#RealtyNewsRoundUp: Tell Us All About Your Ongoing Projects, SC Asks JAL

The Supreme Court on January 10 directed real estate developer Jaiprakash Associate Limited to give details of its ongoing housing projects in the entire country while reiterating its direction that its directors should not alienate their personal properties. A Bench headed by Chief Justice Dipak Misra also directed amicus curie Pawan Shree Agrawal to set up a portal to take note of the grievances of the homebuyers. The apex court also said it would decide at a later stage the application of the Reserve Bank of India, seeking its nod to file insolvency proceedings before the National Company Law Tribunal against the promoter. 

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With an "ambitious government undertaking comprehensive reforms", India had "enormous growth potential" compared to other emerging economies, the World Bank said on January 10, as it projected country's growth rate to 7.3 per cent in 2018 and 7.5 for the next two years. India, despite initial setbacks from the implementation of demonetisation and the Goods and Services Tax (GST), was estimated to have grown at 6.7 per cent in 2017, according to the 2018 Global Economics Prospect released by the World Bank on January 10.

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Telangana has become the first state in India to initiate asset monetisation through the toll- operate-transfer (TOT) scheme, and has appointed transaction advisors to sell the 158-km-long Nehru Outer Ring Road in state capital Hyderabad. While the Union Road Transport and Highways Ministry and the National Highways Authority are expecting bids for the first TOT bundle of national highways in February, Telangana has become the first state to start the asset-monetisation drive.

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The New Delhi Municipal Council (NDMC) on January 9 continued with its crackdown against unauthorised construction in the upscale Khan Market in the national capital, and sealed 16 commercial establishments. The civic body had on January 8 sealed the terraces and open spaces of eight major establishments, following an order by a Supreme Court-appointed monitoring committee, asking the NDMC to seal commercial establishments in Khan Market for alleged violation of provisions of the 2021 Master Plan and non-payment of user conversion charges.

Source: Media reports