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US Open by Nirmal Lifestyle in Mulund, Mumbai

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US Open by Nirmal Lifestyle in Mulund, Mumbai

Last updated: October 27 2019
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  • Re : US Open by Nirmal Lifestyle in Mulund, Mumbai

    Nirmal latest email says that all slabs will be constructed by August 2017?

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    • Re : US Open by Nirmal Lifestyle in Mulund, Mumbai

      Entire US open all slab within 11 months? That's next to impossible, because they have not even excavated foundation for CENTER COURT portion.
      Last edited September 12 2016, 12:51 PM.

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      • Re : US Open by Nirmal Lifestyle in Mulund, Mumbai

        I think its for ACES.
        Last edited September 13 2016, 12:12 PM.

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        • Re : US Open by Nirmal Lifestyle in Mulund, Mumbai

          I visited Nirmal office this Saturday... Possession date for game point and grand slam is 2020 now.

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          • Neilmumbai
            Neilmumbai commented
            Editing a comment
            Hi, I have also booked flat in game point. Do they committed this date to you in writing or its just a verbal communication.?

        • Re : US Open by Nirmal Lifestyle in Mulund, Mumbai

          What about compensation- interest or rent for the delays in delivery ? It is usually payable from the possession date as mentioned in the agreement till date of actual delivery..

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          • Re : US Open by Nirmal Lifestyle in Mulund, Mumbai

            Ridiculous reply by management.. The settlement of rent compensation will be done at the time of possession. My argument was to credit the rent month on month as per agreed date and take balance as per construction... Waiting for their revert. Others should also put pressure for the same.

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            • Re : US Open by Nirmal Lifestyle in Mulund, Mumbai

              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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              • Re : US Open by Nirmal Lifestyle in Mulund, Mumbai

                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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                • Re : US Open by Nirmal Lifestyle in Mulund, Mumbai

                  It's stalled project. Nice location

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                  • Re : US Open by Nirmal Lifestyle in Mulund, Mumbai

                    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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