Consumer Issues
Real Estate : Rs18 Lakh Fine for Developer
A family of Chakroborti VK Kondapalli booked a 1,600sft (square feet) flat in a project by Mahindra Lifespaces at Mumbai and paid Rs1.06 crore in August 2009. The purchase agreement was executed in September and possession of the flat was to be given by 31 October 2010. The family paid the balance Rs86.11 lakh by then. But the developer gave the possession only in February 2012.
 
The family approached the Additional District Consumer Forum for Mumbai Suburban District, seeking interest on the money they had paid at the rate of 12% a year and reimbursement of the amount of the rent they had paid during the delay. The Forum rejected the developer’s contentions, noting that a clause in the agreement—which empowered the developer to charge interest on late payments but restrained the buyer from seeking compensation—was contrary to the law.
 
“Agreements contrary to public policy are void,” said the Forum, while holding the developer guilty of unfair trade practices. The Forum directed Mahindra Lifespaces to pay interest at the rate of 10% a year on the Rs86.11 lakh paid by the buyers, for the period of the delay. The Forum further instructed the developer to reimburse the Rs4.80 lakh that the Kondapalli family had spent on rent during the period and Rs35,000 for litigation costs.
 

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Retirement : EPFO To Launch Online PF Withdrawal Facility

Employees’ Provident Fund Organisation (EPFO) is hopeful of launching an online PF withdrawal facility by March-end after the Supreme Court extended voluntary use of Aadhaar card to government schemes, including provident fund. “We have written to the Labour Ministry for approvals for starting an online PF withdrawal facility,” central provident fund commissioner KK Jalan told news agencies. He said, “We will ensure speedy verification of PF withdrawal cases of those applicants who will mention their Aadhaar in their claims.”

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HDFC Q2 net profit grows
 Housing mortgage lender Housing Development Corporation Finance Ltd. (HDFC) on Monday said it closed the second quarter with a profit of Rs.1,604.56 crore.
 
In a regulatory filing with the Bombay Stock Exchange (BSE), the company said it has posted a net profit after tax of Rs.1,604.56 crore for the quarter ended September 30, 2015, as compared to Rs.1,357.56 crore for the similar quarter of 2014.
 
According to the company, its total income has increased from Rs.6,670.67 crore for the quarter ended September 30, 2014, to Rs.7,480.24 crore for the quarter ended September 30, 2015.
 
The company said its loan book as on September 30, 2015, stood at Rs.237,991 crore as against Rs.212,344 crore in the previous year.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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