#RealtyNewsRoundup: Supertech Asked To Seal 1,009 Flats In Czar Project Of Greater Noida

Realty News Roundup is PropGuide's selection of top stories from the real estate sector.

The Greater Noida Industrial Development Authority has asked realty major Supertech to seal 1,009 flats and villas at its sprawling Czar complex in Sector Omicron-1, Greater Noida, for large-scale violation of the sanctioned plan. Nearly half of these units, which include 105 villas, have been sold. The development agency claims the company had permission for just 844 housing units at Czar, but built 15 residential towers with a total of 1,853 units in this 20-acre township. Read more

The state government's ambitious Rs 22,000 crore Dharavi redevelopment project has turned out to be a damp squib. The Dharavi Redevelopment Authority (DRA) had invited global tenders and April 20 was the last date for submission of bids. "At 1 pm, the deadline for submission, we had not received a single bid. We have now extended the deadline by two weeks to May 5," said DRA chief executive officer Nirmal Deshmukh. Read more

Gujarat Chief Minister Anandiben Patel said the state government had provided affordable houses to around five lakh people in the last two years. Patel allocated houses to 1,092 beneficiaries of housing schemes of the Gujarat Housing Board after laying the foundation stones for 6 developmental projects of the Vadodara Municipal Corporation on Tuesday. Read more

Cash flow for construction companies is likely to improve in 2016-17 as most of the orders procured in the last two years are expected to be executed this fiscal, says a study by India Ratings. According to the study, companies in the construction sector continued to witness negative cash flows from operations in 2015-16, which is likely to improve gradually to near zero levels this fiscal as more orders procured during the last two years are executed. Read more