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Home Authors Posts by Devendra Pandit

Devendra Pandit

Devendra Pandit
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With a total of 20 plus, Years of experience, Devendra Pandit comes from a rich background with versatile experience from different fields like Customer Service, Prop Tech, Real Estate, Finance, Management, and Sales. Time and again, his articles have revolutionized the industry standards and has been awarded for his contribution on greater than life platforms

Haryana RERA revokes registration of real estate agent for submitting forged documents

By
Devendra Pandit
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The Haryana Real Estate Regulatory Authority (H-Rera) recently made headlines for revoking the Rera registration certificate of real estate agent Vineet Kejriwal, who submitted forged documents at the time of application.

The H-RERA is responsible for enforcing the Real Estate (Regulation and Development) Act 2016, which mandates that all real estate agents must obtain a RERA registration number. As part of the application process, applicants must submit documents, including proof of commercial office space that is either self-owned or rented, certified by the district revenue department.

The H-Rera found that Kejriwal had forged the documents with mala fide intention, amounting to a serious offense. Consequently, the Authority revoked his registration number, which was previously issued in April 2022 under the registration number RC/HARERA/GGM/1 697/1292/2022/65. Furthermore, an inquiry has been initiated into the matter.

The H-Rera came to know about the forged documents after receiving a complaint alleging that Kejriwal had illegally registered the office premises belonging to the company of the complainant with the H-Rera Gurgaon by forging documents, including the rent agreement as proof of office address. Upon investigation, the Authority found a clear mala fide intention on Kejriwal’s part in obtaining RERA registration in contravention of the Act.

The H-RERA invoked Sections 7 and 9 of the Act, which state that if the Authority is satisfied that the registration has been secured by the real estate agent through misrepresentation or fraud, it may revoke or suspend the registration. The Authority emphasized that no one is above the law, and all three stakeholders of Rera, including the promoter, allottee, and agent, are duty-bound to follow the mandate placed in the Act. The Authority reiterated that the Act must be followed in letter and spirit to maintain the integrity of the real estate industry.

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Taylor Swift’s Real Estate Holdings Valued at $150 Million

By
Devendra Pandit
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Did you know that Taylor Swift‘s real estate holdings are worth an estimated $150 million? The American singer-songwriter has invested in properties across the United States, including several luxury homes and apartments.

Swift’s real estate portfolio includes a $17 million townhouse in New York City, a $25 million mansion in Beverly Hills, and a $17 million penthouse in Nashville, among others. The properties are spread across some of the most desirable neighborhoods in the country, reflecting Swift’s taste and preferences.

Apart from her primary residences, Swift also owns several investment properties, which she rents out for additional income. The singer is known for her business acumen and has made several smart investments over the years, including in the real estate sector.

Swift’s real estate holdings have grown significantly over the years, reflecting her success as an artist and her savvy investments. The singer’s investment in properties is a testament to the potential of the real estate sector as a means of building long-term wealth.

In conclusion, Taylor Swift’s real estate holdings, valued at an estimated $150 million, are a reflection of her success as an artist and her business acumen. The singer’s investments in properties across the United States demonstrate the potential of the real estate sector as a means of building long-term wealth. As Swift continues to expand her real estate portfolio, it will be interesting to see how her investments perform in the years to come.

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99 Group Secures Series C Funding Extension

By
Devendra Pandit
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99 Group, the Brazilian technology company, has secured an extension of its Series C funding round. The company has raised an additional $70 million from investors, bringing the total amount raised in the round to $405 million.

The funding round was led by the SoftBank Latin America Fund, with participation from other investors, including monashees, Qualcomm Ventures, and Riverwood Capital. The additional funding will be used to expand the company’s services in Brazil and other Latin American countries.

99 Group provides a range of technology-based services, including ride-hailing, food delivery, and financial services. The company has seen significant growth in recent years, with its ride-hailing service now available in over 1,600 cities across Brazil.

The extension of the Series C funding round is a testament to the company’s success and its potential for further growth. The additional funding will allow 99 Group to expand its services and compete with other technology companies in the region.

In conclusion, 99 Group’s extension of its Series C funding round is a positive development for the company and the wider technology sector in Brazil and Latin America. The funding will enable the company to expand its services and compete with other players in the market. With its strong track record of growth and innovation, 99 Group is well positioned to capitalize on the opportunities presented by the region’s rapidly expanding technology sector.

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Noida Homebuyers Demand Government Policy to Address 30 Stalled Realty Projects

By
Devendra Pandit
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A group of homebuyers in Noida has appealed to the government to develop a policy to resolve the issues faced by around 30 stuck real estate projects in the region. These projects have been stalled for several years, leaving homebuyers in a lurch and developers facing financial difficulties.

The homebuyers have called for the government to set up a committee to look into the matter and come up with a solution that benefits both the developers and the buyers. The committee should consist of representatives from the government, developers, and homebuyers to ensure a fair and transparent process.

The stalled projects have caused significant financial and emotional distress to the homebuyers, many of whom have invested their life savings in these properties. The buyers are seeking a resolution that would protect their interests and ensure that their dream of owning a home becomes a reality.

The government’s intervention is necessary to resolve the issue and restore confidence in the real estate sector, which has been marred by a spate of stalled projects and developer bankruptcies. A comprehensive policy that addresses the concerns of all stakeholders is needed to prevent a repeat of such a situation in the future.

In conclusion, the call for the government to develop a policy to resolve the issues faced by the stalled real estate projects in Noida is a step in the right direction. The government’s intervention is necessary to protect the interests of homebuyers, restore confidence in the real estate sector, and ensure that the dream of owning a home becomes a reality for many. It is important to develop a comprehensive policy that takes into account the concerns of all stakeholders and prevents a repeat of such a situation in the future.

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DTCP ordered Chintels India to shift residents of E & F towers

By
Devendra Pandit
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GURUGRAM: On Wednesday, the department of town and country planning (DTCP) ordered the Chintels Paradiso developer in Sector 109 to immediately relocate the residents of towers E and F.

District Town Planner (enforcement) Manish Yadav wrote to Chintels India, the developer, requiring it to offer monthly rentals to residents of these two towers at a rate of Rs 15 per square foot. According to him, the developer will have to sign a lease for a period of 11 months and make rent payments until the residents’ claims are resolved.

Yadav added that the six-month rent must be paid in full right away. Additionally, he continued, “a lump sum payment of Rs 40,000 will be made to each flat owner of these two towers as shifting charges. The DTP further stated in the letter that Chintels must sign an agreement within 10 days.

Yadav claimed that after a structural audit by IIT-Delhi, both of these towers had been deemed unfit for habitation. “We have instructed the builder to relocate and temporarily settle the residents of both towers. We also urge the residents to leave these towers as soon as possible for their safety, he continued.

A representative for Chintels stated that the company has been following the instructions of the district administration and other relevant authorities. “We have been asking the district administration to help us evacuate the towers so that residents can stay safe. We will adhere to the rules established by DTCP regarding the 15 sq ft rentals to residents of towers E and F.

Days after the district administration declared the two buildings unfit for habitation and cited an IIT report highlighting structural flaws in them, Yadav had instructed the developer to have the flats in the two towers vacated with “immediate effect” by February 16.

The developer has now been asked to vacate the two towers three times. After receiving complaints from locals about building flaws and sagging balconies, district town planner Amit Madholia, who was in charge at the time, issued such an order on November 10 of last year. In order to vacate the apartments within five days, the developer was asked to submit a schedule and the procedure to be used.

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Maharashtra Government to Create Panel to Draft SOP for Construction Site Safety

By
Devendra Pandit
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MUMBAI: On Monday, the Maharashtra state government announced its decision to establish an expert committee to draft a Standard Operating Procedure (SOP) to prevent accidents at under-construction buildings and infrastructure project sites.

This move follows the deaths of two pedestrians last month after bricks fell from an under-construction building in Worli. The company that owns the building has offered to pay Rs 25 lakh to the victim’s kin.

Industries Minister Uday Samant made the announcement during a Calling Attention motion moved by Shiv Sena (UBT) MLC Sunil Shinde in the Legislative Council. He informed the council that a technical committee had already been directed to be set up by the High Court in a similar case. The new committee will suggest measures for pedestrian safety at under-construction sites and create a comprehensive policy to prevent accidents.

Shinde alleged that the number of objects falling from under-construction buildings across the state was increasing and pointed out several irregularities in the Worli building where the incident occurred. Samant assured the council that all issues raised by the MLCs would be examined but refused to halt the ongoing construction work.

Deputy chairperson of the Legislative Council, Neelam Gorhe, directed opposition MLCs to submit a draft of the expected SOP to the government. She further directed Samant to incorporate suggestions and come out with a comprehensive SOP at the earliest.

This announcement comes after the Bombay High Court directed the BMC to formulate norms on safety requirements at construction sites just three days ago. In February, two pedestrians lost their lives after a heavy stone attached to a construction crane fell on them from the 42nd floor of an under-construction highrise building at Dr E Moses Road in Worli. The Worli police later arrested the contractor and two workers for allegedly causing death by negligence.

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HSVP siphoned Rs 100 crore to Punjab builders from secret bank account

By
Devendra Pandit
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CHANDIGARH: The accounts division of Haryana Shehri Vikas Pradhikaran (HSVP) opened and ran a covert bank account to transfer funds to independent builders and their associates in Zirakpur and Dera Bassi in the Punjab province.

It was discovered on Wednesday after Panchkula police received a letter from the HSVP’s chief controller of finances requesting an investigation and case registration. More than Rs 100 crore worth of fraudulent transactions were made using the secret bank account, which is linked to the estate office in Panchkula. The internal audit team has only been able to uncover the specifics of transactions totaling Rs 72 crore.

B B Gupta, chief controller of finance, declared: “We have started an internal investigation and asked police to investigate to identify the HSVP officials involved.” The transactions were carried out between April 2016 and February 2019 using the Punjab National Bank (PNB), allegedly by members of the HSVP’s accounts department. Under the terms of land acquisition compensation, the funds were distributed to private builders.

The money was transferred to the builders, their relatives, and their workers as well. HSVP’s chief administrator, Ajit Balaji Joshi, said an internal inquiry and police investigation will proceed simultaneously. HSVP’s chief controller of finance, Gupta, also claimed to have been surprised by the tipoff.

Gupta said, “We checked with our accounts department first. We did not have those accounts on our list. Since we have other accounts as well, we later contacted the bank. One of those HSVP accounts was used to transfer the funds. Comparing the statements, we found that the transactions were fraudulent”.

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Residents pay 10 lakh per month but Tamil Nadu housing board failed to maintain flats

By
Devendra Pandit
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CHENNAI: The 550 owners of the Tamil Nadu Housing Board’s tenements in Ambattur pay nearly 10 lakh in maintenance fees each month, but residents claim that the majority of issues go unresolved.

Prior to the maintenance fee being increased to 1,800 six months ago, residents claimed they had each been paying 1,600 per month for maintenance since 2020.

According to them, the complex does not offer amenities like a gym, party rooms, a mini-theatre, or a swimming pool for such high prices. Residents’ associations within the tenements had declined to take on maintenance on their own, claiming that not all the homes were occupied and the towers had numerous quality issues. According to Block Eight Residents Welfare Association President Suresh C. Nair, the walls had extensive cracks, cement dust was constantly falling, the lifts weren’t working, and trash had been dumped beneath the tiles. Why do they charge so much for maintenance when nothing is done? “Every month, we have to visit the TNHB office in Thirumangalam (6 km away) to pay maintenance,” he said.

There were only two sweepers for the 266 houses, according to Malar, who lives on the 11th floor of Block 9. There have been just over 100 homes sold. The entire building cannot be cleaned by two sweepers. Secondly, there is poor quality wiring on most floors above the 10th. Even when we use our own lights, they don’t work.

Little was done to address the many issues, but money was being collected, she said. “Some owners are spending their own money to fix their homes because they have to leave them for rent.”

The homes were purchased in 2016 for a total of Rs 19.9 lakh each, and they were delivered in 2020. In order to provide the sale deed, they are now demanding an additional Rs. 3 lakh. “We have refused to pay because we are unsure of the purpose of this,” she said. A Palanisamy from Block 9 reported that the steps were broken and there was no garbage collection. “The 1800 is not worth paying,” he said. Residents shared images of hollow staircases without concrete plastering on Saturday. 

Neither executive engineer Manjunathan nor assistant engineer Muruganandam of TNHB were available for comment. Prior to this, TNHB Chairman Poochi S. Murugan said that he would talk with residents about maintenance and sale deeds.

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Delhi RERA will take action against builders avoiding project registration

By
Devendra Pandit
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According to chairperson Anand Kumar, the Real Estate Regulatory Authority (RERA) of Delhi has decided to crack down on builders who avoid registration by performing surprise checks.

Despite the fact that project registration with the Authority is required for all developed areas over 500 square meters in Delhi, regardless of the number of apartments constructed there, several builders were avoiding doing so.

We’ve heard a lot of complaints, and we’ll start responding to them. When there is no complaint, in some circumstances, we will check the violations, said Kumar.

Unregistered projects will be subject to a fine of up to 5% of the project cost under RERA. Delhi RERA resolved about 160 complaints between 2017 and 2021. It resolved 150 complaints in the previous year.

“We got to know that builders are getting the land registered to four different owners by giving them 25% share each and then starting the development so that they don’t come under the ambit of RERA. For instance, if a 1,000 square yard plot of land is divided among four owners and later developed, the total developed area won’t exceed 500 square meters, and the developer can avoid registration”, according to Kumar.

RERA has urged the Delhi government to refrain from registering a single land parcel in the names of various owners in order to close this loophole. Since low-rise buildings make up the majority of Delhi’s real estate market, local developers renovate buildings and sell the floors separately for up to Rs 30 crore each.

Following complaints about purchasers not receiving their property in a timely manner, RERA declared in April 2022 that even low-rise developments must be registered.

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CRDA must pay interest to allottees on failure to provide possession of flats – APRERA

By
Devendra Pandit
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VIJAYWADA: The Andhra Pradesh Capital Region Development Authority (APCRDA) has been ordered by the Andhra Pradesh Real Estate Regulatory Authority (APRERA) to pay interest on the money paid by the flat allottees in the Happy Nest project because possession of the flats was not provided as per the contract.

The interest must be paid by APCRDA from June 30, 2022, until the allottees receive their apartments. The interest rate was decided as the Prime Lending Rate of State Bank of India + 2%.

The Happy Nest project, to construct luxurious apartments in Amaravati, was announced by the APCRDA in 2018. The apartments were offered for sale online. The APCRDA announced the second phase of Happy Nest as soon as the apartments were sold out, and a total of 1,200 apartments were sold.

The project has been put on hold along with the Amaravati project since the YSRC government came to power. However, the APCRDA was required to deliver the apartments to the allottees by December 2021. Some of the allottees demanded an explanation and even filed a complaint with the APRERA because the construction of the Happy Nest apartments was not completed within the time limit.

Together with 11 other people, Maddineni Venkata Sai Babu filed separate complaints with APRERA against APCRDA. Karumanchi Indraneel Babu made the claim on behalf of the complainants, claiming that the APCRDA had broken its promise to finish the project by the predetermined date. In accordance with section 18 of the RERA Act, the complainants requested interest be applied to the amount paid. They have also demanded Rs 20 lakh in compensation for mental agony.

However, Kasa Jagan Mohan Reddy argued that RERA had extended the registration deadline in the suo moto actions it had taken.

He argued that APCRDA could not be used twice on the same project. In addition, he said that all parties, including APCRDA, had no control over bidders’ refusal to accept projects due to Covid-19. 

The APRERA determined that the complainants are entitled to interest on the amount paid after observing that the APCRDA failed to complete the project within the deadline despite taking into account the additional six months granted because of Covid-19.

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