#RealtyNewsRoundUp: Parsvnath Arm Headed Towards Insolvency
Description
Accepting the petition of three homebuyers, the National Company Law Tribunal (NCLT) has started insolvency proceedings against a subsidiary of realtors Parsvnath Developers. The company, Parsvnath Landmark Developers, has been brought to the NCLT for delaying a project in Delhi, La Tropicana, which it launched in 2009 and planned to deliver in 36 months.
***
The National Green Tribunal (NGT) has directed the Central Pollution Control Board (CPCB) to recover from Gurgaon’s privately built residential colony Sushant Lok-1 a penalty for environment violations. If the colony fails to make the payment, a closure is also likely, according to the directive of the green tribunal.
***
The Maharashtra State Consumer Disputes Redressal Commission has ruled that homebuyers can claim interest for any delay in housing projects. While delivering its order in a case recently, the state consumer forum ruled in favour of a Mumbai-based buyer, who has claimed interest from a builder for a 22-month delay in the project.
***
To meet the housing shortage in a time-bound manner, the Centre will launch the Global Housing Technology Challenge on January 14. The programme would "focus on the need for emerging, cost-effective and speedy construction technologies", say officials.
Source: Media reports