Welcome to the weekly news roundup! India celebrated its 73rd independence day, and the city witnessed slight drizzle, which also marks the cleanest air in 8 Years in Delhi. Seems like the government’s efforts and God’s blessings are falling into place.
Now coming back to real estate updates, let’s see what’s in store!
Around 200 families residing in Gardenia Gateway in Sector 75 Noida received warnings from a bank asking them to vacate their houses by August 20. The notices by the Union Bank of India stated that the developer had taken a loan of Rs 78.45 crore on December 31, 2015, and had not made any repayment since.
The Supreme Court upheld the amendments to the Insolvency and Bankruptcy Code, allowing homebuyers the status of financial creditors. The SC also said homebuyers enjoy the same rights as financial creditors.
On August 13, 2019, the center launched a mobile application, ‘Swachh Nagar’ through which people will be able to get their household waste picked up by urban municipal bodies and will do the payment via the app.
The Maharashtra Housing Ministry mooted the proposal to provide houses to the flood-affected people in western Maharashtra, especially in Kolhapur and Sangli districts, under the Pradhan Mantri Awas Yojana.
The Finance Minister Nirmala Sitharaman held two separate meetings with realtors and homebuyers’ association to discuss the issues of the real estate sector and measures to be taken, to support the industry.
That was all for this week, we’ll be back next week with another set of news until then stay updated and breath the fresh air in Delhi.