#RealtyNewsRoundup: UP-RERA May Handover Builders’ Delayed Projects To Others
Description
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) is in the process of identifying delayed and stalled projects across the state that could be taken over and completed by other developers. Under this scheme, the authority is closely monitoring nearly 81 delayed projects with 44,492 dwelling units in Noida and Greater Noida areas.
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Indian cricketer Mahendra Singh Dhoni has moved the Supreme Court against insolvency-hit Amrapali Group. Dhoni, who was also the brand ambassador for the developer, was seeking protection of his ownership rights on a 5,500-square foot penthouse, which he had booked in an Amrapali project 10 years ago.
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Nearly 50 real estate developers have come under the scanner of the Directorate General of Anti-Profiteering (DGAP) for profiteering under the Good and Services Tax (GST). The developers had reportedly made undue profits and not passing on the benefits of the input tax credit to the buyers.
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Warren Buffet’s Berkshire Hathaway is planning to enter the West Asian market by opening its brokerage office in Dubai. The new organisation Berkshire Hathaway HomeServices Gulf Properties will be led by Chairman Ihsan Husein Al Marzouqi and Chief Executive Officer Phil Sheridan. The company also plans to open its second office in Abu Dhabi within a year’s time.
Source: Media reports