{"id":27547,"date":"2022-04-12T17:38:23","date_gmt":"2022-04-12T12:08:23","guid":{"rendered":"https:\/\/plyinsight.com\/?p=27547"},"modified":"2022-05-31T17:05:02","modified_gmt":"2022-05-31T11:35:02","slug":"up-government-worried-about-insolvency-of-real-estate-companies","status":"publish","type":"post","link":"https:\/\/plyinsight.com\/hi\/up-government-worried-about-insolvency-of-real-estate-companies\/","title":{"rendered":"UP government worried about insolvency of real estate companies"},"content":{"rendered":"

In Uttar Pradesh, the state government has taken serious note on delay in completion of residential and commercial projects, bankruptcy of realty companies and non-payment of land prices.<\/strong><\/p>\n

Recently, Yamuna Authority has canceled 9 plots of 8 builders of Greater Noida and also seized their deposits of Rs 28 crore. The authority has canceled the allotment of 2.5 lakh square meters, against which the authority was owed about Rs 7500 crore.<\/p>\n

According to the officials of the Housing Department, the state government has taken cognizance of the bankruptcy of many big builders of the real estate sector in the state. The government has decided to constitute a high-level committee to assess the difficulties faced by the flat buyers due to the insolvency of builders, so that the interests of the buyers can be protected.<\/p>\n

Significantly, many major builders of the real estate sector in the country are standing on the verge of bankruptcy. The list of big builders going bankrupt in Uttar Pradesh is also getting longer.<\/p>\n

Over the years, the National Company Law Tribunal (NCLT) has issued orders to declare bankruptcy to over a dozen big and small builders in Noida and Greater Noida.<\/p>\n

It started with the bankruptcy of Amrapali Group. Subsequently Big builders like Unitech, Sahara, Jaypee were declared bankrupt. In this sequence, \u00a0the NCLT has issued an order against Supertech Builder and Logix City Developers Pvt Ltd and directed to initiate the insolvency process.<\/p>\n

The Chief Minister was worried why and how are big builders going bankrupt. When there is a system like Real Estate Regulation Act (RERA).<\/strong><\/p>\n

\n

\"Action \"black \"Big<\/p>\n

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In Uttar Pradesh, the state government has taken serious note on delay in completion of residential and commercial projects, bankruptcy of realty companies and non-payment of land prices. Recently, Yamuna Authority has canceled 9 plots of 8 builders of Greater Noida and also seized their deposits of Rs 28 crore. The authority has canceled the […]<\/p>","protected":false},"author":1,"featured_media":27551,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2716],"tags":[2660,2656,2654,399,2650,1237,1676,301,2655,2653,2662,2663,2658,2659,1518,2652,2664,1353,2651,2661,2547,2657],"class_list":["post-27547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-may-news-2022","tag-amrapali-group","tag-authority","tag-bankruptcy","tag-chief-minister","tag-commercial","tag-companies","tag-country","tag-government","tag-greater-noida","tag-land-prices","tag-logix-city","tag-logix-city-developers-pvt-ltd","tag-national-company-law-tribunal","tag-nclt","tag-noida","tag-non-payment","tag-real-estate-regulation-act","tag-rera","tag-residential","tag-supertech-builder","tag-uttar-pradesh","tag-yamuna-authority"],"yoast_head":"\nUP government worried about insolvency of real estate companies - PLY INSIGHT<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/plyinsight.com\/hi\/up-government-worried-about-insolvency-of-real-estate-companies\/\" \/>\n<meta property=\"og:locale\" content=\"hi_IN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UP government worried about insolvency of real estate companies - PLY INSIGHT\" \/>\n<meta property=\"og:description\" content=\"In Uttar Pradesh, the state government has taken serious note on delay in completion of residential and commercial projects, bankruptcy of realty companies and non-payment of land prices. Recently, Yamuna Authority has canceled 9 plots of 8 builders of Greater Noida and also seized their deposits of Rs 28 crore. 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