Up next
Tags

A society in Versova cancelled its development agreement with HDIL builder and announced it on the first day of 2020.

By Varun Singh

On the first day of 2020, Versova-Andheri Vinayak Cooperative Housing Society, decided to announce that they have terminated the development agreement it had got into with HDIL Developers.

The housing society located in Four Bungalows, Andheri issued a public notice on January 1, 2020. The notice issued by the advocates of the housing society states that, “We have terminated the consent given to Housing Development and Infrastructure Limited (HDIL) of our client and also terminated the redevelopment agreement.”

In 2010 HDIL and the Versova-Andheri Vinayak Cooperative Housing Society got in to a development agreement. It was meant for the redevelopment of the building with a plot size of 1332.50 sq mt.

All the ancillary documents entered between the society and HDIL also stands terminated. This terminated was vide a letter dated November 26, 2019 which was sent by the society and vid letter dated December 24, 2019 by the advocates.

The notice further states that if anyone has objections they may contact the lawyers within seven days of the notice.

HDIL builders which at one point of time was one of the biggest in the city of Mumbai landed into controversy. The connections of their directors with the PMC Bank Scam is being investigated by the authorities.

HDIL has several stuck projects and many complaining home buyers. The worth of stuck projects would be anywhere in thousands of crores.

SHARE ON
TwitterWhatsappFacebookBufferLinkedInPin It
Leave a Reply
You May Also Like
In a blow to real estate borrowers, the Bombay High Court has ruled that a single mortgage securing multiple loans counts as separate transactions, forcing Mumbai developer Neepa Real Estates to pay an extra ₹72 lakh in stamp duty and penalties on ₹625 crore worth of loans.

Homebuyer Wins Relief: Developer Ordered to Fix Structural Issues in Flat

A Mumbai homebuyer, Palvinder Singh, has secured a partial victory against developer Mohan Lifespaces LLP, with MahaRERA ordering the rectification of structural defects in his flat. While a refund request was denied due to the timely issuance of the Occupancy Certificate and delayed possession by the buyer, the Authority mandated the developer to fix issues like wall cracks and tile problems within 30 days, upholding Section 14(3) of the RERA Act.
After more than two decades, the Maharashtra government has revised the carpet area of staff quarters for its officers and employees. The new norms significantly increase the size of government housing across all pay levels, reflecting changing lifestyle needs and modern construction standards.

Iran Conflict Puts Dubai Real Estate Under Watch: Sentiment Shock or Structural Risk?

Geopolitical tensions involving Iran have sparked fresh questions about the resilience of Dubai’s booming real estate market. While investor sentiment may turn cautious in the short term, strong fundamentals, a diversified global investor base, and high rental yields continue to support the emirate’s property sector.
The ED has attached properties worth over ₹51 crore linked to Ocean Seven Buildtech in a money laundering case involving diversion of funds collected from homebuyers for incomplete affordable housing projects. Promoter Swaraj Singh Yadav is accused of orchestrating the fraud through arbitrary cancellations, inflated resales, and misuse of escrow funds. Probe continues.

SBI Loses ₹1,266 Crore: ED Attaches Dubai Properties Gifted by Fraud Accused to Daughter

The ED has attached nine Dubai properties worth ₹51.70 crore linked to Shrikant Bhasi, accused in the ₹1,266-crore SBI fraud. Investigators found the assets were purchased using laundered funds and later gifted to his daughter to conceal ownership.
Indian real estate shares began the session on a steady note as markets hinted at a gap-up opening. The Nifty Realty index edged higher, with selective buying seen in stocks like Oberoi Realty, while others such as Godrej Properties remained under pressure, signaling a stock-specific trading day ahead.

🏗️ Realty Stocks Lift Off in Morning Trade: Big Developers Fuel Early Gains as Markets Open Strong

Real estate stocks traded higher in the first hour of trade, led by large developers like DLF, Godrej, and Lodha, as institutional investors drove selective gains. Mid-caps stayed muted amid profit-taking, with booking updates expected to steer the next move.