[ad_1]
Delhi based real estate developer Sanskar Homes has acquired a property of 800 sq. yards in South Delhi‘s west end 71 crores in Rs.
Ravi Arora promoted company intends to grow Residential floor on the property.
Earlier, a company focusing on luxury floors had bought the bungalow. mobius foundation Bought chairman Pradeep Burman for about Rs 75 crore.
before, Sanskar Projects And Housing Pvt Ltd was dragged to the National Company Law Tribunal (NCLT) under Section 7 of the Insolvency and Bankruptcy Code by its financial creditor Realpro Realty Solutions over a default of over Rs 5 crore.
A public notice has also been issued by the buyer of the Jor Bagh property against the developer for violation of the property development agreement.
Sanskar Homes did not respond to an email query till press time.
According to experts, there has been a spurt in plot acquisition in the prime market of South Delhi as the demand for luxury apartments with amenities has increased.
Builders are buying old properties, building four floors and selling them freely.
An industry expert said, “Demand for luxury floors definitely exists, but after the recent order by the Real Estate Regulatory Authority (RERA), it has become difficult for local builders to start construction immediately after land acquisition.” “Now, if a builder is constructing where the plot size is more than 500 metres, irrespective of the number of units, he has to get it registered with RERA.”
Builders not registering projects with RERA had become a hindrance as buyers could not take any action in case of delay in delivery.
As per the copy of the sale deed, Sanskar Homes has paid Rs 4.26 crore as stamp duty for the property.
[ad_2]
Source link