Agreement
In 2008, conveyance deed was first introduced in the real estate market to protect the interest of home buyers. But this year, hardly 1,200 housing societies have applied for conveyance certificate out of 88,000 and only 700 of them got the deed. The Chief Minister Prithviraj Chavan in a recent meeting said that a statewide drive will [...] Continue Reading »
The Reserve Bank of India (RBI) has denied the request of banks to allow them to restructure real estate loans without providing for likely losses if the loans go bad. A loan is said to be restructured when the original terms of the agreement (interest rates, tenure) are diluted in order to support troubled borrowers [...] Continue Reading »
The Special Lokayukta Court on July 17 accused the Lokayukta police for not taking any action related to violation of rules by the Bangalore Development Authority (BDA). A complaint was filed by ex-councillor Lakshminarayana against the authority stating that BDA allowed conversion of land for residential purpose which was actually meant for maintaining a nursery. [...] Continue Reading »
The Godrej Group’s real estate development arm, Godrej Properties, has announced that it has entered into an agreement to develop approximately 110 acres of land in Panvel. Godrej has entered into a profit sharing joint venture structure for this project where GPL will receive 35 per cent of the profits from the development. The project [...] Continue Reading »
The Karnataka Housing Board (KHB) incurred a loss of more than Rs. 7.2 crore for wrongly measuring the floor area of buildings it rented out in a prime location in Bangalore. Before renting out any property owned by state-owned boards and corporations, it is crucial to correctly measure the floor area of the property and [...] Continue Reading »
A builder has been directed to pay for the execution of conveyance, agreement and registration for a 1.000-sq-ft flat for not handing over to a buyer seven years after the full payment of Rs 22 lakh was made. The Maharashtra State Consumer Disputes Redressal Commission also told the builder to hand over the flat on [...] Continue Reading »
Occupancy certificate issued by BBMP has sparked an already bad relation between two builders. Century Builders and India Builders Corp, two real estate developers have developed a joint project called Knowledge Park on Bannerghatta Road. Now, they are against each other for some violations in the commercial project. Apart from this, BBMP has recently issued [...] Continue Reading »
Great time ahead for the countries needing economic assistance. Godrej Properties Ltd, a renowned real estate firm has recently teamed up with leading lender of India, ICICI Bank to develop projects and give financial help abroad. They have signed an agreement for the same. Countries of South East Asia like India, Singapore, UAE and also [...] Continue Reading »
In recent, a best case has been seen how the builders/developers exploit the consumers. In February 2001, Prashant Kulkarni booked a flat measuring around 975 sq ft for Rs 6.5 lakh in a building which was to be constructed by the builder Vijay Wagh at Kothrud. The possession was to be handed over on or [...] Continue Reading »
