Realty Bites

Rent-free plan for office spaces

Tricity-based Motia Group has introduced a  scheme for MNCs, corporate and private limited companies at their new commercial project, Motia’z Royal Business Park located on Chandigarh-Delhi National Highway, Zirakpur. Under this scheme, any MNCs, corporate and private limited company can avail a rent-free fit out for the period of one year.

Located in a 35-acre integrated township Royal Business Park has offices and retail spaces on offer. The group is also extending an offer for the buyers wherein they can buy a property starting from Rs 46 lakh with an assured rental of Rs 27,000. Speaking on the occasion,  L.C Mittal, Director, Motia Group said, “With these offers, we wish to extend a lucrative investment opportunity to our customers where they will be getting assured rental return for three years which is just like adding an additional earning member to your family.”

UP RERA issues deregistration notices to 7 builders

The Uttar Pradesh Real Estate Regulatory Authority issued deregistration notices to seven builders last week for failing to meet their commitments to buyers covering 14 projects and approximately 4,800 residential units.

The first-of-its-kind action against builders has been taken under Section 7 of the RERA Act, according to an official statement.

The developers who had been served notices include Primrose Infratech for Primrose Ryne project, PSA Impex for Sampada Livia, MSA Developer for Circuit Heights, Greenbay Infrastructure for Greenbay Golf Homes & Golf Village, Intellicity Business Park for Intellicity project, Mist Direct Sales for Festival City Phase 1,2,3 and Unnati Fortune Holdings Ltd for the Aranya Phase 3,4,5.

Aranya Phase 1 and 2 have lapsed as the promoters have failed to extend the registration, it said. “Deregistration notice has been served based upon the information collected, site inspections, complaints in RERA and non-compliance of the RERA Act.

“While the Authority had already given strict warnings almost two months ago, this decision was taken after home buyers flagged the repeated delays to the authority,” UP RERA Chairman Rajive Kumar said.

After the deregistration process and the present promoters not having come up yet with a concrete time-bound action plan to deliver the projects, there will be several options for the projects such as Authority will take over the unfinished projects of these builders and give the first right of completion to buyers, the release said.  — PTI