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On Wednesday (25/08/2018), Supreme Court asked for assurance of financial standing of the firm which is interested in completing the Amrapali Leisure Park and Amrapali Sapphire. The court said that the homebuyers “cannot be thrown into a frying pan”.

The order by Supreme Court came after it chose to hear the issue project-wise and today it heard the contention with regard to Amrapali Sapphire and Amrapali Leisure Park.
The Court concurred that a co-developer ought to be assigned for the project. The bench consisting of Mr. Arun Mishra and Mr. Uday Umesh Lalit said, “In doing so the accountability process becomes easier”. It however summarized that the firm should file and undertaking before the court.

After that, SC asked the builder to provide details with regard to both these ventures; on affidavit having details which incorporates profile of the firm, affidavit of undertaking by the head(s) of the company which includes the number of projects under construction, the number of projects developed, the number of projects behindhand and the track record of the firm. Amid the proceedings Noida-based Galaxy Group through its counsel had demonstrated enthusiasm in developing Sapphire 1 and 2. Beforehand in February the developer had indicated interest in developing Amrapali Leisure.

The builder was also asked by the court to present all the detail in regards to the dues it holds to authorities and banks. Mr. Ajit Kumar Sinha, an advocate representing the homebuyers, recommended that a list of free of debt properties of the builder and directors should be made if the responses to the previously mentioned queries are not given by the developer.
The court also said that if in case it finds any inadequacy on behalf of the builder then it will follow Mr. Sinha’s recommendation.

The real industry of India has witnessed a tremendous growth in a short span of time. The specialists ascribe this growth to the rise in demand and correctly so. Rising levels of income and soaring demand in the residential sector has surely given a lift to this industry. Urban areas have been largely benefited by this rise. A name that deserves a special mention here is Noida.

Noida is one of the biggest industrial towns of India, and has witnessed a rise as far as Indian real estate is concerned. Its relative closeness with Delhi has been beneficial for this rise. Excellent connectivity be it by rail or road, uninterrupted power backup and different other factors have stimulated gigantic migration to Noida.
On account of the previously mentioned factors, Noida is hailed as a town with a several economic zones. These economic zones are most appropriate for development of shopping centers, industrial units and extravagant residential flats. The town has seen fast expansion in business outsourcing industry and administration industry. Therefore, the real estate costs will undoubtedly go up and along these lines investing at the opportune time is a guarantee of enormous returns later on.

Another significant pattern in the Real Estate Industry in Noida is the syndication among major players. Huge residential ventures are attempted in partnership by Real Estate Companies in this manner changing rivalry into a joint venture. This has unquestionably given a major lift to the business. As of late government offered impetus to the business by permitting 100% Foreign Direct Investment in specific Real Estate Development Projects in Noida.
No denying, Real Estate Industry in Noida is developing at a quick pace. Contributing there will surely be a great decision. Thus, what are you sitting tight for! Race to your closest Real Estate Agency for more details and secure your future with sharp-witted investment.