Announcement

Collapse
No announcement yet.

Latest RE News : Bangalore & other major Cities of Karnataka

Collapse
This is a sticky topic.
X
X
Collapse

Latest RE News : Bangalore & other major Cities of Karnataka

Last updated: 23 hours ago
3937 | Posts
  • Time
  • Show
Clear All
new posts

  • Re : Latest RE News : Bangalore & other major Cities of Karnataka

    Seven malls owe Bruhat Bengaluru Mahanagara Palike Rs 46 crore property tax

    Read more at:
    https://realty.economictimes.indiati...y-tax/92314423



    According to data shared by the Palike’s revenue section, Mantri Square is the biggest defaulter with dues of Rs 27 crore. The mall has not paid tax since 2019.

    BENGALURU: Seven malls in the city have defaulted on property tax to the tune of over Rs 46 crore, BBMP special commissioner (revenue) Deepak RL said.

    According to data shared by the Palike’s revenue section, Mantri Square is the biggest defaulter with dues of Rs 27 crore. The mall has not paid tax since 2019. Now, officials are in talks with the finance departments of the malls to collect the pending amount.

    Rock Line mall on Tumakuru Road has not paid property tax since 2016. It owes the BBMP Rs 6.6 crore. Royal Meenakshi Mall is the third biggest defaulter with dues of Rs 5 crore. The others on the list are GT World, Virginia, and Total Mall.

    Deepak said the civic agency is making efforts to collect dues from these defaulters. Earlier, BBMP had closed Mantri mall, but as it causes inconvenience to the public such action is not being taken now. “We are hopeful of collecting the money,” he said.

    Asked if there is pressure from politicians not to take action against the defaulters, he said, “So far, I have not come under any pressure. We are dealing with them like any other defaulters.”

    This fiscal (till June 16), BBMP has collected nearly Rs 2,100 crore property tax, its highest so far.

    In 2020-21, the collection was Rs 1,615 crore, while the figure plummeted to Rs 1,396 crore in 2021-22. The slip was attributed to the pandemic.

    Data shows Mahadevapura tops the list and is followed by East and South zones. The special commissioner said all officials were given targets locally and this helped increase the revenue. He said BBMP will analyse the performance of officials with regard to their efficiency in collection and they will be ranked accordingly. Poor performers will be asked to work hard to achieve the targets.
    Please read IREF rules | FAQ's

    Comment


    • Re : Latest RE News : Bangalore & other major Cities of Karnataka

      Road to perdition


      Bangalore Mirror Bureau / Updated: Jun 18, 2022, 06:00 IST

      The stretch is unpaved, making it unsafe for walking and driving

      By Shreyashi Mukherjee

      Road in Gayatri Nagar was dug to lay underground pipes but never repaired; residents fume at authority’s irresponsibility

      In Gayatri Nagar, stepping outside has become a constant ordeal for residents, thanks to the road that was dug up for laying underground pipes but never repaired.

      Residents say that simply commuting or walking in the neighbourhood is a stressful activity and vehicles constantly break down due to the jagged surface. Authorities are simply not bothered, they complain.

      The residents say that the road conditions are so poor that it becomes difficult to commute by vehicles. A staff person working at Varalakshmi Nursing Home and Veena Medical Centre, said, “For the last two months, the road has been like this. The contractors said that they were digging it for laying pipes; but after that, they did not bother to refill the holes. It is causing a lot of problems for us.”

      He added that because of the gaping spaces, ambulances cannot enter their nursing home. Staff of the institute were also unable to park or take out their vehicles.

      Ashok M, another resident of the neighbourhood added that the road has become so poor that commuting has become a difficult task.

      “My bike broke down twice. There is no effort taken by authorities concerned.” The residents say that while they have no issues with development work; however, they want a proper timeline for such activities and they also want the work to be finished within the timeline.

      My bike broke down twice. There is just no effort by the authorities concerned

      – Ashok M, a resident

      Nitesh Chandra Shekhar, another resident, said, “We all will support development work, but it needs to be completed on time also. We have been waiting for this road to be done soon but nothing has happened.

      There is so much traffic because of the bad road. People get stuck here for hours.”

      The residents also say that they have tried to complain to the authorities, but they did not get any response from them.









      Road to perdition (indiatimes.com)
      Please read IREF rules | FAQ's

      Comment


      • Re : Latest RE News : Bangalore & other major Cities of Karnataka

        RLDA invites bid for commercial development of land in Bengaluru for Rs 236 crore

        Read more at:
        https://realty.economictimes.indiati...crore/92284714



        “The land parcel is ideal for residential/ commercial development and is in the heart of the city. Its development shall boost the already developed economy of Bangalore and will provide well-developed residential apartments / commercial complexes to Bangalore city,” said Ved Parkash Dudeja, Vice Chairman, RLDA.

        The Rail Land Development Authority (RLDA) has invited bids for leasing out an 8.61 acre land parcel at Cantonment Railway Colony, Bangalore for commercial development. The reserve price of the land is Rs 236 crore for a lease period of 60 years.

        The proposed land parcel is strategically located between Cantonment Road and Thimmaiah road. The current land use for these land parcels is residential (main), commercial (business) respectively as per the permitted usages defined by the Master Plan 2015.

        “The land parcel is ideal for residential/ commercial development and is in the heart of the city. Its development shall boost the already developed economy of Bangalore and will provide well-developed residential apartments / commercial complexes to Bangalore city,” said Ved Parkash Dudeja, Vice Chairman, RLDA.

        A railway colony redevelopment work shall also be entrusted to the developer, for which a separate land parcel of one acre shall be made available.

        The ever-increasing millennial workforce of Bangalore has significantly influenced the city’s real estate market. While the IT/ITeS professionals working in reputed multinationals and scouting for globally inspired lifestyles have driven the residential market in the city, the commercial real estate has been steered by budding entrepreneurs.

        Rail Land Development Authority (RLDA) is a statutory authority under the Ministry of Railways for the development of Railway land. It has four key mandates as a part of its development plan, namely leasing commercial sites, colony redevelopment, station redevelopment, and multi-functional complexes.

        During the last Financial Year, RLDA has leased out various sites at Chennai, Amravati, Aurangabad (Maharashtra), Asansol (West Bengal), Bareilly (Uttar Pradesh), Ambari (Guwahati) etc. RLDA has also leased out railway colonies. i.e. Chilkalguda & Rifle-Range colonies (Secunderabad) and Rajkot Railway Colony in the last financial year for redevelopment.
        Please read IREF rules | FAQ's

        Comment


        • Re : Latest RE News : Bangalore & other major Cities of Karnataka

          Construction industry is lapping up treated water


          Bangalore Mirror Bureau / Updated: Jun 20, 2022, 06:00 IST
          By Garima Prasher

          Recycled wastewater from decentralised Sewage Treatment Plants (STPs) across the city is turning out to be a hit in the construction industry. In a bid to promote the use of recycled water, Tankerwala, the mobile application startup to book freshwater through tankers on-demand in the city, released an option in the app to book recycled water tankers from June 5.

          In just over one week, around 25 lakh liters of water has been lapped up for various purposes in the city. The majority of it is from the construction industry.

          “We are swamped with requests for treated wastewater from across the city. Already around 25 lakh liters have been transported to various spots. Around 95% of this request has come from the construction industry,” said Shravanth Donthy, CEO, Tankerwala.

          Currently, the project is doing pilots with different apartment complexes to make the process hyperlocal. While the demand and supply of treated water are high, transporting the recycled water through busy roads in the city is turning out to be a challenge.

          “A lot of people are reaching out to us requesting to take their treated water. Demand is high as well. However, it is unpredictable and thus we are unable to align the supplies on those lines. We are trying to optimize root planning and analyse late traffic hours to make the process work,” added Donthy.

          The demand from the construction industry can be attributed to the fact that the recycled water being procured by decentralised STPs is tested for suspended particulate matter to ensure it meets construction water quality specified by IS 456:2000 standards. IS 456:2000 standards indicate the quality of water that should be used in construction. As per the standards, the permissible limit for sulfate is 400 mg/litre; the permissible limit for chloride is 2,000 mg/litre for concrete not containing embedded steel and 500 mg/litre for reinforced concrete. “Water requirements of the construction companies range between five to ten lakh liters a day.


          Moreover, the water we procure is being tested at multiple labs and they all confirmed that the water quality is per the guidelines specified by IS 456:2000 standards,” said Donthy.

          Currently, the recycled water is being supplied to construction sites in Shivajinagar, Dairy Circle, and the Outer Ring Road areas.

          According to the experts, it is vital to create supply and demand in the same area for optimal usage of recycled water from decentralised STPs housed in the apartment complexes. For instance, if all the extra water is with Whitefield, and construction is happening on MG Road, the logistics will not be feasible. We need to create demand for this water in different areas so it can be used locally. For central Bengaluru, we have zeroed in on the hotels around the area to procure the recycled water,” Donthy added.










          Construction industry is lapping up treated water (indiatimes.com)
          Please read IREF rules | FAQ's

          Comment


          • Re : Latest RE News : Bangalore & other major Cities of Karnataka

            Despite orders, issuance of eviction notices to forest land encroachers stopped in Karnataka

            Despite orders from Karnataka Minister of Social Welfare and Other Backward Classes Welfare Kota Srinivas Poojary to commence an inquiry of the encroachment of forest land as per the Karnataka Forest Act, 1963 and 1964, Additional Principal Chief Conservator of Forests (Land Records) A K Singh asked the divisional forest officials to halt the encroachment eviction operations till the Forest Rights Applications (FRA) applications are settled.

            The order copy, accessed by indianexpress.com, reads that the officials were directed not to issue notices to the applicants of FRA till the inspection process is completed. However, he added that the inspection process should be expedited.

            Poojary had held the meeting on February 22 while the letter undersigned by Singh was dated April 24.

            The FRA 2006 recognises the rights of forest dwelling tribal communities and other traditional forest dwellers (OTFD) to forest resources on which these communities depend for livelihood, habitation and other sociocultural needs.

            “To qualify as OTFD and be eligible for recognition of rights under FRA, two conditions are need to be fulfilled: Primarily resided in forest or forests land for three generations (75 years) prior to 13-12-2005, and depend on the forest or forests land for bonafide livelihood needs,” the ministry of tribal affairs states.

            However, the officials within the Forest department say that several claims under the FRA are bogus and thousands of applications are pending. “In February this year, out of 97,074 claims received under the Scheduled Tribe and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006 in Shivamogga, the Tribal Welfare department rejected 44,016 claims. As many as 53,058 claims are still pending with the department. With such orders coming in our way, it is difficult to evict encroachers,” a senior forest official said on condition of anonymity.

            Former Principal Chief Conservator of Forest (head of forest force) B K Singh said encroachments on forest lands have surged to an unprecedented scale after the enactment of the FRA. “Communities which were not in occupation of the forest land before the cut-off date of 13-12-2005 have also occupied lands and subsequently applied for recognition of rights under the Act. Politicians across party lines support them for electoral gains,” he added.

            Offering his insights, he further explained, “The Act provided a list of evidence that could be relied upon in accepting the claims. Usually, District Level Committees (DLCs), headed by district collectors, for finally vesting the rights over the land to a claimant or even rejecting the case, have accepted ration cards and village elder’s statements. Ration cards cannot vouch for occupation of forest land and moreover the states have issued a large number of bogus ration cards to its people.”

            He added, “Taking 75 years of occupation in respect of OTFDs into consideration, a village elder should have been an adult in 1930 to certify the same. Whenever the claims were verified with reference to satellite imageries, it was found that the tree growth existed on forest land on cut-off date i.e. 13-12-2005. Bogus claimants cleared tree growths and occupied forest land after the Act came into existence. The Ministry of Tribal Affairs amended the rules in 2012 and said that the claims which are rejected relying on satellite imagery can be reopened and accepted if other evidence supports it.”

            Advocate Virendra Patil, who has been fighting cases against the illegal occupation of forest lands in Shivamogga, said, “Encroachers file applications under FRA and till the entire verification process is completed, they enjoy the illegal occupation of forest land.”









            Despite orders, issuance of eviction notices to forest land encroachers stopped in Karnataka | Cities News,The Indian Express
            Please read IREF rules | FAQ's

            Comment


            • Re : Latest RE News : Bangalore & other major Cities of Karnataka

              ANZ Bengaluru leases six lakh sq ft from Embassy Group in Bengaluru

              Read more at:
              https://realty.economictimes.indiati...aluru/92414073



              The new facility, currently under construction, is designed to accommodate over 6,000 employees.

              NEW DELHI: ANZ Bengaluru Service Centre (ANZ Bengaluru), an existing occupier at Embassy Manyata Business Park (Embassy Manyata) since 2008, has expanded its footprint with the signing of 6,00,000 sq ft at Building M3, said Embassy Group.

              The new facility, currently under construction, is designed to accommodate over 6,000 employees.

              Aditya Virwani, COO, Embassy Group, said, "We have seen an increasing trend of global occupiers moving forward with their real estate expansion and consolidation strategies, and we are pleased to be able to meet our occupiers' demand for high-quality, amenity-rich, and sustainable workspaces."

              S V Venkataraman, managing director, ANZ Bengaluru, said, "With the lease for one of our current office buildings in Embassy Manyata Business Park coming to an end, for the convenience of our more than 5,000 employees combined with the expected growth of ANZ Bengaluru, we wanted to find a new office in close proximity."

              "Demand led by return to office and bullish hiring across technology, BFSI and start-up companies has fuelled office leasing across key cities. Leasing momentum is witnessing a strong acceleration and, backed by strong market fundamentals, a healthy supply pipeline and uptick in demand. Absorption levels are likely to surpass pre-pandemic levels this year. Increasingly, occupiers are focusing on sustainability, wellness and enhanced employee experience, which is translating to key developers and funds incorporating these elements into newer base building offerings. With Bengaluru stock projected to cross 200 million sq. ft. by the end of 2022, we are already seeing a whole generation of new age buildings that are built to directly contribute to occupier sustainability goals," said Rahul Arora, head of Office Leasing Advisory India & MD - Karnataka & Kerala, JLL India.

              Spread over 121 acres, Embassy Manyata has an operational area of around 12 million sq ft.
              Please read IREF rules | FAQ's

              Comment


              • Re : Latest RE News : Bangalore & other major Cities of Karnataka

                ‘PM and President have to visit Bengaluru often for civic agencies to do their duty?’, asks Karnataka HC

                The chiding came during the hearing of a contempt petition against Bangalore Development Authority (BDA) and Bangalore Water Supply and Sewerage Board (BWSSB) officers.

                By: PTI | Bangalore |
                June 24, 2022 2:24:42 pm

                A day after PM Modi's visit, following a spell of moderate rain, the road caved in just a few metre away from the gate of BASE.(Twitter/Special Arrangement)


                The Karnataka High Court, on Thursday, taking a jibe at Bangalore’s civic body said “Maybe the condition of roads will improve if the PM and President visit Bengaluru often. Last week you spent Rs 23 crore to fill potholes. The PM has to travel on different roads each time for you to do your duty ?”

                The Court said this in reference to reports that the city civic body, Bruhat Bengaluru Mahanagara Palike (BBMP), spent Rs 23 crore to repair roads in the city for the Prime Minister’s recent visit.

                The chiding came during the hearing of a contempt petition against Bangalore Development Authority (BDA) and Bangalore Water Supply and Sewerage Board (BWSSB) officers.

                Manjula P and Sharadamma P had approached the HC seeking restoration of water and sewerage line connection to two of their housing sites in Visvesvaraya Layout. The connections were sanctioned but not laid.

                On October 21, 2020, a single-judge bench of the HC ordered the civic agencies to restore the connection to the two sites within two months and closed the case. The two women approached the HC a year later with a contempt petition against the commissioners and concerned engineers of BDA and BWSSB as the earlier HC order was not followed by them.

                The officers had sought time before the division bench of Justice B Veerappa and Justice K S Hemalekha who were hearing the contempt plea. Even the contempt plea is pending since May 2021 but the BDA and BWSSB failed to follow the court order repeatedly.








                ‘PM and President have to visit Bengaluru often for civic agencies to do their duty?’, asks Karnataka HC | Cities News,The Indian Express
                Please read IREF rules | FAQ's

                Comment


                • Re : Latest RE News : Bangalore & other major Cities of Karnataka

                  Key Arkavathi River is brimming in all its glory

                  BySridhar Vivan / Updated: Jun 20, 2022, 06:00 IST

                  Locals and visitors alike are overjoyed to see the overflowing Kakolu Lake, which has not been this full and flowing in decades
                  Otherwise dry Kakolu Lake has turned into a hot picnic spot these days

                  Monsoon has just begun and one of the key lakes on the Arkavathi river link is now brimming. For the last few days, Kakolu Lake in north Bengaluru is overflowing. This has come as a cause of enthusiasm for scientists as well as picnickers. The overflowing water is cascading into mini waterfalls drawing hundreds of people to visit the place. It is said that this is the first time Kakolu Lake has filled up to the maximum level in the last two decades.

                  Suresh S, an expert said, “Arkavathi, a tributary of Cauvery used to be the lifeline of Bengaluru once upon a time. When the city’s lakes were not enough to quench the thirst of ever growing Bengaluru, the administration was in search of an alternative source of water. When Bengaluru was reeling from one of the severe water crisis, the Hesaraghatta lake project was conceived. The lake was constructed in 1891 by Mysore Dewan K Seshadri Iyer spread across 1,224 acres. The tank was designed to supply water to a population of 2.5 lakh in 1925 and Hesaraghatta Lake went dry. The last time the Hesaraghatta Lake was filled to the brim was in the eighties. Kakolu lake is in the upstream of Hesaraghatta lake.”

                  According to him, till Hesaraghatta lake, the Arkavathi river runs through a chain of lakes where in each lake overflowing to fill the downstream lake and then the excess water reaches Hesaraghatta lake. “It is the Kakolu Lake water that is filling the Hesaraghatta lake.” According to Prasanna Gowda, a local, the timing of the brimming is quite unusual. “It is just the beginning of the monsoon and even decades ago; the lake would be filled up only after a few months of heavy rain,” he said.

                  .

                  For locals who have been used to watching the near dry lake, the overflowing lake has turned it into a picnic spot. “For Bengalureans, Hesaraghatta is one of the favourite hangout places because the place is full of greenery. Many would stop at Hesaraghatta lake but now for the last few days, people are heading a lot ahead to watch the Kakolu lake overflowing in full glory. As the excess water is flowing towards Hesaraghatta lake, it is cascading into mini waterfalls. It is definitely a treat to watch. We just hope to receive good monsoon rainfall so that if the lakes in the Arkavathi river basin fills up, then it will rejuvenate the Arkavathi river,” said Nandita S, a local.

                  It is just the beginning of the monsoon and even decades ago; the lake would be filled up only after a few months of heavy rains ­

                  –Prasanna Gowda, a resident of the area near the lake

                  Though Arkavathi takes birth in Nandi hills, it has been almost dry for the last few decades. Even Hesaraghatta lake has not been filled up and hence the river bed till Makali is almost dry. However, from Makali, industrial effluents are let into the river. Further, the Kumudvathi river joins Arkavathi at Thippagondanahalli (TG Halli) reservoir. Beyond TG Halli, the downstream Manchanabele is brimming with water for the last few days and the overflowing water flows towards Harobele reservoir in Kanakapura before joining Cauvery at Sangama. The police are requesting people to see the overflowing water from the nearby bridge and not to venture into the water as it can be quite dangerous.










                  arkavathi: Key Arkavathi River is brimming in all its glory (indiatimes.com)
                  Please read IREF rules | FAQ's

                  Comment


                  • Re : Latest RE News : Bangalore & other major Cities of Karnataka

                    Funds OK, can work begin already at neglected lake?

                    Bangalore Mirror Bureau / Updated: Jun 24, 2022, 06:00 IST

                    Garbage is dumped around the Arekere Lake premises

                    By Iffath Fathima & Shreyashi Mukherjee

                    Arekere to get fence, jogging path; lake bed to be cleaned and sewage diverted

                    One of the most popular lakes of the south zone, the Arekere Lake, spread across 37 acres, and situated on the west side of Bannerghatta Road, is all set to get a makeover. MLA of Bommanhalli Constituency, Sathish Reddy, has sanctioned a Rs 3-crore grant to restore the hitherto neglected lake.

                    The lake was earlier under the jurisdiction of Bangalore Development Authority (BDA), but like most other lakes, it was also brought under the control of the Bruhat Bengaluru Mahanagara Palike (BBMP). The water body has been in a deplorable condition for years.

                    Encroached upon since long, the people dump garbage regularly at the lake premises. Residents of the area were worried that the flora and fauna in the area would be impacted. They said that sewage flows into the lake, making it difficult for fish to survive.

                    Lakshmi K, a resident of the area, said, “The entire area looks unpleasant. It is important that such lakes be preserved. There is no maintenance. We have complained so many times, but no attention was paid to our words.”

                    .

                    Arvind Nair, another resident of the area, said, that he has seen people urinating here, which is stinking up the area. “Around the lake, there are beer bottles and also plastic waste lying around. People are also dumping debris and all kinds of construction waste,” Nair said.

                    Raghavendra B Pacchapur who works with ActionAid India, an NGO, said that the only way to prevent encroachment of lake premises is by fencing it. “For fencing, one should not be looking for a rejuvenation plan. If you don’t fence it properly, people encroach on the space, and garbage dumping keeps happening. The authorities concerned can wait for the rejuvenation money to come, but for now they can build a gate to stop the dumping.”

                    He added that Arekere lake has two entrances that are on the opposite sides of each other.

                    “Since the entrance is big enough for vehicles to come in, it becomes easy for them to dump garbage. Waste is dumped exactly in front of both the entrances,” he said.

                    .

                    Bhagyalakshmi, ex-corporator of Bommanahalli ward said that around 2-3 years back, the lake was set to be rejuvenated, but there were fund issues so the work was not carried out. “Now the MLA has come forward and given grants for the rejuvenation. The work will be taken up by the BBMP. This will include fencing of the lake, creating a jogging path, cleaning the entire lake bed, and creating sewage diversion plans,” she said.

                    It has also been observed that water from the nearby storm water drain has been flowing into the lake.

                    “In order to treat the sewage, a sewage treatment plant is said to be installed. BWSSB will carry out the work of diversion of sewage channels and construction of STPs.

                    We will try to address the main issue of sewage going into the lake and then focus on other aspects of increasing biodiversity,” said Bhagyalakshmi.

                    The authorities concerned can wait for the rejuvenation money to come, but for now they can build a gate to stop the dumping

                    –Raghavendra B Pacchapur, ActionAid

                    Environmentalist Vijay Nishant elaborated on the importance of the eco-system of the lake. “The surrounding area of Bannerghatta is rich in biodiversity with a large number of trees and different species. Similarly, the space at Arekere Lake can help in the growth of trees and attract many birds and insects.”

                    MLA Sathish Reddy said that over Rs 15 crore has been sanctioned for the development of Arekere lake, Iblur lake, Somasundrapalya lake, Singasandra, and Agara lake. “The work at Arekere lake has already begun,” he said.










                    Funds OK, can work begin already at neglected lake? (indiatimes.com)
                    Please read IREF rules | FAQ's

                    Comment


                    • Re : Latest RE News : Bangalore & other major Cities of Karnataka

                      NCDRC orders Dreamz Infra India to hand over flats, give 9% interest for delay

                      Read more at:
                      https://realty.economictimes.indiati...delay/92506939



                      The home buyers had filed the “class-action” complaint against the Bengaluru-based Dreamz Infra India with the National Consumer Disputes Redressal Commission (NCDRC) in 2019 seeking identical relief for all of them.

                      NEW DELHI: The apex consumer commission, NCDRC, on Monday ordered a Bengaluru-based builder to hand over possession of inordinately delayed flats to 18 customers within one year and with 9% interest on the deposit for the delayed period. It also ordered that if the customers don’t want to wait and if the builder feels it can’t meet the target, then the company must refund the full payment with 9% annual interest from the date the buyers paid each instalment.

                      The home buyers had filed the “class-action” complaint against the Bengaluru-based Dreamz Infra India with the National Consumer Disputes Redressal Commission (NCDRC) in 2019 seeking identical relief for all of them. They had cited that they were waiting for their flats which the builder had promised to hand over in April 2014. They had also submitted that the builder had collected over 90% of the cost from all the buyers by 2016.

                      Pronouncing the order, a bench comprising commission president Justice R K Agrawal and Dr S M Kantikar said, “The developer is directed to complete the construction of the project within a period of one year from today and obtain the occupancy certificate and thereafter the possession of the respective flats to be delivered to the complainants. The developer is liable to pay delay compensation of 9% per annum from the promised date of delivery till the actual date of giving possession.” The bench also imposed Rs 50,000 as cost payable to each complainant.

                      The bench also said in case the complainants are not interested to wait for one more year or the builder is not able to complete the project, the developer “shall refund the entire amount with simple interest of 9% per annum from the respective date of the deposit till actual payment within six weeks.” If it fails to do so, the builder will have to pay 12% interest for the said period.

                      The commission recorded that despite service of notice, neither anyone put an appearance on behalf of the developer nor any written version was filed by them.

                      The developer had launched the project name “Dreamz Sneh” with 190 flats. The project was advertised in March 2012 and the builder had signed the MoUs with buyers. It had promised to deliver the flats in 18 months and there was also a provision for a six months extension. The agreement said the developer would pay the rent to flat buyers at prevailing market rate, in case of delay, till the actual date of handing over the flats.

                      The project was not completed within the promised time. The flat buyers alleged that the builder unilaterally revised the date for handing over of the flats. The company in September 2016 informed a flat buyer that they were running short of funds.

                      But the complainants argued that the company had been raising the demands for instalments regularly and hence there was no shortage of funds. They had alleged the developer was not keen to complete the project even after collecting huge money from the flat buyers.









                      Please read IREF rules | FAQ's

                      Comment

                      Have any questions or thoughts about this?
                      Working...
                      X