Builders to be blacklisted for delay in construction: Haryana RERA
Fed up with builders not completing projects on time, The Haryana Real Estate Regulatory Authority (HRERA) on Friday decided that the builders who delay their ongoing projects will be blacklisted and debarred from future projects.
 
The authority has issued a notice to Empire Realtech Pvt Ltd to blacklist the builder along with associated firm CHD Developers and debar them from further registration for new projects till the ongoing projects are completed.
 
A notice was also issued to complete the project and hand over possession to the allottees or face cancellation of registration.
 
According to the orders, Empire Realtech had launched a project in 106 Golf Avenue, Sector 106, Gurugram, in 2011 and possession of the apartments was to be given by December 2016. But even after four years of delay, the buyers are running from pillar to post for to get possession of their apartments.
 
The promoter intimated the buyers about the revised date for completion of the project to as June 30, 2021 but the project has still not been completed.
 
The HRERA bench headed by K.K. Khandelwal in the presence of its members Samir Kumar and Subhash Chand Kush has issued notice to the erring construction firm, asking the reasons for the delay.
 
"There are 642 units in the project out of which 600 units have been sold. Nearly Rs 500 crore have been collected from the allottees by 2016. The promoter has also taken loan of around Rs 150 crore out of which Rs 36 crore are still outstanding. Despite availability of funds, both from allottees as well as lenders, the project is far from complete," read the order.
 
There are nine towers in the project and in only three towers around 80 per cent work has been completed. The construction is stuck up from October 2018 and the allottees have paid 90 per cent of the cost of the apartments.
 
"It seems that the funds have been siphoned off by the promoter as even after receiving more than Rs 600 crore from the allottees and lending institutions, only Rs 168 crore have been incurred on the construction," the bench said.
 
The authority has now decided to order a forensic audit of the project account.
 
"The promoter has not even opened a separate RERA account for the project. Allottees' instalments were received in another account of the bank and all the money deposited by the buyers were taken away by the lender, whereas 70 per cent amount should have been deposited in a separate RERA account to be used only for construction work," the beach added.
 
The promoter has been asked to submit a mitigation plan for completion of the project within a month in consultation with the association of allottees. The authority has also given an option to the association of buyers to take over the project for its completion.
 
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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    SC to examine if universities can be sued under consumer law
    The Supreme Court has agreed to hear an appeal, challenging a verdict of National Consumer Disputes Redressal Commission (NCDRC), which raised the question, whether an educational institution or university can be sued for deficiency in services under the consumer protection law.
     
    A bench of Justices D.Y. Chandrachud, Indu Malhotra and Indira Banerjee, admitting the appeal, said: "Since there are divergent views of this court bearing on the subject as to whether an educational institution or University would be subject to the provisions of the Consumer Protection Act 1986, the appeal would require admission." The order was passed by the top court on October 15.
     
    The appeal has been filed by Manu Solanki and other students of a medical course against Vinayaka Mission University at Salem, Tamil Nadu.
     
    The top court also asked advocate Soumyajit, representing the caveator university, to file the response within six weeks.
     
    The students have alleged that the university has indulged into unfair trade practice and there was deficiency of service, as it induced them to take admission in a course on an assurance that requisite approvals from the authorities have been obtained.
     
    In 2005-2006, the students were admitted in an offshore programme of two-year study in Thailand and two-and-a half year study in the university in India.
     
    They were assured that the MBBS final degree is recognised by the Indian Government and Medical Council of India. However, after completion of studies in Thailand, the students were told to continue their course there. The students' in their plea said they were informed that a Foreign Medical Degree will be conferred on them and they would have to appear for screening test in India.
     
    The university had objected to the maintainability of this plea contending that petitioners are not consumers and education is not a commodity.
     
    The university cited top court verdicts in the Maharishi Dayanand University and in the PT Koshy cases where it was held that education is not a commodity and educational institutions do not provide any kind of service.
     
    As a result, there cannot be any deficiency of service to be adjudicated upon in consumer forum or commissions, the university had argued. However, the students contested this with other verdicts, which held educational institutions fall under the purview of the Consumer Protection Act, 1986.
     
    In January, the NCDRC, in its verdict, had said that the institutions rendering education including vocational courses and activities undertaken during the process of pre-admission as well as post-admission and also imparting excursion tours, picnics, extra co-curricular activities, swimming, sport, etc. except coaching institutions, will, therefore, not be covered under the provisions of the Consumer Protection Act, 1986.
     
    The students have appealed this verdict in the top court.
     
    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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    Consumers may get relief on petrol, diesel prices this festive season
    Consumers can cheer as oil marketing companies (OMC) may actually bring down the retail prices of petrol and diesel this festive season.
     
    Oil sector experts said that with global oil prices under pressure from slowing demand in the second wave of Covid-19 pandemic sweeping several western countries, crude price could fall in coming days. If this holds on for a week or so, there could be positive gains for auto fuel consumers in India by way of a fall in retail price of petrol and diesel.
     
    Global crude prices are holding close to $ 42 a barrel now. It has been hovering between $ 40-42 a barrel for over a month now. But with lower oil demand and rising inventory, there is fear a song oil producing companies that crude prices may start falling again.
     
    OMCs in India have been holding on to the retail price of petrol and diesel for close to a month now. Even on Wednesday, the price of two petrol products remained unchanged. With this, petrol prices have now been unchanged for 29 days at a stretch while diesel prices were the same for the 19 consecutive days.
     
    Price of petrol in the national capital was at Rs 81.06 per litre. In Mumbai, Chennai and Kolkata, the fuel was sold for Rs 87.74, Rs 84.14 and Rs 82.59 per litre, respectively.
     
    Diesel prices in Delhi, Mumbai, Chennai and Kolkata were at Rs 70.46, Rs 76.86, Rs 75.95 and Rs 73.99, respectively.
     
    But with fresh indications on global oil prices, domestic oil companies could revise the retail price downwards. However, their margins would be protected as oil demand in the country had picked up latterly getting over even the last years numbers.
     
    Retail sales have picked up with the gradual reopening of the economic activities. First time since lockdown, diesel sale in the country has crossed over the pre-covid level with the country's most widely consumed fuel witnessing a nine per cent year-on-year growth in the first 15 days of October.
     
    The surge in demand after months of subdued sales is the direct result of an increase in the transport activities ahead of the festival season as consumers move out to make those necessary purchases.
     
    According to official sources, during the first fortnight of October, diesel sales increased by 9 per cent (YoY) to reach 2.65 million tonne. The growth is even more significant at close to 25 per cent in relation to the previous month of September.
     
    In the first 15 days of October, petrol sales also rose, but substantially lower at 1.5 per cent to close to one million tonne.
     
    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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