Pune-based Wadhwani Commercials charged with grabbing Rs 7 crore land

PUNE: In a case of major land fraud, a Pune resident has claimed that his land worth Rs 6.92 crore has been grabbed by another person by forging the documents. Khemchand Bhojwani, a resident of Park Street in the Wakad area has lodged an FIR with Sanghavi police that his land, situated at Pimple Saudagar, is being claimed by Naresh Wadhwani, a renowned builder from the city.

As mentioned in the FIR, the complainant has stated that the land belongs to him and the agreement for it dates back to the year 2010. The complaint adds that that it was in 2011that Naresh Wadhwani, who owns Wadhwani Commercials, forged the documents and got the land transferred to his name. Bhojwani claims that Wadhwani is taking possession of the land fraudulently.

“I had this land registered in my name in 2010 and I have all the supporting documents with me. My land is worth Rs 6.92 crore at present. Trouble started in 2011 when I got to know that Naresh Bhojwani had taken possession of my land. We tried to resolve the dispute till 2014 as a settlement looked possible. I was assured that everything would be resolved soon but nothing has happened till date and now Wadhwani refuses to vacate my land,” Bhojwani said.

Police have registered a case against Naresh Wadhwani under section 420 (Cheating and dishonestly inducing delivery of property), 406 (punishment for criminal breach of trust) and 34 (acts done by several persons in furtherance of common intention) of the IPC has been registered.

“The property belongs to us and we have the permission under section 43 of the Bombay Tenancy and Agricultural Lands Act, 1948. We have all the documents and even in 2015, the district court Pune had given the verdict in our favour. We do not understand why this person (Bhojwani) does not abide by it. All he is producing as evidence is documents under development agreement power of attorney (DAPA), which is an agreement and can be made by anyone. We will file a complaint in this matter soon,” Naresh Wadhwani, told Mirror.

The police, for their part, have said that an FIR has been registered in the case under the sections mentioned. “Right now the investigation is being done on the basis of documents provided to us and we will look further into it to decide what is to be done. We have been told that some other people are also involved in this transaction and we have named them in the FIR as well,” said Amit Balasaheb Shete, police sub-inspector attached with Sanghavi police station.

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Defaulter builders list off Greater Noida authority’s website - Cheated Buyers

Under pressure from the builders, the Greater Noida authority removed the list of Defaulter Builders list from its website that was posted barely a week back.

On September 6, the authority had made defaulter builders’ names public on its website, for homebuyers use. The authority said they removed the list of defaulter builders as some of them complained that banks started troubling them. However, the Noida authority officials denied any pressure from the builders.

   

“There is no pressure at all from builders. We have removed it because we want to revise the same. After we put the details of defaulter builders on website of 95 project owners (builders), 48 have submitted applications to clear land dues. If these builders clear dues, we will compile a fresh list and put the same online again,” said Deepak Agarwal, chief executive officer of the Greater Noida authority.

Initially, the authority made public a list of 164 group housing projects, which together owe R 4,500 crore (including interest on default). Later, they revised the list and said there were 95 defaulter group housing projects.

“If builders will clear 10 per cent of defaulted amount by September 22 and get payment of the remaining land dues rescheduled, we will remove them from the defaulters’ list,” said Agarwal.

Read more: CM Akhilesh Yadav to listen to Noida homebuyers’ grievances next week

If 48 builders, who have shown intent to pay dues deposit 10 per cent of total default, the authority will get around Rs 700 crore to fuel Development Projects.

Homebuyers said the details of the defaulter builders on the website are helpful to buyers who want to ensure the financial stability of a builder before buying a property.

“Homebuyers have stopped payment of instalments of flats to builders because the builders have lost trust as they divert collected amount (from buyers) into other projects, delaying the already launched group housing projects. If the list of defaulter builders is made public, prospective buyers will not be cheated,” said Indrish Gupta, founder of Noida Extension flat owners’ welfare association.

To ensure builders do not divert collected fund the authority is asking builders to open joint escrow accounts.

“After the defaulter list was out, relationship between banks and builders got sour. If it continues, builders will further suffer and so do the under construction projects, troubling buyers who have bought flats,” said another Greater Noida authority official.

THE TOP 10 DEFAULTERS*

Amrapali Group: Rs 1304 crore

Unitech Ltd: Rs 280 crore

Omaxe Constructions Ltd: Rs 156 crore

ATS infrastructure Ltd: Rs 144 crore

Panchsheel Buildtech Pvt: Rs 112 crore

Rudra Buildwell Projects Pvt Ltd: Rs 76 crore

Asteroid Shelters Limited: Rs 68 crore

Shubhkamna Buildtech Pvt Ltd: Rs 24 crore

Patel Advance JU: Rs 88 crore

Sam India housing: Rs 52 crore

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Moody’s reviews Lodha Developers’ B2 rating for downgrade - Cheated Buyers

Rating agency Moody’s Investor Service has placed Mumbai-based real estate development company Lodha Developers’ B2 corporate rating on review for a downgrade.

Rating agency Moody’s Investor Service has placed Mumbai-based real estate development company Lodha Developers’ B2 corporate rating on review for a downgrade. Simultaneously, it has also put B2 backed unsecured rating of the USD denominated bonds issued by the company under the scanner. Earlier this year, the financials of Lodha were downgraded. In January, Lodha’s rating was revised from B1 to B2. “The review follows the consent solicitation from bondholders in relation to the waiver of breach of restricted payment covenant on thebonds due in 2020, amendments to the indenture, as well as a proposed reorganisation in which properties located in London will become part of the restricted group,” says Saranga Ranasinghe, a Moody’s assistant vice president and analyst.

At June 30 2017, the company and certain of its subsidiaries had made restricted payments in the form of loans to the London entities, whichare not part of the restricted group, the report stated. Also it provided guarantees of indebtedness at London entities by Palava Dwellers Private Limited; these entities were all in breach of the restricted payment covenant.

Lodha is seeking consent from the bondholders to waive the breach of the restricted payments. Whether the bondholders will give their consent will be known by August 9, further scrutiny of Lodha’s documents revealed. The company is also seeking consent to reorganise, such that its London properties will now become part of the parent company. The review will focus on whether Lodha will receive the required consent.

As such, Moody’s views the proposed reorganisation of the London properties as credit neutral, because despite the increase in debt, there will be an increase in cash flow, as the company develops and sells the two London properties. In the absence of consent from bondholders, the company will need to redeem the $200 million bond.

Meanwhile, the company said that during the April to June quarter, it has beaten the industry wide demand slowdown and recorded salesworth Rs 2300 crore. It’s quarterly collection also was robust at Rs 2,600 crore, according to its top management. At the moment, sales bookings has crossed 200 million pounds until the June quarter, a PTI report said. Lodha’s MD recently pegged a sales revenue of 1.5 billion pounds (over Rs 12,000 crore) in the next three years from two ongoing housing projects in central London, the report enumerated.

The company forayed into the London realty market in 2013 with the acquisition of the landmark MacDonald House at 1 Grosvenor Square for overGBP 300 million (Rs 3,100 crore). The group acquired another site in central London, New Court at 48 Carey Street for 90 million pounds in 2014.

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