#RealtyNewsRoundUp: IIFCL Objects To Jaypee Infra Bid-Evaluation Process

India Infrastructure Finance Co Ltd (IIFCL) has ripped apart the bid-evaluation process followed by the resolution professional conducting the auction of the Jaypee Infratech. The lender has alleged there are "serious deficiencies and shortcomings” in the process. The real estate developer owes the lender Rs 900 crore.

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To bring in transparency and expedite implementation of projects, state-run construction agency Central Public Works Department (CPWD) will monitor utilisation of funds and progress of projects on a real-time basis through a web-based system e-MB (electronic measurement book). Currently, the CPWD executes around 15,000 projects and works, involving payments of Rs 15,000-20,000 crore, every year through its 400 field offices.

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Official data show only 27,000 people from the middle–income group have availed of the interest subsidy on loans for construction of units since the benefit under the Pradhan Mantri Awas Yojana was extended to this category of buyers in January last year. At the time of the launch, the ministry had said that it intended to target 50,000 people from the middle-income category in 2017-18 under the scheme.

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The Tamil Nadu Real Estate Regulatory Authority (TNRERA) has ordered that promoters must mention it in their advertisements if their projects do not come under the ambit of the real estate law. Projects that are built in an area of less than 500 square metre, for instance, are not covered under the law. Similarly, real estate projects where the number of apartments is under eight are also out of the ambit of the Real Estate (Regulation & Development) Act, 2016.

Source: Media reports