National Company Law Appellate Tribunal (NCLAT) Will be able to consider a proposal from public sector NBCC to complete 17 stalled projects of Supertech Limited. The Supreme Court on Tuesday allowed NCLAT to do so. It is noteworthy that around 27,000 home buyers have been stuck in these 17 projects of the troubled realty company for years. A bench of Justice Sanjiv Khanna and Justice Sanjay Kumar issued notice on an application by NBCC. The bench said the pendency of the appeal before the apex court would not prevent the NCLAT from passing appropriate orders on the proposal.
The bench in its order said that despite the pendency of the present application, NCLAT can examine the proposal of NBCC for 17 projects of the corporate debtor (Supertech Limited) and take a decision thereon. The parties are free to raise all arguments and disputes before the NCLAT. The order also said that any party dissatisfied with any order of NCLAT can challenge it as per law.
Nyati Group partners with Navigo—Qubit-India
Pune-based real estate conglomerate Nyati Group has partnered with Qubit’s next-gen 3D visualization and analytics tool, Navigo. Under this partnership, Nyati Group will help home buyers purchase homes using Navigo’s latest technology. Through the latest technology, home buyers will be able to see all the information related to the project in 3D visualization sitting at home. Nyati Group has two high end projects in the pipeline, in which Navigo will serve as the main sales tools. Harish Shroff, Director, Sales and Marketing, Nyati Group Commenting on this partnership, Integrating Navigo into the sales process has been transformative for us. Through this technology, we are giving information to our customers about how the project will be built, what facilities it will have, how it will look when it is ready, etc. before the project is completed. Navigo has become our primary sales tool. With the arrival of Navigo our sales increased by 16-18%. It has now become the hub of our projects, spread over over 1 million square feet.
Ajay Parge, co-founder of Qubit Explaining Navigo’s role in buying and selling of real estate, he said that we are not only helping home buyers select and buy properties but also creating immersive experiences for buyers. The real estate sector contributes about 7.3% to India’s GDP. Navigo meets this demand by offering hyperreal customization and personalized 3D tours of apartments. This technology has significantly enhanced the way Nyati Group presents its developments and streamlined the decision making process for buyers.
Record demand for property remains in Mumbai
Due to better demand, registration of properties in Mumbai Municipal Corporation area increased by 12 per cent year-on-year to 1,05,608 units in January-September, 2024. Real estate consultant Knight Frank has given this information. Property registration in Mumbai city (under BMC jurisdiction) stood at 94,309 units during the same period a year ago. “In September 2024, Mumbai crosses the 1,00,000 property registration mark,” Knight Frank India said in a statement. This milestone was achieved faster than at any other time in the last decade. In the year 2023, this figure was achieved in October.” The report said that this sustained growth in property transactions stems from the growing economic prosperity and growing preference towards home ownership among the residents of Mumbai. In September 2024, Mumbai recorded 9,111 property registrations, compared to 10,694 units registered in the same month last year.
