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Reputation: IRDAI Launches Public Campaign against Spurious Calls
To warn people against fraudulent activities in the insurance business, sector regulator Insurance Regulatory and Development Authority of India (IRDAI) has launched a massive campaign to create awareness among policy-holders about ‘spurious’ calls.
 
IRDAI is running this public awareness campaign through YouTube videos, billboards in metro trains, among various modes, asking public not to fall prey to fraudulent calls promising higher returns.
 
In its ‘caution advertisement on spurious calls’, the regulator has asked investors not to believe in fraudulent calls made in the name of IRDAI as it is not in the business of selling insurance policies.

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Real Estate: GT Builders To Pay Rs25 lakh for Not Handing Over Flat
After a Malad (Mumbai) resident, Mangesh Koltharkar, was cheated of a 620sq ft flat booked in Marol, the Maharashtra State Consumer Disputes Redressal Commission (the Commission) has directed GT Builders to pay him a compensation of Rs25.25 lakh. 
 
Mr Koltharkar had filed the complaint before the Commission against GT Builders in 2002. 
The flat was booked for an agreed price of Rs9.26 lakh in 1999. Mr Koltharkar told the Commission that the builder kept on promising to give possession periodically. The builder later agreed to hand over a smaller flat measuring 360sq ft on a leave-and-licence basis for 11 months. Mr Koltharkar alleged that even after completion of the building, the builder failed to hand over the flat, forcing him to file a police complaint and send a legal notice. Subsequently, he also approached the state consumer forum.
 
The Commission said the government ready-reckoner for stamp duty shows that the land cost, per sq ft built-up area, is Rs10,191 in that area. It pointed out that, since the complainant had paid Rs3.51 lakh, 37% of the then total flat price, he was entitled to receive Rs23.37 lakh from the developer. The remaining compensation was towards money spent on travel, mental agony, harassment and costs of the complaint, the Commission said.

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