The State Consumer Disputes Redressal Commission has ordered a builder to refund the money he collected from four people, along with an annual interest of 18%, after the shops he sold to them were demolished for being illegal. The total compensation amount adds up to Rs 25 lakh.
In 2003, Dhirendra Jaiswal, Anilkumar Dubey, Amarjit Tiwari and Sujata Bhor purchased shops in Rakesh Park, a 14-storey residential-cum-commercial project floated by Mishra Developers and Builders at Sector VII in Airoli, Navi Mumbai. They paid amounts ranging from Rs 1.5 lakh to Rs 5.40 lakh depending on the area of the shops. R D Mishra sold shops of different sizes constructed within the parking space of row houses to 16 people, of which four buyers complained against him.
In September 2007, the Navi Mumbai Municipal Corporation demolished a major portion of the entire project, following which the buyers approached the Thane district consumer forum in October 2007 demanding a refund of the amount they had paid to the builder. The forum in May 2008 directed the builder to refund the money with an 18% interest. The forum also ordered the builder to give Rs 50,000 each as compensation to the four complainants.
More : timesofindia.indiatimes.com
Send an E-Mail for mumbai Property Enquiry!
Related News from Mumbai
Illegal Property
Illegal Property is a location in Mumbai in India. If you have seen Illegal Property , then write us a review comment or your experience about this site in Mumbai. This site is to provide information to visitors to this place. Your comment about Illegal Property is important to us. Please provide you comment / review / article on Illegal Property in Mumbai below.
Realtors double broker commission
Tony Fernandez (name changed), a property broker in Borivali in suburban Mumbai, recounts this story with some sadness. Two years ago, when he was selling a flat to a retired person, there was a delay in payment because of some paperwork. As a result, the buyer had to pay some interest amount to the builder. While making the final payment, including the interest component, there was a shortfall of Rs 5,000. When the buyer requested for a month s time to pay that amount, the builder called him a liar. Today, the same builder calls up Fernandez every day to enquire
Illegal temple
Illegal temple is a location in Mumbai in India. If you have seen Illegal temple , then write us a review comment or your experience about this site in Mumbai. This site is to provide information to visitors to this place. Your comment about Illegal temple is important to us. Please provide you comment / review / article on Illegal temple in Mumbai below.
Realty dreams of small, mid-sized cos crumble
Grappling with a slowdown across segments, the Indian property market is heading towards the next phase of consolidation. Liquidity crunch in the real estate market is beginning to drive many mid-sized and small developers to scrounge for cover. Many want to liquidate their land and incomplete projects by selling them to bigger developers or private equity players even at lower valuations. Whats forcing them to take this step is a stagnant market, with property rates undergoing major correction in some cities. Around 15 deals in real estate sector have fallen through in the past two months with investors developing a
Under construction Ambika builder
Under construction Ambika builder is a location in Mumbai in India. If you have seen Under construction Ambika builder then write us a review comment or your experience about this site in Mumbai. This site is to provide information to visitors to this place. Your comment about Under construction Ambika builder is important to us. Please provide you comment / review / article on Under construction Ambika builder in Mumbai below.