a problem. “I’m sure all residents agree that safety and security of the family is paramount and I don’t see any dissention on that,” said Singh.









    https://timesofindia.indiatimes.com/city/noida/rwa-federation-urges-high-rises-to-have-5-ft-balcony-railings/articleshow/67363376.cms


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  • Over 600 buyers in Noida register flats in a month under new scheme
    Normally a flat’s registration is done after the developer receives the project’s completion certificate from respective development authorities. However, in many cases, completion certificates are withheld owing to various dues to be given to Noida Authority. Shafaque Alam | tnn | January 04, 2019, 10:00 IST File photo NOIDA: The stamps and registration department on Thursday said that 610 flats have been registered under the ‘agreement-to-lease’ facility, started last month.

    The department had filed FIRs against 30 developers for giving 7,798 flats to buyers without registration. It is reviewing these complaints and planning stringent action like invoking the Gangster Act against developers who have failed to furnish registration details till now.

    Normally a flat’s registration is done after the developer receives the project’s completion certificate from respective development authorities. However, in many cases, completion certificates are withheld owing to various dues to be given to Noida Authority.

    As per the ‘agreement-to-lease,’ the homebuyers are required to pay 5% stamp duty for registration of properties to the stamps and registration department and sign a bond for the time being. Once the project developer receives completion certificate, the homebuyers can furnish the registration process on a Rs 50 stamp paper. The revised circle rate will not be applicable at the time of final registration.

    S K Singh, assistant commissioner, stamps and assistant inspector general, registration, Gautam Budh Nagar, said the department had conducted a survey and found that some developers had given possession of flats to homebuyers in different projects without registration. “We had filed police complaints under Section 64 (G) of Stamp Act, 1899. Following the crackdown, some developers started registering flats under ‘agreement-to-lease.’ However, a few developers have ignored the notices. The department will invoke Gangster Act against them,” he said.

    These flats’ are located in Greater Noida’s Sector Zeta – 1, Pie – 2, Greater Noida West, Site -4, and Noida sectors 143, 107, 44, 143, 119, 120, 108, 75, 78, among others.








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  • FIR against Earth directors for fraud Shikha Salaria | TNN | Updated: Jan 8, 2019, 04:31 IST



    (Representative image)

    NOIDA: An FIR has been registered against three directors and three employees of Earth Infrastructure Private Limited for allegedly cheating a Sector 55-based woman by transferring her investment in one project to another by influencing the investor.

    The woman, Meetu Singh, has alleged that the company was unable to provide her a flat in the TechOne project that she had booked in 2013. It later coaxed her into transferring her investment into another project, Earth Towne, she alleged.

    Meetu has mentioned in her complaint that after repeated checks on the status of the project, she found that the construction of the second project too moving at snail’s pace. She then approached the company to cancel her booking. But the company allegedly did not return the money. The FIR was lodged on January 3 on a complaint by Meetu under IPC sections 420 (cheating) and 406 (criminal breach of trust). The directors, Awadhesh Goyal and Atul Gupta, vice-president (marketing) Sanjeev Gupta and employees Nitin Bhargava, Charandeep and Bushra were named in the FIR.

    Manoj Pant, the SHO of Sector 20 police station, said since there were multiple FIRs against the directors and employees, the latest one will be included in the investigation.








    https://timesofindia.indiatimes.com/city/noida/fir-against-earth-directors-for-fraud/articleshow/67428688.cms

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  • More Ganga water for Noida expressway sectors Meenakshi Sinha

    Come April, Ganga water is likely to reach more than 10 sectors near Noida expressway. According to sources,
    | TNN | Updated: Jan 11, 2019, 05:47 IST

    NOIDA: Come April, Ganga water is likely to reach more than 10 sectors near Noida expressway. According to sources, soon after the 18,000 kilo litre-capacity underground reservoir (UGR) at Sector 137 becomes operational in March, Ganga water will be supplied to sectors 141, 142, 136, 137, 105, 108, 91, 92, 93A, 93B, Gejha and Shadra Garhi villages.

    As of now, these sectors depend mostly on ground water. Currently, testing of pipeline connected from the master reservoir in Sector 69 is underway.

    While more than a dozen societies with over one lakh residents of these sectors on Noida Expressway benefit from the supply, the work for interconnecting ofpipes within sectors as well as their overhead tanks will also take place soon.

    The supply promises better quality water. “The work for interconnecting the pipes within these sectors as well as their overhead tanks will commence from next month and we expect to supply water to them by April this year,” said R K Joshi, junior engineer, Noida Authority.

    The project is undertaken by Uttar Pradesh Rajkiya Nirman Nigam (UPRNN) in collaboration with Noida Authority. “The supply to the underground reservoir at Sector 137 will come from master reservoir in Sector 69A. Currently, the work of testing of these pipes for leakages and blockages is underway,” said Rajeev Tyagi, general manager, Noida Authority.

    Apart from this, problem of less water supply in sectors 82, 92, 93, 93 B etc is also expected to be adressed with the opening of the reservoir.










    https://timesofindia.indiatimes.com/city/noida/more-ganga-water-for-noida-e-way-sectors/articleshow/67479134.cms
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  • Delhi High Court approves ex-management’s revival scheme for Assotech
    The court observed that approx Rs 350 crore has been siphoned by the ex-management.Ankit Sharma | ETRealty | January 11, 2019, 18:00 IST (File Photo)

    NEW DELHI: Delhi High Court on Friday approved a revival scheme proposed by the ex-management of Assotech. The court also ordered appointment of a retired Judge as ‘Court Commissioner’ to monitor progress of construction of the three residential projects of the company i.e. Assotech Windsor Court, Celeste Towers and The Nest.

    All involved parties including the petitioner, official liquidator (OL), Essel Finance, Religare, Celeste Towers, etc have also given consent to the proposal subject to terms and conditions.

    The decision was taken after OL filed his report saying that the ex-management is better placed than new bidder to complete construction of the flats and any other option of inviting bidder seems infeasible.

    The ex-management will file the said proposal/action plan before the Court and will open an ‘Escrow Account’ and deposit Rs 5 crore within three weeks. OL has been given the task to monitor the escrow account and give monthly report to the court.

    Delhi High Court also allowed the ex-management to demand payment from homebuyers as per the agreement and are free to raise loan for the purpose of construction subject to approval of court commissioner.

    Apart from OL, the Serious Fraud Investigation Office (SFIO) also filed its report, pointing out that financial statements show that the company has made many investments and are involved in many transactions with related parties and subsidiaries.

    The court observed that approx Rs 350 crore has been siphoned by the ex-management.

    It hence issued notices to all the parties not to sell off or dispose of any property except by the permission of the court. A show-cause notice has also been issued to the parities as to why such investments were made.

    Ashwarya Sinha, advocate representing homebuyers argued that a forensic audit should be carried out.
    The court however decided to go ahead with the current revival plan.










    https://realty.economictimes.indiatimes.com/news/regulatory/delhi-high-court-approves-ex-managements-revival-scheme-for-assotech/67489474
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  • NCLT admits bankruptcy plea against Noida-based realtor Granite Gate
    Admitting the plea of three homebuyers, a two-member bench headed by NCLT President Justice M M Kumar allowed the insolvency plea against Granite Gate Properties, which is developing housing project Lotus Panache in Noida.PTI | January 11, 2019, 07:55 IST File photo

    The National Company Law Tribunal (NCLT) Thursday gave nod to start insolvency proceedings against NCR-based real estate firm Granite Gate Properties, after homebuyers complained about the firm's inability to complete the project.

    Admitting the plea of three homebuyers, a two-member bench headed by NCLT President Justice M M Kumar allowed the insolvency plea against Granite Gate Properties, which is developing housing project Lotus Panache in Noida.

    Granite Gate, a group firm of the 3C Company, is developing over 3,000 flats in this project, which was launched in 2010.

    After the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018, homebuyers have been granted the status of financial creditors under the ordinance.

    The buyers had approached the tribunal after the builder failed to deliver flats and refund their advance money.

    Many real estate firms, including Jaypee Infratech and Amrapali, are facing insolvency proceedings for not delivering projects on time.









    https://realty.economictimes.indiatimes.com/news/residential/nclt-admits-bankruptcy-plea-against-noida-based-realtor-granite-gate/67480599


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