#RealtyNewsRoundup: North Delhi Corporation To Pre-Book Highrise Projects

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The North Delhi Municipal Corporation will soon begin taking advance from the homebuyers who want to invest in the highrise projects planned in Model Town and Azadpur. The cash-strapped corporation will raise the funds through initial input costs by taking an advance booking of around 20 per cent for the redevelopment of the decades-old government flats located in these two areas. For this WAPCOS, a government undertaking, has been selected as a consultant to these projects. The projects are expected to start within two months.

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Sahara Group-owned The Plaza in New York is likely to be sold soon. According to media reports, New York’s iconic Plaza Hotel is likely to be bought by Katara Holdings, a Qatar-based organisation, for $600 million. Sahara India, which has been under financial debts and has been trying to sell its share in the hotel. It holds 75 per cent stake in the property.

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After the Delhi Development Authority in January put out its revised draft in the public domain, inviting suggestions and objections, over 734 responses were received. According to the DDA, most of the landowners in Delhi’s villages, who responded to the policy, were not clear about it and that the authority’s people should come out and explain it. Some respondents felt that the policy is just on papers and need to be implemented soon after removing some bottlenecks.

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The Ghaziabad Development Authority (GDA) has been pulled up by the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) for not updating the registered projects on the RERA site. The GDA has been asked to update the projects by July 6 or face a fine of 20 per cent of the total registration fees it has levied on the developers. The GDA so far has listed 13 projects on the RERA site, however, it has not updated the list since May this year.

Source: Media reports