Real Estate News Updates for April 14
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Housing ministry blacklists two firms engaged in construction of NBCC Green View in Gurugram
The Union housing and urban affairs ministry has blacklisted two firms, which were engaged in the construction of the ill-fated NBCC Green View project in Gurgaon, debarring them from getting any work from the ministry for two years for sub-standard work.
These entities - Supreme Infrastructure India Ltd and Ramacivil Construction Pvt Ltd - have also been banned from getting any work from any attached entity, autonomous bodies and Central Public Sector Enterprises of the ministry.
The NBCC Green View building in Sector-37D was declared unsafe by IIT, Delhi and the residents were asked to vacate the flats.
Haryana: Notices to 13 architects for granting OCs to 20 buildings that flouted rules
The department of town and country planning (DTCP) has served show cause notices to 13 architects for issuing occupation certificates to 20 buildings in licensed colonies in violation of the Haryana building code of 2017.
As per the notice, if the architects fail to furnish satisfactory replies within three days, the department will initiate action as per the norms which include blacklisting from the department and legal action as per the law.
In November last year, the DTCP had empowered architects to grant OC to the buildings under a self certification scheme. More than 200 buildings have been issued OCs since then. The department has power to randomly check 10% of the OCs granted by architects and initiate action, if violations are detected.
WeWork India offers employees to surrender up to 25% of vested stock option
Co-working major WeWork India on Thursday announced that its employees are eligible to surrender up to 25 per cent of vested stock options. "WeWork India is conducting its first-ever ESOP surrender exercise, offering employees the opportunity to make the most of their vested stock options," the company said in a statement.
"As a token of gratitude for the employees' commitment, efforts and faith in the company, team members associated with the company will be eligible to surrender up to 25 per cent of vested stock options," it added.
Gurugram: Chintels Paradiso structural engineer & architects served notices
The department of town and country planning (DTCP) has issued a show-cause notice to Chintels Paradiso’s structural engineer, architects and two others in connection with the collapse of five flats in a tower in the Sector 109 residential society last year. Two residents died in the cave-in.
The department said these five people had certified that the structure had been designed and constructed as per the National Building Code and was safe for occupation. However, after the collapse last year, the certification seems to be false, incorrect and misleading, it said. DTCP director TL Satyaprakash has sought replies from them within 15 days, failing which they might be blacklisted and their licences cancelled.
Gujarat announces concessions in new jantri rates
Even as revised jantri rates come into force from Saturday, the Gujarat government announced concessions for the real estate industry, reducing chargeable (paid) FSI and premium for converting agricultural land to non-agricultural (NA) land.
The concessions offered by the state government will mean that residential affordable housing (RAH) units will not see a hike in prices, but prices of houses of other categories - R1, R2 TOZ and Tall Buildings - will increase substantially. According to real estate industry estimates, prices of housing units in all categories other than RAH units, are expected to rise by about 20 % after new jantri rates take effect.
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