#WeeklyNewsRoundup: SC Pushes Jaypee Case Hearing On Sept 4

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The Supreme Court had adjourned the hearing into the insolvency proceedings against Jaypee Infratech, giving time to other homebuyers to file their petitions and join the proceedings. The next date of hearing is September 4.

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The Central government has reduced the goods and services tax (GST) rate on work contracts for affordable housing to 12 per cent from 18 per cent fixed earlier. However, it is unlikely to have any impact on prices of affordable housing. In a notification, the government said the GST on composite supply of work contracts for affordable housing spread in an carpet area of 60 sq metre would be 12 per cent only.

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The Maharashtra Real Estate Regulatory Authority (MahaRERA) is planning to take strict action against developers whose ongoing projects would remain unregistered even after September 1. The regulator has received 12,700 applications for registration of ongoing projects in the state. Of these, the authority have already processed and registered 8,000 projects. From September 1, information on all these registered projects will be available on the MahaRERA portal.

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In its new industrial scheme, the Noida Authority has reserved 10 plots for startups and 33 per cent of the land for expansion of the existing industries. Under the scheme, the authority has also introduced a special payment option for successful allottees of industrial plots. This scheme will be open till September 22 this year.

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Developers body CREDAI-Western UP has filed a complaint with the Cyber Crime Cell, Noida, against a misleading message that is being circulated on mobile chatting app WhatsApp and other social media platforms that nationalised banks have put some member developers in the Delhi-national capital region into the bankruptcy watch list. The message generated from a so far non-verified source went viral and generated a sense of panic among homebuyers.

Source: Media reports