#RealtyNewsRoundUp: Jaypee Homeowners Object To Bid-Evaluation Criteria

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A group of homeowners, who have invested in various projects of the insolvency-hit Jaypee Infratech have written to resolution professional Anuj Jain, saying their interests be guarded while finalising a resolution plan. The buyers have also shown dissatisfaction over the criteria adopted for evaluation of bids to buy the company, saying it is tilted towards favouring financial creditors.

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The Noida Authority is seen trying every trick in the book to recover over Rs 20,000 crore from 94 developers who have failed to deliver their projects, and who have in turn not been able to pay their dues to the said authority. Between May 7 and May 12, the authority would issue a list of “reliable” developers in order to dispel “negativity” in Noida’s real estate sector.

Meanwhile, the UP government is planning to crack the whip on buyers and builders over stamp-duty evasion and issuance of occupancy certificate. A panel set up by the state government has found that buyers are occupying 10,318 units in Noida where occupancy certificates have not been issued by the Noida Authority. On the other hand, residents of 4,482 units have not registered their property in the city. Official data show the UP Stamps and Registration Department could recover Rs 650 crore if 14,800 flats in Noida are registered.

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The Maharashtra government has issued a resolution, streamlining the rules for sale and transfer of flats in cooperative housing societies built on its land. Under the government resolution issued by the Revenue and Forest Department, transfer fee ranging between three and five per cent should be charged (depending on the time within which the asset has been transferred) , based on the ready reckoner rates. This charge will be applicable on transfers that were made without prior permission from authorities or that were in contravention of rules. The transfer fee should not be applicable in cases of transfer of flats to family members or in cases of transfer by gift deeds or will.

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The Navi Mumbai Municipal Corporation will prepare the first draft of the new development plan (DP) for the next 20 years by October. The NMMC was supposed to present the first draft of the DP by March 31. However, it failed to complete the surveys on time. It might take a year before the plan gets an approval from the state government and become effective.

Source: Media reports