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2G Scam: CBI to Seize DB Realty's Properties or Equity Worth Rs 200 Cr.

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2G Scam: CBI to Seize DB Realty's Properties or Equity Worth Rs 200 Cr.

Last updated: June 19 2011
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  • 2G Scam: CBI to Seize DB Realty's Properties or Equity Worth Rs 200 Cr.

    2G scam: CBI to seize DB Realty's properties or equity worth Rs 200 crore - The Times of India

    Any idea what properties would be seized?

  • rembrants
    replied
    Originally posted by ankilsanghvi View Post
    Yes but what if ED attaches unsold flats & DB never complete or delay the building because of this.

    The structure is standing tall. They have already sold many flats and will have to give completed flats to the investors.

    If people are ready to put money in soft launch projects while the project is in thin air, then why not in a building where the construction is nearing completion and work is going on in full swing?

    see, there are risks, but then it wouldnt have been cheap.

    Leave a comment:


  • ankilsanghvi
    replied
    Originally posted by rembrants View Post
    When one buys a flat, even under construction, there is a sale deed right? The property is legally owned by the investor and not DB. Then why is everybody so worried? The title to that property is very clear and no ED can attached your property to Balwa's
    Yes but what if ED attaches unsold flats & DB never complete or delay the building because of this.

    Leave a comment:


  • deepauls
    replied
    Originally posted by rembrants View Post
    When one buys a flat, even under construction, there is a sale deed right? The property is legally owned by the investor and not DB. Then why is everybody so worried? The title to that property is very clear and no ED can attached your property to Balwa's
    Nothing is legally owned by the investor until the unit's possession is handed over and registered with authorities individually.

    If ever it is determined that the subject plot was acquired by DB by using the money obtained through fraudulent means, ED can possess that property irrespective of the stage of construction, and it will become the case property.

    After the case is disposed (in many year), the first claim would be that of the banks, then the customers come afterwards. Usually if it takes years for the case, the customers will loose all because banks will need to be compensated along with the interest, and that will leave nothing in balance for the customers.

    Best of Luck!

    Leave a comment:


  • rembrants
    replied
    When one buys a flat, even under construction, there is a sale deed right? The property is legally owned by the investor and not DB. Then why is everybody so worried? The title to that property is very clear and no ED can attached your property to Balwa's

    Leave a comment:


  • rachit123
    replied
    its sad for people who have booked their property with DB.
    does anyone have any update on DB Ozone in Mira Road/Dahisar area?
    is the work going on in the project? has the builder asked for the next installment? what do they say about the completion of the project? when will it be completed?

    Leave a comment:


  • ThePunjabi
    replied
    Originally posted by ashish.shah26 View Post
    This is classic case of innocent people being sanwitched. Firstly government allowed this scam to happen and we did not know about it and hence we booked flats.
    Now they are after these guys, which will indirectly trouble innocent people like us who have invested in their properties.
    Their slogan is:

    Congress Ka Haath, Aam Aadmi Ke Saath.

    This builder already has a debt of Rs 466 crores at the end of financial year 2010-11.

    DB Realty FY11 net profit up 19% at Rs 299 cr - Moneycontrol.com -

    Leave a comment:


  • rkv_hunter
    replied
    Originally posted by vkumar1 View Post
    I don't have much idea about the Mumbai realty, but if there are any projects going on by DB Realty - Consider them gone. This is final!

    Nothing like that is going to happen. If the company does not have cash some land will be attached. I m sure the company still would be having a large land bank.

    One should be worried only if the CBI tries to attach more --> that is the profit made of more than 1000 crores by stake sale to Etisalat.. then anything can happen.

    However the investors of DB buildings see to be a worried lot. even I have heard investors offering heavy discounts in the projects

    Leave a comment:


  • ashish.shah26
    replied
    This is classic case of innocent people being sanwitched. Firstly government allowed this scam to happen and we did not know about it and hence we booked flats.
    Now they are after these guys, which will indirectly trouble innocent people like us who have invested in their properties.

    Leave a comment:


  • boldm28
    replied
    200 crs in valuations is not even 50 crs in cash

    Originally posted by ankilsanghvi View Post
    DB realty has 26 projects in and around Mumbai & has about 20 million sq.ft. under construction making them one of the largest in India. I personally think that they will be able to provide 200crs. in liquid to freeze.
    200 crs in valuations is not even 50 crs in cash , it would be difficult for any one to come up with cash -- specially when you are targeted by the government and people are after that company

    Leave a comment:

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