Over 1,000 flats of Supertech's project Czar in Greater Noida to be sealed

In a second blow to real estate developer Supertech, theGreater Noida Industrial Authority (GNIDA) has orderedsealing of over 1,000 flats in the company's project Czar in Greater Noida, citing violation of rules.  Nifty Trading Tips

Some residents of Czar went to GNIDA and complained about violation in the sanctioned plan. Subsequently, the authority passed the order to seal 1,009 flats in Sector Omicron-1, Greater Noida. Out of the total units, about half have already been sold.The notice was given on April 11 and the company has been given 30 days to implement it or face action.    Jackpot Stocks Trading Tips

However, Supertech claims that it has not violated any rule and had purchased FAR from the authority in 2014.This is the second such instance where Supertech has been hauled by the authorities. In 2014, the Allahabad High Court had ordered demolition of two towers in Supertech's project Emerald Court in Noida as the company built than what was permittedHowever, the company challenged the order in the Supreme Court where  still pending. Commodity Market Astrology Tips 

The buyer's activism is on the rise for last few years where they have come down to the streets and protested against the developers. Currently, the realty sector is devoid of any regulator. With the passage of the recent Real Estate Regulatory Bill, things are expected to improve in the future.The real estate market is in a slowdown phase where developers are struggling with low sales and high inventory.        Stock Market Trading Tips