#RealtyNewsRoundUp: Lenders Against Sale Of JAL Assets For Refunding Homebuyers

Banks, which have lent money to Jaiprakash Associates Limited (JAL), on July 17 urged the Supreme Court (SC) that the assets of holding firm JAL should not be used for refunding money to homebuyers of its subsidiary firm Jaypee Infratech. JAL, which has already deposited Rs 750 crore with the apex court registry, had told the SC that it was willing to deposit Rs 600 crore more to refund money to the homebuyers if it was allowed to dispose of its identified assets.

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Two buildings collapsed in Greater Noida, killing at least three persons and trapping several others under the debris late on July 17. A six-storey under-construction building fell on an adjacent building in Shah Beri village under the Bisrakh police station. The second building also collapsed upon impact. At least 12 labourers were in the under-construction building when the incident took place and all of them were feared trapped.

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In a bid to help homebuyers get possession of their delayed units, the Noida authority has decided to allow registry of ready units in proportion to the land cost already paid. However, the developer would be granted an occupation certificate for the same only after providing all common facilities in the project.

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The Centre has sought the opinion of the law ministry over West Bengal notifying its own real estate law instead of implementing the Real Estate (Regulation and Development) Act enacted by Parliament. West Bengal has notified its Housing and Industrial Regulation Act, 2017 (HIRA).

Source: Media reports