#RealtyNewsRoundUp: NCDRC Asks Unitech To Refund Rs 53 Lakh To Two Home Buyers

The National Consumer Disputes Redressal Commission (NCDRC) has asked real estate giant Unitech to refund over Rs 53 lakh to two home buyers for failing to hand over the possession of an apartment and give a compensation of simple interest at 10 per cent per annum. According to the allotment letter, the apartment was to be delivered by November 30, 2011.

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The National Company Law Tribunal (NCLT) has allowed Housing Development and Infrastructure Ltd (HDIL) four weeks' time to pay Rs 98 crore to Bank of India (BoI)or face insolvency proceedings. Mumbai-based HDIL owes about Rs 520 crore to BoI and it had agreed to pay in tranches to the lender.

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The Bengaluru-headquartered Embassy Group is close to acquiring Indiabulls Real Estate in a deal valued at around $1 billion. Embassy will buy Indiabulls promoter Sameer Gehlaut and family’s 39% per cent stake in a two-stage transaction followed by an open offer to public shareholders. Indiabulls is divesting the publicly traded real estate company to win Reserve Bank of India's approval for a proposed merger of its housing finance unit with Lakshmi Vilas Bank.

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The Greater Noida Industrial Development Authority (GNIDA) has dubbed all buildings in Shahberi, a rural area beyond Noida Extension, illegal and said they would “eventually” have to be demolished. The Authority, however, is yet to decide on whether people staying in these buildings would be relocated or those who have invested in projects in Shahberi would be compensated. In the first phase, GNIDA has decided to demolish five commercial buildings in the area.

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Source: Media Reports