#RealtyNewsRoundUp: FM, Stakeholders Meet To Address Realty Woes

With a view to find a solution to many a problem India’s real estate sector is hit hard with, a high-profile meeting is scheduled for July 19. Finance Minister Piyush Goyal and Housing Minister Hardeep Singh Puri are among the people who would be attending the meeting. Representatives from civic bodies, industry bodies and banks would also attend the meeting.

***

The Supreme Court on July 18 directed the Centre to frame a law for blacklisted real estate developers who are responsible for illegal constructions in national capital New Delhi. Sector stakeholders are of the view that mere punishment for illegal constructions may not be able to fully address the issue.

***

Trouble-hit Amrapali Group told the Supreme Court on July 18 that it was in talks with the Centre to take over its past, present and future projects. Under the pact, the Centre, through its agency NBCC, would take over the projects of the company which is staring at insolvency. In such a case, the company would not need any co-developer to finish its pending projects.

***

A Bill to amend the regulations governing the compensation payable for acquisition of immovable property by the Centre for defence and security purposes was passed by the Rajya Sabha on July 18. The Requisitioning and Acquisition of Immovable Property (Amendment) Bill, 2017, was passed by the Lok Sabha in December last year. The Bill seeks to amend a provision to allow the Centre to re-issue the notice of acquisition to ensure that the property owner gets an opportunity to be heard.

Source: Media reports