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Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

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Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

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  • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

    Present or new developer, may put new set of conditions.
    Buyers have to either accept, new terms & conditions or exit from this project.

    Even for the exit from the project, present or new developer may dictate his own terms and conditions, depending on his financial condition.

    Comment


    • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

      Any new condition is out of question for most of the people. If people gets united, no cheating is possible. But uniting people is very difficult in present circumstances. Don't know what to do , except wait............
      Members pls share informations and developments coming in your knowledge, as sharing information and followup with builder, is the only action which is in our hand at present circumstances.

      Comment


      • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

        Whats the way to contact Mr Bhanushali ? Whos is coordinating all this ?

        Rajiv Kumar

        Originally posted by BrokenDreams View Post
        Good day all . This about Monarch Greenscapes panvel. It appears that the builder is absconding. A new group of new investors have started contacting the Old buyer with below offer , I have made a Facebook group …'Monarch Greenscapes Panvel Buyers Association' for the old buyers , people kindly spread the message and join (kindly include the name , the flat number when you send the joining request) : Quote

        Frequently Asked Questions (FAQ’s)
        Q-1. Is this Offer only for the people who want to Exit from the deal of Monarch ?
        Ans 1. This offer is for the people who have booked the flats and have got allotment letters, most of the people have invested money to earn interest and they have taken allotments, Agreements without signatures, cheques & hundis, Power of Attorneys…ETC.
        People who have registered their flats have also the option to exit in case they don’t want the flat and they have invested for earning interest, for them we will try to bring in new customer, as many people have second thoughts about completion of project they can even sell the property on their own. We can give them offer for price which will be received by the new investor. They can decide for their Exit.
        Q-2 What are the terms and conditions for the exit ?
        Ans.2 Terms of Exit as per the discussions with the new investors are as follows:
        1. If someone wants money very fast i.e. 1 to 4 months then he will get 50% of the Principal Amount. (The period will start from the date of MoU signed between New Investor and the Old Investor )
        2. If someone wants money in mid-term i.e. 4 to 8 months then he will get 75% of the Principal Amount. (The period will start from the date of MoU signed between New Investor and the Old Investor )
        3. The party who will wait for 1 year will get 100% of the principal amount this period will start from the date of MoU between the New Investor and the Old Investor.
        4. If someone wants to earn interest and does not want the flat or property in any of the projects he will be given 12% PA. Locking period will be 18 months from the date of MoU with the New Investor.
        Q-3 What will be the mode of payment from the New investors ?
        Ans-3 Mode of payment will be discussed at the time of making the MoU and it will be mentioned in the MoU and signed by both the parties i.e. New Investor & Old Investor
        Q-4 What is the payment schedule if a member opts for 100% payment in 1 yr plan i.e. frequency and percentage of amount to be released to an individual.
        Ans – 4 It will be mostly one shot payments but then also it will be clear to you while making of MoU.
        Q-5 What if it exceeds the period as defined in the MoU ?
        Ans-5 All the terms and conditions will be written in the MoU , when the New Investor or Buyer will sit across the table all the things will be negotiated and zoted down in the MoU and signed by both the parties.

        Q-6 Who will take the ownership in this entire exit option plan till the said amount is credited to the respective party what will be genuine valid documents available to an individual or party?
        Ans-6 All the deals are being arranged by the group of Investors who have come forward to help the entire Project affected People, we should be thankful to all of them for doing the thankless job, they will not be held responsible for anything whatsoever. All the project affected people are free to take the call, they can go in any deal which suits them, and people can opt for going legal for the old management.
        Q-7. Are the above mentioned Slabs applicable for all the projects and also applicable for those people who have invested long back and will the variation in the waiting period affect the decision of the New Investor to make the exit for the old customer?
        Ans- 7 for the new investor the waiting period is immaterial as the we are not getting money from Monarch Guys or Management, If Monarch guys are repaying then off course the system of payment has to be in favour of investors, but in present conditions where New Investors who are bailing the Old Investors will treat all as same.
        Q-8 If someone wants to continue by retrieving the property in their respective projects what will be the waiting period?
        Ans: The waiting period varies in case of various different projects it will be as follows:
        1. Brooke fields :​​1-1.5 years
        2. Imperial:​​1-1.5 years
        3. Greenscape:​​4-5.0 years
        4. Solitaire​​3-4.0 years
        5. Rise​​​property under negotiations
        Q-9 To whom should the Letter of Intent be Mentioned?
        Ans-9 To the New Investor.
        Q-10 Existing draft of the LoI seems to be one sided, where intention of only seller is getting captured but no details of buyers is there to whom this is getting addressed and what will be authenticity of this ?
        Ans: First of all we all should understand that it can’t be one single buyer who can buy out everything from all of us, there are various buyers and investors who will be coming forward for the bailing of the old investors.
        Q-11 What will be the price of Registering the agreement in case someone wants to keep the flat ?
        Ans-11: Price for registering the flat at Greenscape will be Rs.5500.00 per square feet and Imperial and brookefields might not change as 85% work has been over but final call will be taken by Bhanushali’s as we have given those projects to them for construction which tentatively is going to start by 21st of April. Solitaire price will be decided by the respective builder, at present it is not decided as the project is under a stay order of the court which is expected to be removed by 5 to 6 months.
        *NOTE: THE ABOVE TERMS AND CONDITIONS ARE OPTIONS OFFERED TO THE OLD INVESTORS FROM THE NEW INVESTORS IT IS NOT BINDING TO ANYONE. ALL CAN TAKE IT AS ONE OF THE OPTION AVAILABE. IF ANYONE HAS BETTER DEALS IS ALSO WELCOME TO SEND THE OFFER WE ARE OPEN WITH IT.
        Unquote

        Comment


        • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

          Delay in Monarch Greenscapes Project

          Monarch Greenscapes, had put forward a time frame of 5 Years, two years back.
          Due to delay in the start of construction. The cost of building materials is increasing year by year. So the earlier estimate of project cost will need an upward revision of the flats, etc. All this may be passed on to the investors / buyers of the flats in Monarch Greenscapes.

          It will be in the benefit of the buyers investors, that the project to start as early as possible. Litigation, if any, may further jack up the price of the flats.

          Comment


          • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

            It is true that construction cost increasing day by day, but simultaneously all buyers are also loosing money in the form of bank interest. The bank is charging heavy interest from buyers and as per builders initial commitment, the buyers were assured good returns and even 24% per annum initially.
            Now in this situation it is impossible that builder or investor can charge extra. However if he improves his reputation by aggresively working and try to fulfill commitments, it will be beneficial for him as well as buyers. Once he improve reputation, more buyers will be interested and rate will appreciate and project will float successfully.

            Comment


            • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

              For Information:

              Maharastra Flat Ownership Act (Mofa) 1963

              Flat Ownership Act (Mofa)

              I. Introduction

              1.1 The Maharashtra Ownership Flats(Regulation of the Promotion, Construction, Sale, Management and Transfer)Act,1963(“the MOFA”)has been enacted to regulate the promotion, construction, sale, management and transfer of flats sold on an ownership basis within the State of Maharashtra. The MOFA is an important piece of legislation as it lays down the responsibilities of real estate developers / builders in respect to flats sold by them and conversely the rights of flat purchasers within the State.

              II. Important Definitions
              The MOFA lays down certain important definitions.

              2.1 Flat
              The MOFA defines the term to mean:
              a) A separate and self-contained premises,
              b) Which is used or is intended to be used as a Residence, office, show-room, shop, godown, carrying on of any industry or business Including a garage.
              c ) And the premises forms part of a building.

              The term flat also includes an apartment. The Explanation to the definition provides that even if a separate bathing, washing, sanitary, etc. arrangement is made between two or more premises, they shall be deemed to be separate and self-contained.

              Thus, in order to be construed to be a flat, all the above ingredients must be fulfilled. This is an important definition because if a premises is not regarded as a flat the provisions of the MOFA do not apply. A common misconception is that the provisions of the MOFA only apply to residential premises.

              2.2 Promoter
              The second most important definition is that of the term “promoter”. It is defined to mean a person:
              a) Who constructs or causes to be constructed.
              b) A block or building of flats or apartments.
              c) For selling all or any of them to a Company, Co-operative Society, Association of Persons .

              All the three limbs of the definition are important and all three must be satsified for construing a person to be a promoter. The term promoter includes his assigns and thus, if a person assigns his interests in the land to another person then the assignee would become a promoter . In the event that the builder and the person selling the flats are different, then both of them are promoters. The decision of the Bombay High Court in the case of Ramniklal Kotak v. Varsha Builders AIR 1992 Bom 62 is very relevant on this issue. A mere contractor of the builder would not come within the definition of the term.

              III. Responsibilities / Liabilities of the Promoter
              3.1 S.3 of the MOFA casts onerous responsibilities upon a promoter who constructs a building of flats which are to be “taken on ownership basis”. It is strange that though the term “ownership basis” has been used in the MOFA it has not been defined anywhere. The responsibilities of the Promoter u/s. 3 are as follows:
              a) Make a full and true disclosure of
              (i) His title to the land along with a title certificate and an entry in the Property Card of the same.
              (ii) All encumbrances on the land.
              (iii) All outgoings for the property : rates, municipal taxes, cess, etc.
              (iv) The prescribed particulars in all advertisements for sale of flats.
              (v) The nature of fixtures, fittings, lifts, materials used in construction of the building, etc.

              b) Specify in writing the :
              (i) Date by which possession of the flat would be handed over.
              (ii) The precise nature of organisation of flat purchasers to be formed to which the title would be conveyed, e.g., company, co-operative society.

              c) Not part with possession until a Completion Certificate is received from the Municipal Corporation.

              d) Give inspection on 7 days notice of the approved plans and specifications.
              e)Maintain a list of flats taken or agreed to be taken with prescribed details.

              3.2 The Promoter is responsible for paying all outgoings including taxes in respect of the flats until he transfers the property to the flat owners/ society / company, etc.

              3.3 Once the approved plans and specifications are disclosed to the flat purchasers, the promoter cannot without the purchasers’ previous consent make any alterations or additions in the structures of the flats. In case the flat purchaser notifies any defect in the building/materials used/ any unauthorised changes, etc. within 3 years of taking possession, then the promoter shall, if possible, rectify the same free of cost.

              3.4 If the promoter fails to give possession of the flat as per the date specified in the agreement or any further agreed date or in case of any reasons beyond control within a further extended time of 6 months, then the promoter shall be liable on demand to refund the amounts received by him along with 9% interest per annum till the date of refund.

              3.5 After execution of the agreement for sale, the promoter cannot create any mortgage/charge on the flat without the consent of the flat purchaser.

              IV. Registration of Agreements
              4.1 U/s. 4 of the MOFA, before accepting any payment as advance payment or deposit from a flat purchaser, the Promoter has a liability to execute a written agreement in the prescribed format with every flat purchaser and to get this agreement registered under the Registration Act. Further, the amount of deposit or advance cannot exceed 20% of the sale price. U/s. 5 the Promoter is required to maintain separate bank accounts of sums taken as advance or deposit and he shall hold them for the purpose for which they were taken. The Bombay High Court’s decision in the case of Ramniklal Kotak v. Varsha Builders, AIR 1992 Bom 62 is relevant in this respect:
              “To prevent bogus sales being effected by a Promoter and to put a check to malpractices indulged in by the Promoters in regard to sales and transfer of flats, the Legislature has provided that the Promoter shall :
              a) Not accept any sum or money as advance payment or deposit more than 20% of the sale price;
              b) Enter into a written agreement with each individual flat owner.”

              The Bombay High Court in the case of Association of Commerce House Block Owners v. Vishnidas Samaldas (1981) 83 Bom. L.R. 339 held that the provisions of s. 4 are mandatory and not directory in nature.

              4.2 The prescribed particulars in respect of the Agreement which is specified in Form V are as under :
              a) The date by which possession of the flat would be handed over
              b) The carpet area and balcony area of the flat(shown separately)
              c) The price of the flat along with instalments in which the same is to be paid
              d) The precise nature of organisation of flat purchasers to be formed
              e) The nature, extent, description and percentage of undivided interest in the common areas and facilities
              f) The copies of title certificate, property card extract, approved plans, etc.

              4.3 S.4A states that even if any agreement is not registered u/s. 4 of the MOFA, it is admissible as evidence in a suit for specific performance or as evidence for part performance u/s. 53A of the Transfer of Property Act. This section was inserted to overrule the Bombay High Court’s decision in the case of Association of Commerce House Block Owners v. Vishnidas Samaldas that non-registered agreements are wholly invalid and void ab initio and create no rights between the parties.

              V. Conveyance of title
              5.1 U/s. 10 of the MOFA, as soon as the minimum number of persons required for forming a co-operative society or a company have taken flats, the promoter must within 4 months submit the application for formation of a co-operative society or a company. This section recognises a company as a valid form of organisation as opposed to a society. The promoter must then u/s. 11 convey his title to such an organisation of the flat takers within 4 months of the date of formation of the society or the company (provided no date has been agreed upon).

              VI. Offences
              6.1 Any promoter guilty of contravention of s.3 (general liabilities), s.4 (registration of agreement), s.5(maintenance of separate accounts for deposits), s.10 (formation of society or company) or s.11 (conveyance of title) shall, on conviction, be punished with a term up to 3 years and/or a fine.

              6.2 Any promoter who commits a criminal breach of trust in respect of any advance or deposit given to him for specified purposes shall, on conviction, be punished with a term up to 5 years and/or a fine. The penalty for contravening any other provision of the Act, on conviction, is a term of up to 1 year and/or a fine of up to Rs. 10,000.

              VII. Directors’ Responsibilities
              7.1 The responsibilities of the directors of a company which is acting as a promoter of a building, etc. are very onerous. They must be extremely careful and cautious in exercising their duties as the penalties provided under the Act are very severe and in most cases they result in imprisonment.

              7.2 The Act also provides that where the person committing any offence is a company, then every person who at the time of the offence was responsible for the conduct of the business of the company as well as the company would be directly liable to be punished.

              7.3 Further, any director with whose connivance, neglect or active consent any offence has been committed by the company, shall also be deemed to be guilty of the offence and shall be liable to be directed proceeded against and punished.
              Here are few tips while purchasing new house or building.

              Approvals from different departments (Whether the builder received approvals from various departments)
              1. Approvals from municipality/ municipal corporation.
              2. Approval from Airport authorities.
              3. Approval Electricity Boards.
              4. Approval from Area development authorities.
              5. Approval from pollution control boards.
              6. Approvals from Forest & Agriculture.
              Last edited May 22 2015, 11:42 AM.

              Comment


              • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

                Know thy rights under the Maharashtra Ownership Flats Act 1963.

                Maharashtra Ownership Flat Act, 1963 (MOFA)


                As there is an acute shortage of housing, this act was enacted to protect one and all from sundry abuses, malpractices and difficulties relating to the promotion of, the construction of, and the sale and management and transfer of flats taken on ownership basis.

                MOFA has empowered the purchaser investing money in purchasing flats with powerful sections such as section 3, section 4, section 5, section 7, section 10, section 11, and section 13. This Act provides that where if promoter/builder commits breach, on conviction promoter/builder could be imprisoned and disqualified from undertaking construction of flats for a period of five years from the date of such conviction.

                A brief introduction to relevant sections of MOFA is as follows:

                Section 3 – General Liabilities of promoter

                This section provides for general responsibilities of the promoter as follows:

                · A promoter is duty bound to disclose the title of the land on which flats are constructed or to be constructed and the same has to be duly certified by an Attorney-at-Law or Advocate of not less than three years standing

                · Make full & true disclosure of all encumbrances, including any right, title, interest or claim of any party on the proposed land where flats are or will be constructed.

                · Disclose the design and the materials to be used in the construction of the building.

                · Disclose the extent of carpet area and sell flat on the basis of carpet area only.

                · Disclose the nature of fixtures, fittings and amenities provided or to be provided.

                · Specify in writing the date by which possession of the flat is to be handed over.

                Section 4 - Promoter before accepting advance payment or deposit to enter into agreement and agreement to be registered

                This section provides for registration of the agreement. A promoter/builder before accepting payment, which shall not be more than 20 percent of the entire sale price, is duty bound to enter into agreement and have it registered as per Registration Act. Only if the agreement is registered as per section 4 of MOFA can the Flat purchaser claim relief under MOFA. Flat purchaser’s, often over look registration aspect, and keep it pending till the very end, which could be detrimental in case the promoter/builder defaults.

                The Bombay High Court’s decision in the case of Ramniklal Kotak v. Varsha Builders, AIR 1992 Bom 62 is relevant in this respect:

                “To prevent bogus sales being effected by a Promoter and to put a check to malpractices indulged in by the Promoters in regard to sales and transfer of flats, the Legislature has provided that the Promoter shall :

                (a)not accept any sum or money as advance payment or deposit more than 20% of the sale price;

                (b)enter into a written agreement with each individual flat owner.”

                The Bombay High Court in the case of Association of Commerce House Block Owners v. Vishnidas Samaldas (1981) 83 Bom. L.R. 339 held that the provisions of s. 4 are mandatory and not directory in nature.

                Section 4A: Effect of non-registration of agreement required to be registered under section 4

                Section 4A states that even if any agreement is not registered u/s. 4 of the MOFA, it is admissible as evidence in a suit for specific performance or as evidence for part performance u/s. 53A of the Transfer of Property Act. This section was inserted to overrule the Bombay High Court’s decision in the case of Association of Commerce House Block Owners v. Vishnidas Samaldas that non-registered agreements are wholly invalid and void-ab-initio and create no rights between the parties.

                Section 5 - Promoter to maintain separate account of sums taken as advance or deposit and to be trustee therefor and disburse them for purposes for which given

                This section provides that the builder/promoter has to maintain separate account of sums taken as advance or deposit, and to be a trustee and disburse the same for the purpose for which they are given. Meaning the advance collected from the flat purchasers need to be utilized only for constructing the particular flats as mention at the time of registering the agreement and not otherwise. The one time maintenance collected by the builder also fall attract this restriction of investment in a separate bank account. The said amout has to be deposited in a separate bank account and the builder has to meet the maintenance expenses from this account till the society is formed and the balance amount is transferred to the Managing Committee of the Society so formed.

                Section 6 - Responsibility for payment of outgoings till property is transferred

                This section provides that the promoter shall, while he is in possession, and where he collects from persons who have taken over flats or are to take over flats sums for the payment of outgoings even hereafter, pay all outgoings (including ground rent, municipal or other local taxes, taxes on income, water charges, electricity charges, revenue assessment, interest on any mortgage or other encumbrances, if any), until he transfers the property to the persons taking over the flats, or to the organisation of any such persons Where any promoter fails to pay all or any of the outgoings collected by him from the persons who have taken over flats or are to lake over flats, before transferring the property to the persons taking over the flats or to the organisation of any such persons, the promoter shall continue to be liable, even after the transfer of the property, to pay such outgoings and penal charges (if any) to the authority or person to whom they are payable and to be responsible for any legal proceedings which may be taken therefor by such authority or person.

                Section 7: After plans and specifications are disclosed no alterations or additions without consent of persons who have agreed to take flats; and defects noticed within three years to be rectified

                This section provides that after plans and specifications are disclosed, the promoter/builder cannot make any alterations or additions without written consent of persons who have agreed to take the flats. Furthermore after giving possession the promoter is liable to rectify the defects in construction as well as materials. It is usually assumed that once the possession is given or a society is formed the promoter/builder’s liability to rectify defects ceases. This is not the case, as the promoter/builder is liable to rectify defects three years from the date of possession under section 7 of MOFA.

                Section 10 - Promoter to take steps for formation of co-operative society or company

                This section provides that a promoter/builder is duty bound to take steps in formation of the co-operative society as soon as a minimum number of persons required to form a co-operative society come forward. There is a common misconception that, a promoter/builder will not hand over the control of the building/buildings to the society till all the flats are sold. Section 10 of MOFA clearly states that promoter/builder is duty bound in taking steps to form the society even if certain flats remain unsold. The time frame given is of four months, thereafter it would be termed as default under section 13 of MOFA, which on conviction could lead to imprisonment.

                Section 11 - Promoter to convey title, etc., and execute documents, according to agreement

                This section provides that a builder/promoter is duty bound to complete his/her title and convey the same to the society by way of conveyance deed. The time frame given is four months after formation of society.

                After the period of four months if promoter/builder fails to convey the property to flat purchasers, under Rule 9 of MOFA, promoter/builder has been committing breach of section 11 of MOFA, and as long as he/she continues to do so, it would amount to continued offence and, therefore the provisions of section 472 Cr. Pc. (Criminal Code of Procedure) will be attracted. S. Irani (Sorkhab) v/s Dinshaw & Dinshaw & others 1999 (Supp) Bom C.R. 320; 1999 (O) All. M.R. (Cri) 57; 1998 (O) Bom.L.R. 496

                Section 13 - Offences by promoters

                This section provides for criminal prosecution of the builder.

                (1) Any promoter who, without reasonable excuse, fails to comply with or contravenes, the provisions of section 3, 4, 5 save as provided in sub-section (2) of this section, 10 or 11 shall, on conviction, be punished with imprisonment for a term which may extend to three years or with fine, or with both.

                (2) Any promoter who commits criminal breach of trust of any amount advanced or deposited with him for the purposes mentioned in section 5 shall, on conviction, be punished with imprisonment for a term which may extend to five years, or with fine, or with both.

                (3) Any promoter who, without reasonable excuse, fails to comply with or, contravenes, any other provision of this Act or of any rule made thereunder, shall, if no other penalty is expressly provided for the offence, be punished, on conviction, with imprisonment for a term which shall not be less than six months but which may extend to one year or with fine which shall not be less than, ten thousand rupees but which may extend to fifty thousand rupees or with both.

                Indian Penal Code:

                Besides, section 13, the victims of the acts of omission and commission by the builder are also free to invoke the following section of Indian Penal Code:

                § Misappropriation of funds – section 403 of IPC
                § Criminal breach of trust – section 405/406 of IPC
                § Cheating – section 415, 417, 418 and 420 of IPC
                § Criminal conspiracy – section 120A/120B of IPC

                Legislation has given the tool to defend yourself against the fraudsters. It is for you to step forward and initiate appropriate criminal proceedings. Unless the victim does that, builders would not fall in line. Or else, suffer in silence as the Supreme Court has said – “Law is not for the protection of those who sleep over their rights”.

                Comment


                • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

                  Mofa

                  Good to see many clauses in favor of buyers. Registration is responsibility of builder with 20% payment. Many other clauses also safeguard the buyers. Even sec 4.3 ,states that without registration also rights are with the buyers. Good to see this post.

                  Monarch is shifting to Panvel site from 25th, leaving its "BLACK" belapur office. Hopefully things will improve.
                  Best wishes to all buyers for Greenscapes success.

                  Comment


                  • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

                    hmmm there are three whatsapp Groups for each project. and KANA G group which is associate with Monarch, who is managing construction work on behalf of Monarch exist in those group and update the group on construction activities. But construction work is damm slow till today.

                    Comment


                    • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

                      I have bought 2 flats in monarch brookfield. Can someone please add me to the what's app group or give me the phone number of the admin for the group. Also please can someone give an update on Monarch Brookfield. I have been informed that the internal work has started but at a very slow pace. I am very nervous. My phone number is 011 2623669793. Thanks!
                      Last edited May 23 2015, 12:30 AM.

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