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
NEW 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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