‘Buyers paid up to 90% to book flats in Navi Mum’ – Times of India

3 minutes, 5 seconds Read

Mumbai: Activists in Kharghar, Navi Mumbai, put up hoardings in September warning people lured with huge discounts to some projects that they could be cheated because several small developers were showing fake building plans to entice potential buyers. The discounts offered to clients were huge: 50% to 60% below the market rate.
“It was like a carnival with potential investors arriving in their cars and waiting through the day to book apartments.People were blindly paying up to 90% of the amount despite knowing that there were no building plans or permissions. This was driven by pure greed and speculation,” a source said.
“These developers collected a few hundred crores so that they could pay back Cidco for the plot won at these auctions,” sources said.
Based on a complaint, the state real estate regulatory authority made the Bhagwati Group a respondent. The authority issued a show cause notice on October 4 to Bhagwati Group for putting a hoarding on plot no 61 in Kharghar without registering the project with MahaRera. The developer ignored the show cause notice and failed to appear before the authority.
In its order of October 13, 2023, the authority referred to Section 3 of ReRa: “No promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment, or building, as the case may be, in any real estate project without registering the project with RERA.”
MahaRera secretary Vasant Prabhu said in his order, “In the present case, it has been established that the promoter had published an advertisement on a hoarding without fulfilling the requisite registration process with MahaRera. Therefore, it is hereby directed that a written communication be sent to Cidco noting that no additional authorisation be granted for the project until it is duly registered with MahaRera.” A similar order was also issued in case of Gami & Krishna Enterprises LLP for its real estate project Krishna Sky Rise (plot no 62) at Kharghar. A third order was issued against Gami Group for its project on Plot 40, 41, 42 in sector 34 A of Kharghar.
We also published the following articles recently

Unregistered Navi Mum home projects get MahaRera notices
A cartel of small-time developers and property brokers in Navi Mumbai has been engaging in land speculation by selling apartments without permissions or allotment letters from Cidco. These developers offered huge discounts to investors and homebuyers, despite the projects not being registered with MahaRera, the state real estate regulatory authority. However, MahaRera has recently taken action against them, issuing show cause notices and directing that no additional authorization be granted until the projects are duly registered.
PM Modi launches Rs 24,000 crore project for development of vulnerable tribal groups
Prime Minister Narendra Modi launched the Pradhan Mantri Particularly Vulnerable Tribal Groups (PM PVTG) Mission, a Rs 24,000-crore initiative aimed at the holistic development of around 28 lakh PVTGs in India. The mission will provide basic facilities such as road and telecom connectivity, electricity, housing, clean water, education, healthcare, and livelihood opportunities to remote and inaccessible PVTG habitations. Additionally, PM Modi also released Rs 18,000 crore as the 15th installment of the PM Kisan scheme, which provides financial assistance to farmers.
Centre questions Cidcos authority in certifying status of water bodies
The Indian Centre has questioned the authority of City and Industrial Development Corporations (Cidcos) in identifying and protecting water bodies. This may affect major projects such as the Navi Mumbai Special Economic Zone and a golf course on wetlands. The Centre has stated that the issue of identifying and conserving water bodies is being discussed with the help of states and Union territories. Cidcos has certified developable land parcels as wetlands, contradicting the state mangrove cell and Bombay Natural History Society’s protection designation. The identification process is still ongoing.

This post was originally published on this site

Similar Posts

X
0
    0
    Your Interest
    Your Interest List is emptyReturn to Buying
    ×