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NA plot developer booked for cheating home buyers

NA plot developer booked for cheating home buyers

Nearly 23 years after he floated the scheme of river-facing Non-Agricultural (NA) plots in the picturesque Malavli in Maval tehsil close to Pune, a Borivali-based land developer has been booked on charges of cheating and criminal breach of trust by Pune rural police for allegedly defrauding second home buyers from Mumbai and Pune. The FIR […]

15 years on, tenants have a shot at getting homes back

15 years on, tenants have a shot at getting homes back

After initially losing the plot, the tenants of a building in IC Colony in Borivali finally have a shot at getting back the homes they vacated more than 15 years ago apparently for “repairs”. Small Causes Court Judge KV More last week granted six tenants of Xavier Building a relief by restraining their landlord Michael […]

ICICI Bank brings instant home loan disbursals

ICICI Bank brings instant home loan disbursals

HIGHLIGHTS The bank has also grown the number of its mortgage sourcing offices by 50% to 1,500 in FY19 in a bid to achieve its target of Rs 2 lakh crore home loan portfolio by March 2020 ICICI Bank’s home loan portfolio at Rs 1.7 lakh crore has grown 19% year-on-year as on December 31, […]

If home project delayed, builder to lose right over it

If home project delayed, builder to lose right over it

The state’s real estate watchdog, MahaRERA, on Thursday issued a standard operating procedure (SOP) to allow home buyers to remove a developer in a delayed project, which will then be given to an expert panel to help complete it. The authority clarified it can take act only in non-litigated cases. “It will help finish all […]

ICICI Bank cuts MCLR by 5 bps across tenors

ICICI Bank cuts MCLR by 5 bps across tenors

The Reserve Bank, in its bimonthly policy review in February, had cut the key repo rate by 25 bps to 6.25 per cent. ICICI Bank Monday cut the marginal cost of funds based lending rate (MCLR) across tenors by five basis points (bps) ahead of the Reserve Bank of India’s monetary policy meeting later this […]

Housing.com parent Elara buys FastFox

Housing.com parent Elara buys FastFox

Elara Technologies Pte Ltd, the owner of Housing.com, PropTiger.com and Makaan.com, on Monday announced the acquisition of Gurugram-based rental brokerage platform FastFox.com, according to a statement issued by the company. With this acquisition, Elara aims to go beyond search and discovery for home rentals on its platforms and add on-ground assistance to both landlords and […]

Panel recognises mortgagee’s claim

Panel recognises mortgagee’s claim

Striking a balance between a finance company’s claims and home buyer’s rights over a stalled project whose promoter is in jail, the Maharashtra Real Estate Appellate Tribunal (MREAT) has modified a MahaRERA order, recognising the rights of Xander Finance as a mortgagee while upholding the home buyer’s claims on the plot and refusing to stay […]

Rich flat buyers Rs1300cr stuck in Palais Royale

Rich flat buyers Rs1300cr stuck in Palais Royale

MUMBAI: Middle-class and low-income families are not the only victims of stalled real estate projects in Mumbai. Around Rs 1,300 crore paid by high net worth individuals to the builder of India’s tallest under-construction residential tower, 294-metre high Palais Royale at Worli Naka, is stuck for a decade. The project has been mired in a […]