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Hubtown Greenwoods by Ackruti Group in Thane West, Mumbai

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Hubtown Greenwoods by Ackruti Group in Thane West, Mumbai

Last updated: May 20 2016
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  • Re : Hubtown Greenwoods by Ackruti Group in Thane West, Mumbai

    The MCHi code of conduct clearly that states that all the reqired sanctions for these pojects are in place , and we should feel cheated after eading MCHI code of condutc.i support the view that we should come and protest at exhibition.

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    • Re : Hubtown Greenwoods by Ackruti Group in Thane West, Mumbai

      Originally posted by hubtowngreen View Post
      The MCHi code of conduct clearly that states that all the reqired sanctions for these pojects are in place , and we should feel cheated after eading MCHI code of condutc.i support the view that we should come and protest at exhibition.

      There is no point to meet hubtown management/staff. They will again cheat us. So i also support this protest. This will impact more in real industry.

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      • Re : Hubtown Greenwoods by Ackruti Group in Thane West, Mumbai

        Latest Update for site

        Work for MMRDA rental buildings is started. i.e. for 3rd building.
        Coming to our residential project, as inform by site people, work is going to start for building B & C before 10th September 2012.
        Hubtown mgnmt will circulate letter as the work get started on site and will inform about meeting date.
        So hope for best and keep finger crossed.

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        • Re : Hubtown Greenwoods by Ackruti Group in Thane West, Mumbai

          About VAT there is no clarification from Ackruti yet. Is it 5% or more or less?

          Maharashtra may not impose 15 pc interest as penalty for VAT delay - The Economic Times

          We may get some relief if meeting bet.n govt and builders is successful. Ackruti will send letters once issue gets clarified from their tax/account dept.

          Anyway, I request people to meet at Site office between 11:00 to 12:00 on saturday, 1st Sept 12. (If you are worried about your money and flat). You must put your reply in this forum so other's get some boost to attend meeting.

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          • Re : Hubtown Greenwoods by Ackruti Group in Thane West, Mumbai

            Originally posted by HubtownThane View Post
            About VAT there is no clarification from Ackruti yet. Is it 5% or more or less?

            Maharashtra may not impose 15 pc interest as penalty for VAT delay - The Economic Times

            We may get some relief if meeting bet.n govt and builders is successful. Ackruti will send letters once issue gets clarified from their tax/account dept.

            Anyway, I request people to meet at Site office between 11:00 to 12:00 on saturday, 1st Sept 12. (If you are worried about your money and flat). You must put your reply in this forum so other's get some boost to attend meeting.
            Don’t pay VAT demanded by builders: consumer group

            HT Correspondent, Hindustan Times
            Mumbai, August 28, 2012


            Email to Author




            First Published: 01:36 IST(28/8/2012)
            Last Updated: 01:37 IST(28/8/2012)


            .bookmark_bg1 { background: none repeat scroll 0% 0% rgb(245, 248, 252); border: 1px solid rgb(231, 241, 248); padding: 0pt; } Share Share on facebookShare on linkedinShare on googleShare on emailmore.

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            A newly formed consumer group, Flat Owners’ Right Protection Action Committee in Maharashtra (FORAM), has appealed to flat owners not to pay the Value Added Tax (VAT) as demanded by the builders. The state sales tax department in a recent circular had asked builders to pay 5% VAT plus






            penalty on purchase of properties between June 20, 2006, and March 31, 2010, by August 31 this year. The builders have started sending out bills to flat owners demanding the amount. “VAT is being levied on materials used in housing which are already subjected to sales tax. This is nothing but double taxation. We appeal to all to ignore the demand for this tax. We are undertaking a big campaign against the move. Flat owners are finding it difficult to pay off home loans and this will only make their lives miserable,” said Atul Puranik, convener of FORAM.
            The Maharashtra Chamber of Housing Industry had challenged the state’s move in 2009 but lost the case in the Bombay high court. An appeal has been filed in the Supreme Court, which will address the issue on Tuesday.
            Housing society activists have urged the state to take a humanitarian view. “It is not the builders but the consumer who has to bear the burden of taxes. The best solution is to start an amnesty scheme to give relief to flat owners,” said Ramesh Prabhu, chairman, Maharashtra Societies Welfare Association (MSWA).
            However, the state is not keen on giving up revenue of nearly Rs1,000 crore possible from the taxation. “If the developers don’t pay the tax by August 31, we will take appropriate action. The SC decision will bring more clarity,’’ said a senior sales tax official.






            Don

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            • Re : Hubtown Greenwoods by Ackruti Group in Thane West, Mumbai

              Why only hubtown is facing so many problems? If they want to remain in this business and wants to be leading player , they must act soon

              Why only hubtown is facing so many problems? If they want to remain in this business and wants to be leading player , they must act soon to restart the work at greenwoods site for all towers immediately.

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              • Re : Hubtown Greenwoods by Ackruti Group in Thane West, Mumbai

                all flat owners should mention their email address and number on every blog to enable all of us to interact with each other. Pl join yahoo group also.

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                • Re : Hubtown Greenwoods by Ackruti Group in Thane West, Mumbai

                  False Promises

                  Hubtown Ltd a very big name in real estate industry of Mumbai is facing all sorts of problems like labour, materials, approvals, may be financial also , which they say are beyond their control. If they wants to remain and be a leading player in the industry these problems should be controlled/managed and in timelines. Greenwoods project buyers are cursing their destiny when they booked in this project way back in 2009 considering the brand name of Ackruti City Ltd v/s Dosti Group. The progress situation is entirely reversed in case of both the projects in close vicinity and both are under same MMRDA rental housing scheme.

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                  • Re : Hubtown Greenwoods by Ackruti Group in Thane West, Mumbai

                    We must ask Hubtown Management for early solution atleast now.

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                    • Re : Hubtown Greenwoods by Ackruti Group in Thane West, Mumbai

                      In total Hubtown Greenwoods building have around 1000 Flats
                      If average booking cost per flat is Rs. 50L then the total booking value around 500 cr.

                      At this point Hubtown collected around 300 cr. (aprox.) from customers. (including 20:80 scheme)

                      So now amount receivable from customers is just around Rs. 200 cr.
                      Further hubtown also taken loan from Canara bank 300-350 cr. (as site staff telling us)

                      Total Work Pending for construction Cost is around 150 cr.

                      So in this point the net receivable from the customer is amount Rs. 200 cr.
                      And amount payable Rs. 450 – 500 crs. (150 crs. Further cost of building plus 300-350 cr loan from canara Bank)
                      Difference of receivable and payable Rs. 250-300 cr.

                      So if hubtown complete the project they wants to pay Rs. 250 – 300 cr., then why they are going complete the building work?



                      They already have around 2000 cr debt company.

                      So intelligent shah brother (directors of the company) invested the amount which they had taken loan from canara bank PLUS amount collected from customer i.e around 600 cr to new projects and throws the customer of greenwoods on road.

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