Noida: Jaypee Wish Town buyers send list of 15 demands to NBCC

NOIDA: Nearly a week after the state-owned NBCC expressed its willingness to complete the 22,000 pending flats of Jaypee Wish Town, buyers of the housing project have sent a 15-point proposal to the government-backed construction agency to safeguard their interests as consumers during the handover of their homes.

Buoyed by the Centre’s proposal that it was ready to grant tax concessions to Jaypee Infratech in order to bail out homebuyers, NBCC told the Supreme Court on September 6 that it was willing to file a fresh proposal to the National Company Law Appellate Tribunal to take over the embattled real estate developer.

And three days later, the court asked NBCC to do so. “The 15-point proposal has been sent to NBCC by the buyers through their legal counsel ML Lahoty on September 12, in the wake of the court’s September 9 order, in which it has instructed all stakeholders in the Jaypee resolution case to give their conditions to NBCC so that it can include the same in its revised bid,” said Krishan Mitroo, a buyer.

TOI has learnt that some of the major demands of the Wish Town buyers include that the construction and handover of the project should be concluded within three years, else delay compensation should be factored in.

Also, the cost of stamp duty should be as per the sales value. And there should be no change in the agreement between the builder and buyers after the NBCC takeover of the project.

The buyers also want that NBCC to take responsibility for maintenance of the township, including external infrastructure facilities, common and shared areas.

Moreover, all safety measures like rainwater harvesting, electrical substations, sewage systems, places of worship, police post and fire station should be constructed as per the original layout plan. And no extra cost can be levied on the buyers.

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After nine years, Gayatri Aura nears completion under UP-RERA's supervision

NOIDA: In Gayatri Aura, a 450-apartment housing project in Noida Extension, is a story mired in inordinate delays, largely caused by long periods of stalled work because of protests by farmers for compensation.

Launched in 2010, the project remains incomplete and is now being monitored by the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera).

Spread over nine acres, Gayatri Aura in Noida Extension’s Sector 1 comprises four towers. Of its 544 units, 450 have been sold.

The project was supposed to be completed between 2016 and 2018. But it was delayed primarily because of farmers’ challenge to land acquisition for the project in court that led to construction being stayed between 2012 and 2014.

Explaining the reasons for the delay, a spokesperson for Gayatri Aura said, "The project was delayed for two-three years because of various reasons. Final possession of land from the Greater Noida Authority delayed our project. Due to encroachment on one part, we began construction on the other part. Farmers refused to vacate land due to the court case and no rehabilitation was facilitated by the Authority till 2015."

But the delays have cost the buyers time and patience. "I bought my flat with an investment of Rs 20 lakh in 2011. It has been a long wait. Thanks to the efforts made by some buyers, the flats are expected to be handed over soon," DP Singh, a buyer, said.

In fact, UP-Rera came into the picture after a group of aggrieved buyers approached the regulator to complain of delays.

Subsequently, the regulator instituted a reconciliation committee with two representatives from buyers, two from the developer, one from the Greater Noida Authority and one from UP-Rera.

Construction at the site restarted from October 2018 after the farmers’ issues were resolved. All four towers are now due by March 2020.

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Amrapali Sapphire buyers have Rs 46 crore dues: Report

NOIDA: A section of buyers of Amrapali Sapphire 1 and 2 owes the builder Rs 46.5 crore, a forensic report states, at a time when a tripartite agreement is to be signed among the Noida Authority, buyers and the court receiver.

According to the report, over Rs 3 crore is due from buyers who have already moved into flats.

A copy of the forensic report, accessed by TOI, also points out several discrepancies in the financial transactions of Sapphire 1 and 2, which is among the few Amrapali projects that have seen completion to a certain extent.

The total number of Amrapali flats in which buyers have moved in is 14,000. Of this, Sapphire phase I is the first project that is awaiting a tripartite agreement.

“A sum of Rs 46.44 crore is recoverable from the homebuyers of Amrapali Sapphire Developers Private Limited from Sapphire I and II schemes. Out of Rs 46.44 crore, a sum of Rs 3.64 crore is recoverable from homebuyers of Sapphire phase I who have already taken possession but not paid the full amount,” says page 207 of the forensic report, secured by a group of buyers.

Of the total amount, buyers have to pay Rs 7 crore for buying commercial space. While Sapphire 1 has 1,033 flats allotted, Phase 2 has 1,308. The report also says, “…Rs 76.02 crore worth transactions do not have accounts pertaining to Sapphire phase 1 and 2 as flats have been sold at Rs 1,000-Rs 1,400 per square feet, which is lower than construction costs. The forensic auditor has made a note of this…”

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Noida Authority reclaims 18,570 sq metre commercial land worth Rs 295 crore

NOIDA: As part of its ongoing anti encroachment drive, Noida Authority with the help of police personnel on Sunday reclaimed 18,570 sq m commercial land worth Rs 295 crore from Sarfabad village.

The area was reclaimed from Khasra numbers 5, 6, 8, 9, 10, 24, 25, 33 and commercial plot number 3 sector 72.

The area was encroached by 150 shanties, one nursery, four furniture showrooms, four rooms and 12 spots for animal/cattle shelter/dairy.

While an FIR had already been filed against the said encroachment, the area which is notified as authority land was cleared peacefully by officials from work circle 6 with the help of police.

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UP-RERA deregisters 16 projects in Shahberi

NOIDA: The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has deregistered 16 builder projects in Shahberi. The move comes a month after Uttar Pradesh chief minister Yogi Adityanath ordered officials to fix accountability of Shahberi developers.

Calling it an “oversight” at the time of registration of the projects with the regulator in 2017, officials said the 16 projects were taken off the UP-Rera list on Tuesday and the same was conveyed to the Greater Noida Industrial Development Authority.

In June this year, GNIDA had surveyed Shahberi and identified 1,453 apartment projects, illegally constructed on Shahberi land.

“When UP-Rera was formed and the builders were asked to register the projects, all projects were registered. But only later we realised Shahberi is not a planned area and UP-Rera can’t register any project. So we decided to deregister them,” UP-Rera member Balwinder Kumar said.

With the projects now being taken off the UP-Rera list, the legal veil some projects had, despite the area being declared illegal by GNIDA, is now lifted.

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UP-RERA to auction unsold flats of defaulting builders to refund buyers

NOIDA: In a major relief to lakhs of aggrieved buyers who are forced to wait for possession of their homes for years, the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has decided to auction unsold flats of defaulting builders to pay back investors seeking refund in delayed housing projects.

While Rera benches have taken several steps against defaulting builders across the country, this is perhaps the first time that such a move has been announced in India under the new real estate law.

Officials said UP-Rera will soon float a portal for the global e-auction of unsold properties of cash-strapped builders who have been issued recovery notes. A recovery note is a notice sent by Rera that seeks a refund of money owed by homebuyers.

“When a buyer approaches UP-Rera to seek a refund on their investment, we issue an order for a refund and the district administration is sent a recovery note to collect the money from the defaulting builder. But because most of the builders are cash-strapped, the notes are not honoured,” Balwinder Kumar, member of UP-Rera, told TOI.

“None of the 660 recovery notes sent to the builders through the district administration in Gautam Budh Nagar has been honoured by the defaulters. So, we have now decided to auction unsold inventories of such builders to return the money to the aggrieved buyers stuck in delayed projects, should they want it back,” he added. With this move, all builders against whom buyers have moved UP-Rera stand to lose their unsold inventory for refunding buyers who want to exit the delayed projects.

“There are two kinds of refunds — one where a builder has not been able to deliver the flat and the buyer wants to exit the project. The other one is where the builder has promised penalties for delay but has not paid any late fine to buyers. In both the cases, the money accrued from the auction will be used,” Kumar said.

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Noida: Dwelling Star loses land lease over pending dues of Rs 157 crore

NOIDA: Land lease of a private developer here was cancelled on Thursday over non-payment of over Rs 157 crore dues towards the Noida Authority, officials said.

The property in the Sports City of sector 98 was allotted to the Dwelling Star Developers, which was issued multiple recovery notices and reminders over the non-payment since November 2017, the officials said.

Noida Authority CEO Ritu Maheshwari had called for a review of major defaulters and entities which have dues pending towards it and accordingly initiate action against them, they said.

"During the ongoing review, it was found that Dwelling Star Developers is among the major defaulters. It was allotted a property in Sports City H Block of sector 98 in Noida but the developer's dues have accumulated to Rs 157 crore over the years," a Noida Authority official said.

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FM announces Rs 20,000 crore fund to provide last-mile funding for housing projects

NEW DELHI: With a focus on construction of unfinished units, Nirmala Sitharaman, finance minister, on Saturday announced special window to provide last mile funding for housing projects which are non-NPA and non-NCLT and are net worth positive in affordable and middle income category.

The government of India will contribute Rs 10,000 crore and roughly same amount will be contributed by outside investors. The fund will be set-up as category-II AIF trust and would be professionally run with experts from housing and banking sector.

The objective behind the move is to focus on the construction of unfinished units. This is part of a package of measures announced by the government to boost the housing sector.

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DLF sells nine-acre land to American Express for Rs 300 crore

NEW DELHI: Realty major DLF has sold a 9 acre land parcel in New Gurugram to American Express for about Rs 300 crore in one of the costliest land deals in this area, sources said. The selling price comes out to be around Rs 32 crore per acre.

American Express will develop a large campus on this land parcel, which is located in Sector 74A, known as New Gurgugram, they added.

When contacted, DLF's MD (Rental Business) Sriram Khattar and DLF group CFO Ashok Tyagi confirmed the development.

"This transaction creates a benchmark of value of the land in the area around Southern Peripheral Road (SPR) and NH-8 where the Haryana government has made a lot of effort to develop infrastructure," he added

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Sachin Bansal, Reliance MF, other investors of Altico face defaults on Rs 95 crore debt

MUMBAI: Nonbank lender Altico Capital’s bond investors, including Flipkart cofounder Sachin Bansal and Reliance Mutual Fund, face immediate defaults on two series of outstanding debt coming up for repayment in the next two weeks--about Rs 95 crore all told is due on September 26 and 29.

Altico has bonds worth a total Rs 1,808 crore that will mature between now and May 2022, India Ratings data showed. Most of them are due to mature in 2020 and 2021.

Another series of bonds worth Rs 30 crore is scheduled to mature late December. These are short-term papers sold in March and June 2018 through private placements.

Fund houses and high net-worth individuals (HNI) invested in these instruments that promised yields up to 10.5%.

Mumbai-based Vistra ITCL is the trustee, or custodian, of these bonds.

“The ongoing crisis of capital may deepen with such a top investor-backed company failing to meet debt obligations,” said an investment banker at an Indian financial institution.

Altico and Bansal didn’t respond to queries.

The nonbanking finance company (NBFC) offers real estate credit and is backed by Clearwater Capital Partners, Varde Partners and Abu Dhabi Investment Council. The lender said last week that it missed Rs 19.97 crore in interest payments to Dubai-based Mashreq Bank.

It could also not pay Rs 85.78 lakh in interest due on a short-term loan facility taken from the government-run IFCI. Altico Captial has borrowed Rs 4,361.55 crore from banks and financial institutions.

NBFCs have been squeezed by a liquidity crunch that was triggered by the default of the Infrastructure Leasing & Financial Services (IL&FS) group last September. The government has sought to provide support to NBFCs through a partial guarantee scheme.

“Our failure to repay the amounts set out… may result in an acceleration of interest repayment/redemption obligations in respect of non-convertible debt securities issued by us and may trigger a default in their timely repayments,” Altico Capital said in an exchange filing last week.

India Ratings downgraded Altico’s debt to D or default grade after the missed interest payments.

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Homebuyers' body asks PMO to bring RERA officials under CVC

MUMBAI: Home buyers’ body FPCE has urged the Prime Minister’s Office to bring officials enforcing the provisions of the Real Estate (Regulation & Development) Act (RERA) under the ambit of the Central Vigilance Commission.

In its letter to the PMO, the Forum for People’s Collective Efforts (FPCE) has also recommended that all orders passed under RERA should be subjected to audit by the Comptroller Auditor General of India (CAG) to check for compliance with RERA provisions.

The FPCE has also raised concern over statements made by state regulators against RERA. The forum is of the view that such remarks from the regulators, who are expected to enforce the provisions of RERA, are aimed at preparing the ground for an amendment to the Act.

“These casual observations by the regulators not only question but also abuse and challenge the wisdom of our legislators, the cabinet, the governments and the judiciary, who have together prepared and cleared this Act after a rigorous process over the years,” Abhay Upadhyay, president of FPCE, told ET.

“Furthermore, these statements question the ability and competence of the government to enact proper laws.” The FPCE has suggested that all proceedings of RERA, appellate authorities and the Conciliation Forum should be held in-camera with provisions for a live-feed.

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Noida authority issues RC against Hacienda Projects over Rs 65 crore dues

NOIDA: The Noida Authority on Thursday issued a recovery certificate (RC) against realtor Hacienda Projects over pending dues of Rs 66.65 crore, officials said. The action came on instructions of Noida Authority CEO Ritu Maheshwari during a review of major defaulters in group housing projects, they said.

"During the review, it was found that Hacienda Projects has overall Rs 66.65 crore in pending dues against property in Sector 107. It has been issued notice over non payment on July 31 but has not cleared the dues," the Noida Authority said in a statement.

"A recovery certificate (RC) is being issued against the firm for not taking the notice seriously and for violations of rules under the UP Urban Planning Act, 1973 and the UP Industrial Area Development Act, 1976," it said.

In December 2018, three directors of the real estate firm were arrested for allegedly diverting Rs 191 crore invested by home buyers into its other projects and not delivering houses, according to officials.

They were arrested by the Delhi Police's Economic Offences Wing (EOW) after a case was registered against them for not delivering flats in a housing project named Lotus 300 in Noida Sector 107, police said.

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Noida Authority cancels lease deeds of SBI, Canara Bank, others

NOIDA: The Noida Authority on Wednesday issued a recovery certificate following cancellation of lease deed of three banks, a hotel and an individual allottee for non-clearance of revenue dues towards the Authority.

These include State Bank of India, B block sector 2 which owes Noida Authority a sum of Rs 144.13 crore, Canara Bank which owes Rs 6.16 crore and Vijaya Bank owes Rs 1.67 crore in sector 6.

Others include Gopala Hotels at B 12 Rajnigandha shopping complex sector 15 (which owes authority a sum of Rs 3.32 crore and KK Mishra of 1A block G sector 3 (owes Rs 1.61 crore).

"We will be cancelling more lease deeds of defaulters in coming days who have not cleared their rent dues towards Authority," said Ritu Maheshwari CEO Noida Authority.

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Illegal land sale soars in Jewar airport's vicinity

NOIDA: Flights taking off from the Jewar international airport may be years away, but land mafia in nearby villages are flying high already.

A section of villagers has started reaping benefits of the prestigious project and is selling notified land to gullible buyers in the vicinity of the airport site without taking permission from the Yamuna Expressway Industrial Development Authority (YEIDA).

The district administration said it had recently come to know about the racket and has asked officials to carry out an inspection soon. Officials — wary of an illegal colony coming up right under the nose of authorities in Shahberi — have suggested that those found selling land illegally in Jewar could be booked under the Gangster Act.

Villagers who have bought land from YEIDA need the agency’s permission before selling it. Sources said that with the demand for land around the airport soaring, some villagers are selling plots at hiked rates and with fake documents.

“During the land acquisition process, officials had come across some illegal plotting in the area and pamphlets advertising about prime property for sale around the upcoming airport. If land is sold this way and colonies come up without YEIDA’s approval, it would be illegal. Sale of such plots to gullible people would be construed as cheating if the building plan is not sanctioned by the development agency. Strict action will be taken against such developers and the Gangster Act will also be imposed on them if they are found guilty,” said BN Singh, the district magistrate.

He added that teams from the administration had been making announcements over the public address system and conducting awareness drives in surrounding villages. According to the administration, the illegal sale of land is rampant in four villages — Jewar Bangar, Modelpur, Thora and Gopalgadh. All these villages are within five kilometres of the area proposed for the international airport.

“This area would be highly valuable soon, now that the construction of the airport is about to begin. However, if it is left unchecked, another Shahberi-like unauthorised colony might come up in the near future. We have already informed the Authority about it and will provide all administrative support for removing them,” said Abhay Kumar Singh, deputy collector of Jewar.

YEIDA, which has identified illegal constructions in at least six such plots, has written to police and the administration for starting a demolition drive and filing a complaint against the land mafia. Officials informed that a demolition drive is being planned for September 18 under Section 10 of the Uttar Pradesh Industrial Development Act, 1976.

“Under this Act, any construction in a notified area without permission from the authority concerned is illegal. We have planned a demolition drive at six such plots where illegal construction has been noticed. Four other reports are being processed. We are doing a physical survey of the entire area to check for any illegal activity,” said Naveen Goel, officer on special duty at YEIDA.

YEIDA officials have sought help from the police and the administration for the demolition drive. The physical survey of the area may take a few weeks, by when more such illegal constructions might come to the fore.

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Over 14,000 Amrapali buyers told to re-submit ownership documents

NOIDA: Residents of Amrapali Sapphire, who are awaiting registry of their flats, have been asked to produce a fresh set of documents to help authenticate ownership of their houses.

It has already been more than a month since the Supreme Court directed Noida Authority to execute the agreements for residents of Amrapali.
But the court receiver, R. Venkatramani, had earlier said that examining the authenticity of buyers and the right proceedings might need more time than what the court might have planned initially.
The entire registration process for 14,000 buyers of Amrapali was supposed to have been completed by August 23 in keeping with the SC order dated July 23.
The residents said on Monday that the first set of documents had not been accepted by the court receiver.

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Mahagun Moderne residents file complaint against builder with Noida authority

NOIDA: Residents of Mahagun Moderne filed a fresh complaint with the Noida Authority on Friday, alleging that the builder has only installed an iron fence in front of the apartments when it was supposed to build a concrete wall. The residents met Authority CEO Ritu Maheshwari.

Authority officials had on August 15 instructed the builder to construct a concrete wall and had said the agency would do it if the developer failed to do it.

Mahagun has at least 80 shops around the Sector 78 housing complex. Buyers alleged that these outlets, which were supposed to be convenience stores, are now operating as commercial shops and causing traffic jams in the vicinity.

The complaint against convenience stores at Mahagun was filed by the society’s RWA in April last year to the then Authority CEO, Alok Tandon.

Sandeep Chauhan, head of the Mahagun Moderne RWA, said, “Once again, we have lodged a complaint with the Noida Authority. The Authority had ordered the developer to build a concrete wall. But they have built an iron grille, which hardly solves our problem. The boundary wall is integral to the construction plan. How can a builder flout it?”

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Tripartite registrations of about 14,000 Amrapali Group's buyers begins

NOIDA: Some 40 days after the Supreme Court ordered the Noida Authority to facilitate the tripartite registrations of nearly 14,000 existing residents in various housing society projects of the beleaguered Amrapali group, the court-appointed receiver’s requirements were finally put up on the Authority’s website on Tuesday evening.

Among the first ones to queue up for the registration of flats were the residents of Sapphire I, followed by a slew of other Amrapali project homebuyers awaiting papers.

A section of Amrapali Zodiac buyers also met Authority officials on Wednesday, requesting that the exact dimension of their flats be approved so that the residents do not have to pay excess for the registry.

As per the document uploaded by the Authority on its website, signed by receiver R Venkatranami, investors will now have to produce the flat buyers’ agreement, allotment letter, possession letter and occupancy letter.

They will also have to produce a ‘no-dues’ certificate. In case of transfer from the original allottee, buyers are required to produce the registered documents of such transfers or documents issued by Amrapali approving the transfer.

In case the buyers are not present in India, they would have to send documents duly attested by a public authority to the RWA via email or anyone holding a letter of attorney on behalf of the buyer, according to the Authority website.

Meanwhile, the buyers of Amrapali Zodiac on Wednesday submitted a complaint to the Noida Authority, demanding a fresh measurement of their apartments as they claim that the flats have not been built as per the promises made on the builder-buyer agreements.

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Noida authority asks Unitech to clear Rs 2,734 crore dues in 15 days

The Noida Authority has asked realtor Unitech to clear its Rs 2,743.29 crore dues within 15 days against the land allocated to it for group housing projects or face cancellation of the allotments, officials said on Wednesday.The realtor was allocated land for developing group housing societies in Noida's Sector 113 and Sector 117 with dues of Rs 1,203.45 crore and Rs 1,539.84 crore pending against them respectively, said Noida Authority in a statement.

Realtor Unitech was issued notices respectively on August 24 and August 30 for clearing the two dues, it said.

"On the plot in Sector 113, the group has also come up with 17 towers without getting the map cleared by the authority, in violation of the Noida Building Regulation, 2010," it added.

"Unitech also tried to have an agreement to sell 19,181.50 sq metre of land to M/s Sethi Residents and M/S GMA Developers, making them third-party, without seeking the authority's permission. This was done in violation of the lease law," it added.

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NCDRC directs Unitech to give compensation at 8% interest to home buyers

NEW DELHI: The country's apex consumer panel, the NCDRC, has directed Unitech to pay compensation to 33 home buyers, complete construction of the flats within nine months and hand over the possession to them. The National Consumer Disputes Redressal Commission (NCDRC) has asked the real estate giant to pay compensation to the home buyers at the rate of eight per cent from the date committed for delivery of possession of the apartments till the day on which the possession would be offered.

It directed the company to complete construction of the flats within nine months and to hand over the possession of those to home buyers in two months of obtaining occupancy certificate.

"The opposite party, namely, Unitech Limited shall complete construction of the flats allotted to the flat buyers, in all respects, within nine months from today," NCDRC Presiding member V K Jain, said.

The panel also directed Unitech to pay Rs 50,000 as litigation cost to the complainants. It said that any balance payable amount towards the price of the flat shall be adjusted out of the compensation payable to them.
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