Page 3 - Delayed Projects News Today

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Relief measures and concessional interest on payments would result in development authorities forgoing a portion of the amount builders owe them.

Close to 60 developers have projects that are running late but few of them have fulfilled this obligation

The homebuyers, who have waited for their apartments for over a decade, allege the apex court has not heard the case since March 2023.

The Authority said that Suraksha Realty will have to pay Rs 1,689 crore as additional compensation to the farmers in the region.

The Authority aims to recover around Rs 468 crore dues through the scheme, which includes waiving off penal interest on the defaulted amount and additional compensation charges.

Chennai saw the highest 90 percent completions of projects launched in this period, followed by MMR and Pune with 89 percent each; NCR saw just 86 projects launched in this period, of which 74 percent are complete.

According to a survey commissioned by UPRERA, there are as many as 45,000 units where buyers have taken possession without registering their ownership, and 1,25,000 units where neither has possession been taken nor has the registry been done.

Builders whose projects are stalled or delayed for more than two years should be blacklisted and barred from launching new projects in future, FPCE’s president said in a letter to housing and urban affairs minister Hardeep Puri

The residents’ welfare association of Klassik Landmark apartment, had registered itself under the Karnataka Cooperative Societies Act, and the stay of that registration had left them in limbo. The court has now given the Deputy Registrar of Cooperative Societies two months to consider the appeal and dispose of the case.