Builder filed a suit against Shapoorji Pallonji
Crescent Builders has filed a civil suit against real estate company Shapoorji Pallonji. In the case filed by the builder claiming Rs 105 crore as a damage for failing to redevelop property in central Mumbai within the stipulated time.
The Janata Nagar Housing Society appointed Crescent Builders to redevelop their property in Tardeo. A MoU was signed between Crescent and contractor Shapoorji Pallonji for the redevelopment project.
The Shapoorji Pallonji Group completed the redevelopment of the buildings and were handed over to the civic body. The BMC then issued a Commencement Certificate (CC) to Crescent Builders.
Later Crescent Builders approached the BMC seeking additional floor space index (FSI). Which were refused by the BMC stating that the saleable building was not constructed within the stipulated period of two years from the granting of the CC.
Hence the Crescent Builders wrote letters to Shapoorji Pallonji, asking them to complete the exterior and interior work of 19 floors of the building as early as possible so that they can get a part of the Occupation Certificate.
As Shapoorji Pallonji did not responded to the mail, Crescent Builders terminated its agreement with the Pallonji Group and hence filed the case as because of the delay they are suffering from the loss.
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Source: DNA India
Consumer, Crescent Builders, Janata Nagar Housing Society, property in central Mumbai, property in Tardeo, redevelopment project, Shapoorji Pallonji
