Tatvam RWA (Vipul Limited) in Gurugram seeks upkeep transfer

GURUGRAM: Residents of Tatvam Villas society in Sector 48 have disputed the builder Vipul’s claim that they can’t transfer the maintenance work to the local RWA as the society was originally a part of a larger project under the name ‘158 Acres’.

Residents alleged the builder has illegally made an extra villa that wasn’t there in the original master plan, which, as per an order by DTCP in August, was supposed to be demolished. They also alleged getting electricity bills exceeding the tariff mandated by DHBVN.

This comes on the heels of the recent action of DTCP against “encroachers” in Heritage city. Residents are questioning why is it easier for DTCP to act against the poor, but not against the well-off. “The maintenance is very expensive,” said Sameer Sinha, joint secretary, RWA, Tatvam Villas. Sinha said the maintenance work by Vipul Limited isn’t up to the mark either. “They have some Rs 23 crore with them as non-interest bearing security deposit. We also asked them to give us access to book of accounts, but they refused,” he said.

Residents said they have also written to Vipul Limited to hand over maintenance work to the RWA. The residents alleged that builder was made the community centre a commercial hub which is accessible to outsiders. “What is the point of having a gated colony?” asked Meera Singh, General Secretary of Tatvam Resident Welfare Association.

Tatvam Villas have 245 villas. “But Vipuls are building another villa. Villa number 52 was not supposed to be there in the in the approved plan. It was a green patch,” Sinha said. However, the spokesperson from Vipul Limited refused the allegations made by residents. “Their issue is not maintenance. If one happens to stride across the Tatvam Villas, they will see how clean and maintained it is even now, unlike other societies. It is part of the mega project 158 Acres, and maintenance will go to MCG for the full project, not them. Tatvam is a small part of the 150 Acres. They are completely mischaracterising the issue.”

As for demolishing the structure, spokesperson said Additional Chief Secretary Town and Country Planning Arun Kumar had already passed another orders issuing stay on Satyaprakash’s. An official from DTCP, however, said the case had been appealed to higher authorities and he could not speak on the matter immediately.

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Sebi directs Gwalior-based KMJ Land Developers India to refund investors money

NEW DELHI: Markets regulator Sebi today directed Gwalior-based KMJ Land Developers India and its directors to refund within a month the money collected from investors illegally.

In an interim order passed in 2014, the regulator had restrained the firm and its directors from raising funds from investors after finding that money pooling activity by the company was in the nature of "collective investment scheme (CIS)" and was being run without requisite approval from the regulator.

The Securities and Exchange Board of India (Sebi) had concluded in its interim order that the fund mobilising activity of KMJ Land Developers India under the garb of a real estate business for the sale/purchase, development and maintenance of agricultural land fell within the parameters of a CIS. "I have perused the contents of the interim order and do not find any reason to differ with the prima facie conclusion arrived at in the interim order," Sebi Whole Time Member (WTM) G Mahalingam said in an order today.

Mahalingam noted that in the absence of any evidence provided to refute the findings in the interim order, the activities of the firm and its directors constitute a CIS and has been carried out without seeking a registration from Sebi, thereby contravening the CIS Regulations. The directors are Santoshi Lal Rathore, Rajawat Kushwah, Nirmala Rathore, Gopal Prasad Gupta, Dilip Jain, Sunil Singh, Mathura Bai and Sunil Singh Kushwah.

KMJ Land Developers India and its directors "are jointly and severally liable to wind up its existing collective investment schemes and refund the money collected by it under the schemes with returns which are due to the investors" within a period of one month, the order said.

Besides, the firm and its directors have been restrained from holding position as directors or key managerial personnel of any listed company for a period of four years. The firm and its directors have also been ordered not to alienate or dispose of or sell any of the assets of the company except for the purpose of making refunds to its investors.

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Bombay HC rejects Oscar Builders' petition, says a party can't seek same relief thrice

MUMBAI: The Bombay High Court has dismissed a writ petition by Oscar Builders for seeking the demolition of alleged illegal construction in Oscar Towers building in Mumbai Central questioning why the petitioner was “in slumber” for 12 years and sought the same relief given to him in 2004.

“It is well settled that the relief granted by the court to a party cannot be sought by the party time and again by filing successive proceedings merely because the earlier orders are not implemented. This would not only vex the opponents but would also vex the court. The petitioner was in slumber for more than 12 years after the orders in the two proceedings are passed in favour of the petitioner,” said the HC bench.

The bench comprising Justices Vasanti A Naik and Riyaz I Chagla said in an order ruled on December 7 dismissing the petition filed on behalf of Shabbir Patel, chairman of Oscar Builders Pvt Ltd which constructed 14-storey Oscar Towers in 2000 near Maratha Mandir cinema in Mumbai Central.

Oscar Builders Pvt Ltd and its flat buyers have been locked in multiple civil disputes over several issues. Alleging that certain buyers had done illegal alterations in the building, the developer had filed the writ petition seeking action against Municipal Corporation of Greater Mumbai to implement the notices issued in 2002, 2009 and 2013 under section 351 and 353 of the Mumbai Municipal Corporation Act and to comply with the High Court orders dated January 25, 2002 and June 25, 2004.

In January 2002, the High Court had permitted the Corporation to take appropriate action against the flat owners that had arbitrarily made illegal constructions and demolish the work, if any, as per the law. Notices were also issued against some of the occupiers of the flats as per the 2002 order. Separate civil suits were filed by Oscar Builders against some occupants in 2001 and notice of motion was filed in these suits.

While disposing the notice of motion in each of the suits, the High Court had directed the Municipal Corporation to proceed with the matter irrespective of the pendency of the suits as per the law.

“It is apparent from the aforesaid set of facts that the petitioner has moved this court time and again for seeking a direction against the Corporation to initiate action against the erring respondents and for removal/demolition of the illegal construction. The same relief cannot be sought by a party time and again by filing successive proceedings,” the order said adding “the petitioner had filed proceedings in 2001 and 2002 and in both the proceedings appropriate orders, directing the respondent Corporation to take action in accordance with the law, were passed. If the Corporation has not taken action in pursuance of the said orders, the petitioner had other remedies.”

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Two Chennai builders ordered to pay Rs 2 lakh compensation for unfair trade practice

Two Chennai builders ordered to pay Rs 2 lakh compensation for unfair trade practice

CHENNAI: A city consumer court has directed two Chennai-based realty firms to pay Rs 2 lakh compensation to a buyer, for failing to begin construction of flats even after five years of collecting advance payments.

Jeayam Shelters Private Limited and VIP Housing & Properties were also told to return Rs 8.56 lakh collected as advance with 12% interest since 2012.

J Sivaramakrishnan, a resident of Thiruvanmiyur, booked a 855sqft flat in a new project announced by the two realtors in Adambakkam Project, and paid an advance of Rs 10.56 lakh.

As the construction for the new project did not commence even after several months, Sivaramakrishnan approached the firms. They returned Rs 2 lakh to him and refused to answer his queries or execute a sale deed and construction agreement.

Aggrieved, Sivaramakrishnan approached the consumer forum seeking a direction to the firms to refund the advance amount with 18% interest and to pay compensation for not commencing the construction and there by indulging in unfair trade practice.

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No bail for Divya Builders, CA in land dispute case in Nagpur

No bail for Divya Builders, CA in land dispute case in Nagpur

NAGPUR: The civil court of AV Dixit has rejected the anticipatory bail application of prominent chartered accountant Narayan Demble of M/s Demble & Ramani along with that of Kamlesh Dadhe of Divya Builders in a multi-crore land dispute.

The duo had filed for the anticipatory bail following a complaint by Naved Ali of M/s Pyramid Realtors with the special investigating team (SIT) on June last year. The SIT was appointed by the government following large number of alleged fraudulent land deals in the city and fleecing of innocent customers by land sharks exposed in the Gwalabanshi episode.

Naved Ali has almost a decade old dispute running with Demble and Dadhe. Pyramid Realtors had in the complaint before SIT alleged that they had paid Rs18.22 crore to them but they failed to deliver the promised 8.5 acres of land at Chinchbhuvan on Wardha Road.

The complainant also alleged that 6.5 acres of the land was under DP reservation, a fact deliberately not disclosed by Demble and Dadhe while signing the deal.

After Ali’s complaint, the duo entered a fresh agreement with Pyramid for a settlement but just then they got an inkling that the SIT was being wound up and the duo kept postponing registration of the land. The complainant again took up the matter with the SIT on September.

Taking advantage of the wrapping up of SIT on October last year, Demble and Dadhe applied for ad-interim bail though no FIR was filed against them till that date at the Sonegaon police station. The ad-interim bail was granted but the anticipatory bail application was rejected by the court on January.

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Harassment by Real Estate Developer - Cheated Buyers

Harassment by Real Estate Developer - Cheated Buyers

Real Estate developer - PACIFICA INFRASTRUCTURE has come out with its flagship township in Chennai. The township is called Pacifica Aurum. I have booked a flat in their Pride towers and have been paying them based on their commitment to deliver the project by 2015.

Even after 3 years delay the project is nowhere close to completion. While the builder forced consumers to pay for delay in instalments (even as little as a few weeks), it is now close to 3 years since the project completion is delayed. The developer is neither paying the interest delays nor is completing the project.

This developer has broken every norm of advertising, by misleading advertisements, promising an club house of large proportions (Check their website for the nonexistent amenities). This is clearly a breach by RERA guidelines. The consumers have also filed an infringement notice to Tamilnadu RERA chairman to freeze this developer's license.

A large group of buyers have joined together forming an association, to fight their cause in the NCDRC (National consumer redressal commission) in Delhi. Now the developer has started bullying this association members by threatening to cancel their booking, if they do not withdraw their complaint in NCDRC. They are forcing the consumers to sign away their rights in a written undertaking.

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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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