#RealtyNewsRoundup: Two Developers Shortlisted To Complete Lotus Projects
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Two Noida-based developers, Purvanchal and Jaipuria, have been shortlisted to complete and deliver 3,500 units in Granite Gate’s stalled projects Lotus Panache and Lotus Boulevard. These two developers will now submit their completion proposals to the Committee of Creditors for approval. Granite Gate has been facing insolvency proceedings.
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Real estate brokers in the National Capital Region (Delhi-NCR) have been facing non-payment from the developers while those in other leading residential real estate markets are getting delayed payments, the Association of Certified Realtors of India has said. According to the industry body, in some cases, payments that should have been released in three to six months once the deal is completed, have been delayed for nearly five years.
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Over Rs 9,500 crore can be recovered from the debt-laden realtor Amrapali Group, the forensic auditors have told the Supreme Court on May 2. According to the auditors, the developer has sold over 5,800 apartments at throw-away prices. Amrapali has been accused of diverting Rs 3,523 crore of homebuyers money.
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Godrej Properties has completed the purchase of Mumbai’s iconic RK Studios for an undisclosed amount. The studios, located at Chembur, are spread in an area of 2.2 acre. Godrej plans to develop a 3.5 lakh-sqft mixed-use project with modern residences and luxury retail on this plot.
Source: Media reports