The Thane Consumer Redressal Forum ordered a city builder to pay Rs1.45 lakh as compensation to a property-owner for cheating and delaying the possession of his flat near the Dadoji Kondeo Stadium. Forum president, UV Javlikar, and member ND Kadam, directed Moinuddin Badgujar, proprietor of M/S Royal Developers and Construction, to compensate the landlord Yusuf Husain Miya Shaikh for defaulting on almost all conditions listed in the agreement for sale.
Mr Badgujar was awarded the contract for redevelopment of Mr Shaikh’s tenements in 2004. The contract specified that the builder would construct six flats for Mr Shaikh’s family; the rest of the flats and commercial space were to be retained and sold by the builder at the prevailing market price. Two years after the contract was awarded to Royal Developers and Construction Company, Mr Shaikh noticed deviation in the plans. He dragged Mr Badgujar to the Forum which directed the builder to pay Mr Shaikh Rs1.45 lakh and to finish the incomplete works in three months of the order or pay a fine of Rs500 per day.
Banks and developers are offering a 10:80:10-scheme wherein the home-buyer has to pay only 10% upfront for booking a flat, 80% via bank loan during the period of construction, and the final 10% after getting possession of the flat. The buyer and the developer, together, pay 20% of the margin required to get a bank loan. Tata Housing Development Company has announced a 10:80:10-scheme for its residential project Amantra on the Thane-Kalyan Road (Maharashtra) in July 2013. It has tied up with HDFC Ltd, Axis Bank and Tata Capital for rolling out the scheme.
Abank cannot hold back property documents after a housing loan is repaid, says the Bombay High Court. A division bench, of Justices BP Dharmadhikari and AS Chandurkar, directed the State Bank of India to return title documents to Nagpur resident Surendra Nikose. The Bank had refused to return the documents to Mr Nikose, a former employee, as he had allegedly committed financial irregularities. The Court said the relationship of banker and customer was independent of the relationship of employer and employee.