Realty News Roundup: Bhopal Court Pulls Up Defaulting Builders; Gurgaon may be the smart city from Haryana

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

Top News

The consumer court of Bhopal has come out with a landmark judgment, which directs defaulting builders to provide land against plots acquired by them. Following in the footsteps of National Consumer Redressal Commission, this has come as a big relief for consumers cheated by fraudulent realtors. The judgment also called upon registry offices to ensure that plots are immediately registered in the name of consumers after their case is disposed. Read more.

Haryana Chief Minister Manohar Lal Khattar said the state government would develop two smart cities in Haryana if they fulfill the parameters set by the Centre. One of them is likely to be Gurgaon. "On the basis of population, two smart cities will be developed in Haryana for which parameters have been set and a survey will be conducted in this regard by July 21," Khattar said in Rohtak. Read more.

With a huge outstanding amount of Rs 20,000 crore, the Noida Authority has decided to get tough with defaulters, who have failed to pay back loans or submit installments against property allotted to them. According to this report, the Authority has prepared a list of defaulters and notices will soon be dispatched to them in a bid to recover the long-pending dues. 

Off the front page

According to a new survey, Noida has the maximum number of green buildings in NCR, occupying an impressive 7,64,513 square metre area. Gurgaon and Faridabad are way behind with green projects on just 5,80,962 sqm and 49,604 sqm area, respectively. Read the full the report here.

A special report in the Economic Times says that beleaguered landlords are waiting for their own "ghar wapsi" under the Narendra Modi government as they continue to draw pittance as rent for properties worth crores in prime areas of the capital. Read the report here.

Opinion

Getting tough on property developers, top mortgage lender HDFC's Chairman Deepak Parekh has said they are unrelenting on pricing despite a growing inventory of unsold home units. The eminent banker also asked the developers to shift their focus away from high-end luxury housing and said the "real demand is in the affordable homes segment". Read the full report on Parekh's annual letter to the shareholders here.

Read an op-ed piece in The Hindu on the smart city project here.