Stuck Projects News Today

According to official estimates, real estate developers collectively owe around Rs 44,700 crore to the development authorities in Gautam Budh Nagar. They owe almost Rs 26,000 crore to the Noida Authority.

The move comes after Haryana Real Estate Regulatory Authority (HARERA) made a recommendation to the secretary DFS to issue instruction to all banks to ensure compliance of RERA norms while allowing withdrawal of funds from RERA accounts by promotors of real estate projects.

According to a rough estimate, there are around 2.4 lakh stressed housing units in the Noida and Greater Noida region, of which around 1.2 lakh flats are yet to be delivered. Possession has been given for the remaining 1.2 lakh units, but registries are still pending.

NBCC has completed 12 Amrapali projects in Noida and Greater Noida. Close to 6,000 units have been sold in the erstwhile Amrapali Group with a sale value of close to Rs 3,500 crore, officials said.

NBCC to generate additional revenue of ₹15000 crore from the new flats that it will develop on the 75 acres made available to it following approval of FAR

Experts say that the zero period waiver on interest and penalties imposed on developers for financial defaults is also a positive development for various stakeholders in the NCR real estate sector.

The package would include reschedulement and zero-period policies to waive interest and penalties imposed for financial default, among others to enable the completion of stalled projects

Maharashtra real estate: In 2023, there are more than 7,700 real-estate projects registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA) have lapsed, owing to delays, according to data provided by the authority. This means real-estate developers cannot advertise, market or sell apartments in these 7,700 projects.

In Mumbai, there are more than 25 types of premiums that a developer ends up paying to the authorities. Around 20 to 30 percent of the project cost goes towards these premiums, say real estate developers.

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