Page 22 - Banking Finance October 017

HOUSING

HOUSING

NEWS
NEWS
NEWS
NEWS
NEWS

Shahapur to extend af- Supreme Court asks Unitech to give flats or refund

fordable housing Unitech's jailed promoter Sanjay Chandra, on September 21, 2017, failed to get
interim bail from the Supreme Court, which said it has
Shahapur is morphing from a second- to 'equate' the tears of thousands of home buyers, who
home destina- have not been given possession of flats, with the liberty
tion to one of one person. The apex court made it clear that the
where afford-
company would have to either give possession of flats
able housing
to the buyers, or pay back their money, otherwise its
is the watch- properties would be auctioned to pay the investors.
word.
At the end of the hearing, Chandra's counsel urged the court that the promoter
Situated 85 kms north-east of should be allowed to work from his office, in custody, to which the bench said,
Mumbai and 45 kms from Thane, 'No'. The counsel urged the court that once Chandra starts working from his
Shahapur is clean, green and healthy office, he would be able to complete the projects and hand over the flats to
- three words that long ceased to buyers and this would start the money cycle again.
describe neighbouring Mumbai.
There's a bonus too - the region has Meanwhile, the amicus curiae told the top court that as per its directions, he
been declared a Non-Chemical Zone had created a portal, where the home buyers could upload their details, to claim
by the Government of Maharashtra. flats or refund from the company. The bench, however, clarified that buyers who
have been handed over possession of flats in the 13 projects, should not upload
As for the long term, high-speed con-
nectivity along new traffic routes, their details on the portal, which would be operational from September 22, 2017.
like the Alibaug-Virar Road-Rail link-
age, promises to create high-growth Central Government to extend affordable housing
locations in the middle of the 'new subsidy to units built on private land
peripheral city'. The latter proposes The centre, on September 21, 2017, announced a new public-private partner-
to stretch from Virar to Alibaug and ship (PPP) policy, to boost private investment in afford-
Jawaharlal Nehru Port Trust through able housing that allows extending central funds of
Shahapur to the Western Express up to Rs 2.50 lakhs, for each house to be built by pri-
Highway.
vate builders even on private land. The policy, which
However, Shahapur's USP is not only also aims to open up immense potential for private
its price point. The catalytic forces investments in affordable housing projects on govern-
that have turned it from being a ment land parcels in urban areas, gives eight PPP options, for developers to in-
downmarket location once to an vest in the segment, said the newly-appointed Union Urban Development and
emerging upmarket. Housing Minister, Hardeep Singh Puri.

BANKING FINANCE | OCTOBER | 2017 | 21

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