Page 3 - Delayed Project News Today

According to MahaRERA officials, while reports on a few real estate projects have already been submitted, investigators are preparing reports on some others after progress of construction and other related matters is verified

The resolution will help properties worth Rs 1,100 crore see the light of day. The project includes two land parcels totalling 63 acres, with six million square feet of residential space.

KRERA noted that the project, Ozone Urbana, has been stalled for the last three years and that the developer is nowhere close to completing it.

The state real estate regulator said that once the full and final settlement has been done, claims of interest on the period of delay cannot be considered.

These accounts will be jointly operated by the builders and the Authority and will make it difficult for builders to divert funds to other projects or means.

Antriksh Sanskriti is the 17th project in UP where UPRERA has authorised the promoter and AoA to complete the construction and development work. More projects could get such nod, says UPRERA acting chief.

Ajnara Le Garden Phase-3, which is only 35 percent complete, is expected to have 585 residential units spread across four towers — K, L, M, and N. Till now, 476 units have been sold, with 109 units remaining to be sold.

Karnataka does not have provisions for deemed conveyance. The chairman said that the old developer is still liable to pay compensation in cases of delayed execution of projects.

The court overturned an order passed by the Karnataka Real Estate Regulatory Authority and directed the developer to refund homebuyers money.

Started by Nirmal Lifestyle in 2009, the project stalled, and was sold off to Ricardo Constructions of Shapoorji Pallnji in 2019. The latter promised possession by 2021, but failed to do so.