#RealtyNewsRoundUp: NCLT Slams Jaypee Over 'Fraud' 750-Acre Mortgage
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In a setback to Jaiprakash Associates (JAL) , the parent of insolvency-hit Jaypee Infratech, and its lenders, the National Company Law Tribunal (NCLT) has said that the mortgage of over 750 acres to secure the interests of the parent was “fraudulent, preferential and undervalued”. The Allahabad Bench of the NCLT has on that basis ordered that land of bankrupt Jaypee, which was transferred by the firm to its holding company Jaiprakash Associates, be transferred back to the former.
Meanwhile, Jaypee Infratech reported a standalone net loss of Rs 480.45 crore for the quarter ended March on lower sales. Its net loss stood at Rs 667.55 crore in the year-ago period, the debt-ridden firm said in a regulatory filing.
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The Supreme Court on May 17 directed developer Amrapali to deposit Rs 250 crore by June 15 in an escrow account to ensure all pending projects are completed. It also accepted the timeline agreed upon between homebuyers and the embattled realty firm and permitted co-developers to complete all pending projects except Silicon City. The next date of hearing has been set for July 18. While Noida-based real estate company Galaxy Group will help Amrapali complete six projects, including Saphire-I & II, Leisure Park, Leisure Valley, Eden Park, Green Valley and Heartbeat City, Kanodia Cement will help it build Princely Estate project. IIFL-Viridian consortium, on the other hand, would help Amrapali complete five projects, including Zodiac, Platinum, Tech Park, Golf Homes and Centurian.
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To help the Centre meet its Housing-for-All-by-2022 target, the Maharashtra government may go for a public-private partnership policy to acquire land in the Mumbai Metropolitan Region meant for developing low-cost houses. After the policy comes into effect, nearly 10 lakh affordable homes can be built in India’s financial capital where demand for housing is huge.
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US President Donald Trump’s The Trump Organisation has earned income in the form of royalty from his real estate ventures in India, according to his latest annual financial disclosure form for the year 2016. Trump had an income in the range of $1 million-$5 million from the Mumbai project while Kolkata project got him $100,000- $1 million. Trump, however, had negligible (less than $201) from DT Tower Gurgaon venture.
Source: Media reports