#RealtyNewsRoundUp: Govt To Rope In NBCC To Manage Frozen Properties

The government is considering handing the task of maintaining, managing and earning revenue from immovable properties attached in money-laundering cases to the National Building Construction Corporation (NBCC), the only land managing agency of the Central government. As of now, the Enforcement Directorate manages the properties confiscated by it. The government not only finds it difficult to sell such properties to recover dues but also ends up spending large amount of money for their upkeep.

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The Supreme Court on March 15 directed realtor Amrapali Group to hold meetings with homebuyers and arrive at a consensus on the status of its projects which are nearing completion. These meetings will be held on March 17, 19 and 20. The SC also said the claims of the financial lenders would be settled only after buyers’ are compensated.

Meanwhile, the bidding process for beleaguered Jaypee Infratech is turning out to be complex, with one of the shortlisted bidders, consortium of Kotak Realty Fund and Cube Highways, protesting the bid evaluation criteria. According to the media reports, Adani Group has emerged as the highest bidder, and would be tasked with completing around 25,000 units.

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The Ministry of Environment, Forest and Climate Change has framed a new draft National Forest Policy, 2018, which proposes climate change mitigation through sustainable forest management. The new policy, which aims to bring a minimum one-third of India’s total geographical area under forest cover through scientific interventions and enforcing strict rules to protect the dense cover, will replace the existing one that has been guiding the government to manage forests since 1988.

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Monthly ridership in the Delhi Metro is down to levels not seen since 2015, data show. An RTI query revealed that the Delhi Metro lost nearly 26 million riders in 2017 as compared to 2016. In January and February 2018, the average daily ridership figures stood at 2.36 million and 2.44 million, respectively. The corresponding figures from January and February 2016, before either of the fare hikes came into effect, were 2.76 million and 2.93 million, respectively.

Source: Media reports