Hi there,

Is there anyone here in the forum who knows about the construction progress of US OPEN project of Nirmal Lifestyle in Mulund?
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  • Has anyone taken loan from SBI or any other bank other than PNB for Gamepoint? they say that as per management policy you can't take loan from any other bank other than PNB. (Interest rate of PNB bank is higher by 0.3% than other banks). Also they are not ready to provide even the xerox copy of any documents like sample agreement, CC, plan.. outside office which are required for taking loan from other banks.
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  • I visited this property a couple of months back. The work was stalled. Investing in under-construction properties is getting riskier day by day. :(
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  • It's stalled project. Nice location
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  • In a major setback to Dharmesh Jain, promoter of real estate company Nirmal Lifestyle Developers Pvt. Ltd, the Mumbai bench of Debt Recovery Tribunal (DRT) has directed him to not to sell any of his property and ordered him to disclose all his movable and immovable assets on oath within a month.

    The presiding officer of the DRT 2 of Mumbai, VN Lothey Patil, while hearing a petition filed by IDBI Trusteeship Services Ltd, on behalf of its clients, passed the ex-parte order against Jain.

    When contacted, Vikram Trivedi, managing partner of law firm Manilal Kher Ambalal & Co, which is representing IDBI Trusteeship in the matter, confirmed the development but refused to comment since the matter is sub judice.

    Email queries sent to IDBI Trusteeship and Nirmal Lifestyle did not elicit any results till the time of publishing this report.

    The IDBI Trusteeship had filed a case to recover around Rs 377 crore on behalf of three subscribers of non-convertible debentures (NCDs), Kotak Investments Advisors Ltd, INQ Holding LLC and Equity Trust (Jersey) Ltd, which have subscribed to the issue in 2014. Real estate developer Dharmesh Jain was a guarantor to his realty company Nirmal Lifestyle Developers for the NCDs.

    As the realty company failed to pay the interest to the NCD holders, the IDBI Trusteeship had approached the tribunal to recover its dues and on November 28, the tribunal passed the ex-parte order against Jain. The tribunal will further hear the matter on 30 January 2017.

    The lawyers, representing IDBI Trusteeship argued in the court that, “There is a serious apprehension that the defendant may create third-party interest in the properties and in that contingency, it will cause great prejudice to the applicant, because the loan is sanctioned against the guarantee of this defendant and guarantee is accepted because of his net worth.”

    The petitioner argued that they had sent a default notice to the company on 7 July 2016 as per the debenture description agreement. It had sent another recall notice on October 24 that also remained unanswered and hence it was forced to approach the tribunal to recover the dues.

    “The defendant (Dharmesh Jain) should not alienate, transfer, create any third-party interest and/or part with possession in respect of the properties until further order,” the tribunal ordered while giving relief to the debenture trustees. “The defendant should disclose on oath his movable and immovable assets within 30 days’ from the date of the order,” the tribunal ordered.

    Also, the tribunal directed Jain to inform the debenture trustees seven days in advance in the case of travelling outside India.

    This is the second instance where a regulator or court put restrictions on a Mumbai-based builder against traveling abroad.

    In mid-September, the Bombay High Court directed BSE-listed Orbit Corporation Ltd’s promoters Pujit Aggarwal and his father RaviKiran Aggarwal not to leave the country, when another city-based realty company Vardhman Developers Ltd had filed a case against Orbit to recover Rs 118 crore.

    In June 2014, Kotak Realty Fund had invested $50 million in Nirmal Group’s residential project in Mumbai. Around the same time, Warburg Pincus-controlled non-banking finance company, Capital First and Essel Finance's realty fund were also flirting with the Central Mumbai-based realty firm to invest in it.
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  • May I know whats the process of cancelling the flat? Do they charge for the cancellation? How much days it will take for the builder to refund the amount. I have already did the registration. :(
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    1 Comments
    • suyogmahale1 years ago
      We too opted for cancellation during our meeting with Nirmals and they said they can start paying back only after the possession date (for ACES it is January 2018 including the 6 months grace period) that too 5 lacs per month. Registration/Stamp Duty/VAT/Service Tax money is lost and as per the Allotment Letter 4% cancellation is applicable.
  • Originally Posted by jay3016
    In a major setback to Dharmesh Jain, promoter of real estate company Nirmal Lifestyle Developers Pvt. Ltd, the Mumbai bench of Debt Recovery Tribunal (DRT) has directed him to not to sell any of his property and ordered him to disclose all his movable and immovable assets on oath within a month.

    The presiding officer of the DRT 2 of Mumbai, VN Lothey Patil, while hearing a petition filed by IDBI Trusteeship Services Ltd, on behalf of its clients, passed the ex-parte order against Jain.

    When contacted, Vikram Trivedi, managing partner of law firm Manilal Kher Ambalal & Co, which is representing IDBI Trusteeship in the matter, confirmed the development but refused to comment since the matter is sub judice.

    Email queries sent to IDBI Trusteeship and Nirmal Lifestyle did not elicit any results till the time of publishing this report.

    The IDBI Trusteeship had filed a case to recover around Rs 377 crore on behalf of three subscribers of non-convertible debentures (NCDs), Kotak Investments Advisors Ltd, INQ Holding LLC and Equity Trust (Jersey) Ltd, which have subscribed to the issue in 2014. Real estate developer Dharmesh Jain was a guarantor to his realty company Nirmal Lifestyle Developers for the NCDs.

    As the realty company failed to pay the interest to the NCD holders, the IDBI Trusteeship had approached the tribunal to recover its dues and on November 28, the tribunal passed the ex-parte order against Jain. The tribunal will further hear the matter on 30 January 2017.

    The lawyers, representing IDBI Trusteeship argued in the court that, “There is a serious apprehension that the defendant may create third-party interest in the properties and in that contingency, it will cause great prejudice to the applicant, because the loan is sanctioned against the guarantee of this defendant and guarantee is accepted because of his net worth.”

    The petitioner argued that they had sent a default notice to the company on 7 July 2016 as per the debenture description agreement. It had sent another recall notice on October 24 that also remained unanswered and hence it was forced to approach the tribunal to recover the dues.

    “The defendant (Dharmesh Jain) should not alienate, transfer, create any third-party interest and/or part with possession in respect of the properties until further order,” the tribunal ordered while giving relief to the debenture trustees. “The defendant should disclose on oath his movable and immovable assets within 30 days’ from the date of the order,” the tribunal ordered.

    Also, the tribunal directed Jain to inform the debenture trustees seven days in advance in the case of travelling outside India.

    This is the second instance where a regulator or court put restrictions on a Mumbai-based builder against traveling abroad.

    In mid-September, the Bombay High Court directed BSE-listed Orbit Corporation LtdÂ’s promoters Pujit Aggarwal and his father RaviKiran Aggarwal not to leave the country, when another city-based realty company Vardhman Developers Ltd had filed a case against Orbit to recover Rs 118 crore.

    In June 2014, Kotak Realty Fund had invested $50 million in Nirmal GroupÂ’s residential project in Mumbai. Around the same time, Warburg Pincus-controlled non-banking finance company, Capital First and Essel Finance's realty fund were also flirting with the Central Mumbai-based realty firm to invest in it.


    In lure of High returns on Debentures even the principal is now stuck, forget about interest ! Surprising to note that Kotak took the call to invest in Nirmal- The most conservative bank choosing to invest in Nirmal bypassing other names like Lodha, Ekta, Godrej Properties etc where PEs have earned handsome returns.
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  • Visited the site 2 days back. Infact, I stay close by so I can monitor the progress from my present place everyday and there has been absolutely nothing happening for last 3-4 weeks. No movement at all. Visited 2 days back to see if internal work is being pursued but was disappointed to note even that was not the case. The work's literally halted.
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  • Originally Posted by Nitin Bhatia
    Visited the site 2 days back. Infact, I stay close by so I can monitor the progress from my present place everyday and there has been absolutely nothing happening for last 3-4 weeks. No movement at all. Visited 2 days back to see if internal work is being pursued but was disappointed to note even that was not the case. The work's literally halted.


    No one knows what's really the case ? Even after receiving funding, they are not doing construction....they have to understand sales will not happen till they complete...god help all the investors...
    I don't understand why the investors have filed police case yet ?
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  • Originally Posted by Consumer890


    No one knows what's really the case ? Even after receiving funding, they are not doing construction....they have to understand sales will not happen till they complete...god help all the investors...
    I don't understand why the investors have filed police case yet ?


    There will be no sales since the Debt Recovery Tribunal has barred this builder from selling any flats in any of their projects..They have no money to pay interest to the lenders or even their dues to MCGM. What will happen to the existing buyers if the lenders take over the property?
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  • My agreement mentions possession date as May 2018, so technically I have no right to complain before that. However, looking at the speed of work, in fact no work at all, I can't see that date being adhered at all regardless of all the claims that the builder is making that work will finish by then. it's so unfortunate that the project is now into it's 7 year and it's not even 50% complete.
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  • I want to join whatsapp group
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  • Guys, is there anyone on this forum who stays in City of Joy? Probably who would be seeing the daily proceedings from nearby. I passed the site today morning on my way to office and I could not spot a single person inside. Even bits and pieces work that was being pursued till the last month has stopped. I will probably go over the weekend to investigate but if anyone is aware of any updates then please share. Even the game point construction has stopped entirely.
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  • Originally Posted by Nitin Bhatia
    Guys, is there anyone on this forum who stays in City of Joy? Probably who would be seeing the daily proceedings from nearby. I passed the site today morning on my way to office and I could not spot a single person inside. Even bits and pieces work that was being pursued till the last month has stopped. I will probably go over the weekend to investigate but if anyone is aware of any updates then please share. Even the game point construction has stopped entirely.


    Hi Nitin Bhatia,

    Nirmal Lifestyle builder has defaulted on interest payment to the lenders due to which the lenders took this matter to court. Accordingly the Debt Recovery Tribunal (DRT) has barred this builder from selling any property in his projects. See the link below:-

    http://www.asianage.com/metros/mumba...-property.html

    Also this builder has been asked to disclose all his movable and immovable assets. This builder has now lost the control of his projects. The lenders will probably take over those projects and sell the properties to recover their dues. I'm not sure what will happen to the existing buyers.
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  • Hi,
    We have a booking in ACES (3004).
    We met the CRM (Ms. Vaishali Mohite) on 31.01.2017 who assured of possession on January 2018 i.e. 6 months from Agreement possession date of July 2017.
    We were told that our number will be given to the WhatsApp group admin and we will be contacted for authencity but till now nobody has contacted.

    Rajshree Mahale / Suyog Mahale
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