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- HICRO just basically sums up how " risky " real estate investments are ....CommentQuote0Flag
- I understand banks have now attached the Panvel project in a bid to recover their loans.
We are dealing with a similar situation at Sakinaka, Andheri East where LIC Housing Finance have attached Orbit Corporation's entire project, but excluding certain individual apartments. Orbit's staff has been moved out of the site and the lender has hung up a large banner publicising the attachment. Work at the project was stalled months ago due to pending clearances. Possession has been delayed by more than 18 months.
As home owners, we do not know where we stand from a legal standpoint in the event the developer goes bankrupt. Has anyone in this group ever approached any legal expert for advice. We are seeking answers to the questions below. I am sure members of this thread may have similar questions and could benefit from the responses.
- Outright home owners - Purchased apartments on an outright basis, but without registration and agreement execution. Home owners just have an allotment letter and have paid upto 80% of the consideration value. What happens if the developer goes bankrupt?
- Home owners with loans - Paid upto 80% of the consideration value. Being a loan, registration and agreement are in place. What happens if the developer goes bankrupt? In this case, there are also certain owners with apartments been pledged by the developer with LIC Housing as security.
- Excluded properties - There are certain apartments that are excluded from the attachment order of LIC Houding. Can Orbit without the consent of owners still provide those apartments as security to its lenders?
- Would it be easy for the lenders to find a new buyer for the entire project? Would any developer be interested in a project that is now 70% complete, but pending various approvals?
- Is there been any precedent in the Mumbai market where the bank has taken over a property and auctioned it off.
- Service tax - Owners have deposited funds into a separate designated service tax account of the developer. Is there any way for us to check if the developer has indeed deposited money with the authorities and not defrauded us by diverting the funds else where?CommentQuote0Flag
- With the latest news in hand, does any one have any information about who will take over the project?
Is there any hope of getting the houses promised or even get our money back?
In this news article, HIRCO is saying it has not received the money from sale of units.
Is Sunny Vista the main culprit here. Did everyone make their checks out to Sunny Vista ... ??CommentQuote0Flag
- Hello guys..after reading the same article (gaurang) posted above, is started researching on google and found this forum.
As per smartocrazy - I think I made my booking payment and the 20% payments to Sunny Vista too.. but i will have to go back and check my documents. I booked my flat for a 3BHK in Jan 2011 and since then when ever I contact them they keep telling that we will start in a year or so and now we are almost down the 3 year mark and the construction my my bldg has not even started yet.
But with all the news floating around do we have any hopes on getting our flats or money back ?
If anyone has any legal advise please share on this forum so people like me (NRI) can act soon. Would it be better to involve a broker this time and sell the flat that we have booked so at least we get our money back or should we wait and watch till other lenders buy this property out ?CommentQuote0Flag
- Recent email from my RM:
We still await an update on the project status and the settlement on the matter, however it is anticipated by Feb /March 2014.
Once received we will keep you informed.
Should you require any further clarification please feel free to contact me.
- Another news .... today's news paper
Loan default: Four lenders to auction Hirco's 1,000 crore Panvel township - The Times of IndiaCommentQuote0Flag
- Originally Posted by smartorcrazyAnother news .... today's news paper
Loan default: Four lenders to auction Hirco's 1,000 crore Panvel township - The Times of India
I have read the news in TOI. The line "The buyers are protected in Panvel as is clear in the notice. The notice says that any claims on the flats will be settled by the auction purchaser. "Is it clear indication that buyers are safe????CommentQuote0Flag
- hiranandani palace garden panvel scam
i am wondering who the bidders are going to be? is it possible for all of us buyers to get a stay order on the auction. we should do everything possible to protect our rights.CommentQuote0Flag
- What are options for buyer's to protect their interests.CommentQuote0Flag
- Today I sent email to RM with reference to PNB auction notice and not figured out all the flats in notice. I received reply as below and also talked to her over phone by which I am now really wondering.
Ms Pritpal Walia has left the service of this organization. As is seen in the notice:
1) Unit numbers mentioned towards home loan NOCs and prospects.
2) Survey nos. mentioned otherwise
All processes will be advise once the new management steps in a month or two.
Thanks & regards
- Did anybody invest in Selene building? I talked to PNB, as per them this building does not exists and they do not have any records. It would be very difficult to get our money back from new management. At this stage its better to get united and fight for our hard earned money.CommentQuote0Flag
- I have booked in Selene ... lets wait and watchCommentQuote0Flag
- Do you have any communication from HIRCO? As per RM, efforts are going on to honor the existing contract with new management which ever may be.CommentQuote0Flag
- same words ... talked to LopaCommentQuote0Flag