#RealtyNewsRoundUp: NBCC In Race To Buy Jaypee Infra

Public construction company NBCC has entered the fray to buy insolvency-hit Jaypee Infratech, which is yet to deliver nearly 25,000 units in the Noida property market. The company is among five players in the race, the others being L&T, Suraksha Asset Restructuring Company, Kotak group and ICUBE.

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Following an order of the National Consumer Disputes Redressal Commission (NCDRC), the Noida district administration has seized two properties of 3C Developers to recover Rs 34 crore from the stressed realtor to pay off buyers of Lotus Panache project at Sector 110. The order by the consumer commission relates to a plea filed by the Lotus Panache Welfare Association against the builder for delaying the possession of the housing project and non-payment of compensation for the delay.

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In a major crackdown on Amrapali Group for wilful disobedience, the Supreme Court on November 13 ordered attachment of the company's 100-bed multi-speciality hospital and three residential towers in Noida and a villa in Goa. The apex court has also directed that the chief managing director of the company and its two directors be personally present in court on November 20 when the contempt proceedings are expected to be taken up.

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After a review meeting on the Jewar Airport on November 13, Chief Minister Adityanath told officials to prepare and send a final report to Centre by December 15 for a final approval so that the project could be completed in a time-bound manner. The state government on October 30 issued a notification for the acquisition of 1,239 hectare of land for the project.

Source: Media reports