Tag: real estate latest update

Home buyer gets higher compensation against delayed projects

Home buyer gets higher compensation against delayed projects

Mumbai: An agreement has been executed for builders which state that either free them of the liability to pay interest or return payment of agreed interest if they delay the project.

Case Study: a home buyer named Dr. Ambuj Choudhary had booked a flat in Omaxe Parkwood in Himachal Pradesh which was constructed by Omaxe builders. Base price was Rs 16,94,550 and possession time was after 18 months. Mr. Choudhary paid 3 lakh as deposit in 2016.

Construction was delayed due to necessary approvals had not been obtained from the authorities. In March 2009, a formal letter was presented for sale of flat. Mr. Choudhary paid full amount with time to time installments through a housing loan from IDBI. But the construction did not begin Mr. Choudhary sent letters and legal notices, but the builder did not respond….Read More

Supreme Court bought down the cost of litigation for middle class home buyers

Supreme Court bought down the cost of litigation for middle class home buyers

realty media newsNew Delhi: Middle class home buyers will now be able to file law suits in court against builders or any other complaints at a very nominal cost as the supreme court of India has bought down the cost of litigation notably.

Buyers will now have to pay a small amount of Rs. 500 as service charge and another Rs.750 at the stage of admission of case to the Supreme Court Middle Income Group Legal Aid Society. The middle class group will be considered to those who have income below 60,000 per month which is around 7.5 lakh per annum.

This scheme has cut the rates to almost 75% to 80% for homebuyers and it is a appreciable step taken by the Apex court

Most of the home buyers was hesitating earlier in file a law suit against the builder due to the over burden of expenses in court cases but now this step of Supreme court will empower the Buyers and they can fight for justice without any second thought.

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Yamuna Expressway Industrial Development Authority cancelled the land allotment of 7 builders over dues

Yamuna Expressway Industrial Development Authority cancelled the land allotment of 7 builders over dues

Yamuna Expressway newsGreater Noida: Yamuna Expressway Industrial Development Authority YEIDA on Friday canceled allotments of 7 builder’s housing land for over dues. The officials said that the process of cancellation of the seven allotments is started.

The list of seven defaulters involve 5 housing builders and 2 institutional groups who owes approx 525 crore dues to the authority.

Arunvir Singh, CEO, YEIDA said that “We have started issuing show-cause notices to the developers as they have not fulfilled their commitments in keeping with the rescheduled payment plan policy offered to them last year”

List of defaulters

  • 3C Homes Pvt Ltd in sector 22A
  • 3C Residency Pvt Ltd in Sector 18
  • HC Infrcity Pvt Ltd in Sector 22D
  • Sukriti Infrcon in Sector 22D
  • Sunwhite Infratech in Sector 18
  • Tyag Buildspace in Sector 17A
  • MMA Grains in Sector 17A

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Justice served: Supreme Court ordered UNITECH to pay per annum 14% fine to home buyers

Justice served: Supreme Court ordered UNITECH to pay per annum 14% fine to home buyers

Screenshot - 2_21_2017 , 12_49_32 PM.pngNew Delhi: providing justice to home buyers the Supreme Court of India on Monday gave a big setback to Unitech builder for delaying in possession of its project Vistas at Gurugram.

The court ordered Unitech to pay 14% per annum interest to home buyers applicable from January 1, 2010  which will be in addition to the amount of Rs. 16.55 Crore, already paid by builder to home buyers.
The interest component of 14% is not final and the interest might even go up, according advocate Pawanshree Agrawal, who represented the aggrieved buyers.

“Just half the battle is won till now. The court has fixed the interest component at 14%, however, it said that further decisions on the interest component and compensation would be taken at the next date of hearing,” he informed.

All of us are happy to see Unitech finally getting punished for the lapse. We hope that the court will give us compensation for mental agony as well so that we can buy homes,” said Prasoon Dubey, one of the buyers.

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Godrej Properties invests Rs 280 crore from 2nd residential realty fund

Godrej Properties invests Rs 280 crore from 2nd residential realty fund

screenshot-2_20_2017-2_20_01-pmNEW DELHI: Godrej Properties has invested Rs 280 crore across two deals in Bangalore and Thane so far from its $275 million residential real estate platform formed in association with Dutch pension fund APG Asset Management.

The platform named Godrej Residential Investment Program II made its first investment by acquiring 80% of the equity share capital in Godrej Greenview Housing, towards investing into the project Vihang in Thane in June last year.

It also acquired a 12-acre land parcel off Sarjapur Road in South Bengaluru to develop around 1-million sq ft residential project on this plot.

“We have invested in two projects so far – a 12 acre residential project in Sarjapur, Bangalore and a 6.5 acre project in Ghodbunder, Thane,” a company spokesperson said.

Godrej Properties has also fully committed its another $200 million residential development fund set up with an APG led investor consortium in 2012.

“The fund is fully deployed across four projects of Godrej Prime in Mumbai, Godrej Platinum in Delhi, Godrej Eternity in Bangalore and Godrej Aria/101 in Gurgaon,” the spokesperson said.

The Mumbai-based developer last year also created a separate real estate fund management business in India and Singapore named Godrej Fund Management, which will be responsible for managing both the series of the residential investment programmes and any future association as well.

news source – ET realty

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