#RealtyNewsRoundUp: Promoters Submit Rs 1,000-Cr Revival Plan For Jaypee Infra

Description

Jaypee group promoter Manoj Gaur made a Rs 1,000-crore offer to pay off bank loans and complete the stuck housing projects by 2021 as part of plans to bring Jaypee Infratech out of bankruptcy. The value of this offer, which includes paying part of Rs 9,800-crore debt, giving lenders an equity stake in the company and completing unfinished housing projects, is over 25 per cent higher than the best bid made for Jaypee Infratech at the bankruptcy proceedings.

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The Supreme Court on May 7 sought response from real estate major Unitech on a plea, seeking initiation of contempt proceedings against it for alleged non-compliance of its order issued in September last year to compensate homebuyers for delayed delivery of their homes. Thirteen homebuyers who have invested in the company projects said the builder failed to pay Rs 80,000 each to them, as directed by the apex court earlier.

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The Special Task Force set up by the Supreme Court has removed 447 unauthorised construction, including temporary structures, and cleared about 99 kilometre of road since the encroachment removal drive started on April 27. South and north Delhi witnessed major crackdowns where 157 and 120 illegal structures have been removed so far. At present, about 16,600 square metre of government land has been retrieved from squatters, including a big plot at Najafgarh.

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The Yamuna Expressway Industrial Development Authority (Yeida) approved Rs 3,897-crore Budget for the financial year 2018-19 on May 7. A large part this fund would be used by the authority to compensate farmers. The authority also aims to generate Rs 2,809 crore as targeted total revenue. Much of this revenue would be generated by way of sale of land and dues recovery from real estate developers.

Source: Media reports