Query about property in Thane

Q: I heard there was a disputed property of Ravechi in Thane. What are the recent updates?

Padma G, Mumbai

30th January 2013

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Isha Dalal,

13th February 2013

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Isha Dalal,

13th February 2013

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KRF has also invested Rs 110 crore in 130-acre township-cum-plotted development project being implemented by realty major Parsvnath Developers Ltd, at Sohna in the National Capital Region. They have also invested Rs 250 crore in two projects in Gurgaon and another Rs 85 crore in Noida in 2010.

Sunil Joshi, Mumbai

1st February 2013

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Also, 60 bungalow owners had raised objection who currently occupy the land. Their protests include Ravechi changing the layout plans which was earlier approved by the Thane Municipal Corporation (TMC). The owners feared that their land will be surrounded by the developer’s towers.
However, the dispute has been resolved and the buildings will be in the balanced area without affecting the bungalows.

Ramesk Polekar, Mumbai

1st February 2013

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The developer after the recent transaction is planning to start construction work of an apartment in Thane comprising of 12 high-end residential towers of three and four BHK units.
The said legal dispute was because of Wadhwa blaming Ravechi of failing to proceed with the project when the former had already paid Rs 36.5 crore as part of its 2010 agreement to jointly develop part of the property.

Ravi Waghmare, Mumbai

1st February 2013

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The Ravechi property developer, Tulsidas Bhimjyani, got the investment after he paid Rs 52 crore from Kotak’s fund for a legal dispute over the property to its erstwhile joint venture partner, Wadhwa Developers.
Recently, the developers had sold a 3,320 sq ft (built-up) apartment on the 28th floor in Tanhee Heights at Napean Sea Road for Rs 39 crore, which was priced at Rs 1.2 lakh per sq ft.

Sandeep Mhatre, Mumbai

1st February 2013

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A disputed property has recently got investment by Kotak Realty Fund (KRF), a division of Kotak Investment Advisors Ltd. The realty fund has made an investment of around Rs 125 crore on a 36 acres of residential development near Yeor Hills in Thane.

Ashish Sharma, Mumbai

1st February 2013

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