Apex court stays high court order restraining DLF from selling propertyIn a relief to DLF Ltd,the Supreme Court has stayed the operation of an order of the Punjab and Haryana High Court restraining the realty major from selling and marketing properties in one of its projects in Gurgaon. The bench comprising justices Gyan Sudha Misra and Madan Lokur also issued a notice to Gurgaon-based DLF Park Place Residents Welfare Association on whose plea the high court had restrained DLF. The court has fixed the matter for hearing on July 16. The Punjab and Haryana High Court had in May this year passed an order on the petition of the RWA which alleged the land of their society was being used by the DLF in its other project named ‘The Crest’. The real estate firm told the apex court that on the first day of the hearing,the high court granted relief to the Residents Welfare Association (RWA) and the order amounted to the final relief. The RWA had contended that the DLF on May 21 launched a group housing project ‘The Crest’ within the floor area ratio of ‘The Park Place’ society to which the land rightfully belonged.Noida Authority issues notice to 16 builders to pay Rs 1,934 croreNoida Authority has issued notices to 16 private builders who had defaulted in payments totallingRs 1,934 crore. A Noida Group Housing department official said,“Builders had paid the allotment money but defaulted in installment payment. They have been asked to pay the dues in 15 days. If builders fail to pay the due amount,their lease deed and allotment would be cancelled,” he said. As per lease deed terms,the Authority can cancel the allotment on payment defaults,he said.‘Annual housing demand in Chennai to be over 35,000 units’Housing demand in Chennai is expected to be 35,000-40,000 units annually and property prices are expected to remain “firm” in the industrial corridors,a report has said. Prepared by the Mumbai-based ASK Property Investment Advisors,the report said that with the growth of IT/IT-enabled services and banking/financial industry the need for houses is expected to be in the range of 30,000 to 35,000 houses annually. PTI