Builder Asked To Pay Rs5 Lakh to Buyer for Deficiency in Service
The Thane District Consumer Redressal Forum held a developer, Sharwan Bagaria, liable for deficiency of services and asked him to pay Rs5 lakh for lapse in services to a home-buyer, Sherpal Singh.
 
The home-buyer claimed that he had booked a row house with the builder. Mr Singh had paid Mr Bagaria an advance of Rs1.5 lakh but the builder did not give him a copy of the agreement. Due to this, Mr Singh couldn’t get a loan from the bank. ‘’As I did not get a loan, I cancelled the booking. But Mr Bagaria did not refund my token amount. Then I decided to knock on the doors of the Forum,’’ said Mr Singh.
 
The Forum, headed by president Umesh Jhavalikar and another member ND Kadam, concluded that the builder must pay the buyer a compensation of Rs5 lakh and also refund the advance amount of Rs1.5 lakh.

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SEBI Clears Rules for REITs, InvITs
Securities and Exchange Board of India (SEBI) approved setting up of the much awaited real estate investment trusts (REITs) that permits real estate funds to invest in completed and revenue-generating real estate. This move will provide a new source of funding for cash-strapped real estate industry.
 
SEBI said that the new norms would help entities with at least Rs2 lakh investment to earn from completed real estate projects. The new norms for REITs, as also for Infrastructure Investment Trusts (InvITs), were cleared by SEBI board. Final notifications would soon be issued to make the norms effective.

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FMPs Rolled Over To Avoid Capital Gains Tax

The Union Budget 2014-15 has changed the holding period of long-term debt schemes from 12...

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