Saturday, November 7, 2015

Consumer Court Orders Krishna Properties & Krishna Developers from Viman Nagar, Pune to Refund 5 Lakh Booking Amount & Pay 25,000 as Compensation to the Flat Buyer

Consumer Court Cases Against Pune Builders:


File a complaint against a builder in consumer court

Pune district consumer disputes redressal forum has directed a developer from Viman Nagar to refund Rs 5 lakh, along with Rs 25,000 compensation, to a complainant for deficiency in service.

The forum held that the builder was liable for deficiency in service for not having started the construction of a residential project as per the schedule promised to the complainant, who had booked a flat in the scheme, and not returning the Rs 5 lakh booking amount.

A K Singh, proprietor of Krishna Properties and Krishna Developers, must return Rs 5 lakh and pay Rs 25,000 as compensation to complainant Subhas Das within six weeks from October 29 when the order was issued by the forum.

Das had booked a flat in December 2012 in the `Vridavan' apartment scheme. Between December 6, 2012 and January 4, 2013, Das issued five cheques to the builder, who assured him that construction would begin in January-February 2013. The cheques were of varying amounts, totalling Rs 5 lakh The construction work, however, did not begin as per schedule and Das started pursuing the matter with Singh. The latter kept evading Das, who then asked for the refund.

On October 14, 2013, the builder issued a cheque of Rs 5 lakh but it was returned by the bank due to insufficient balance. Later, Das moved the consumer court by filing a complaint alleging deficient service that resulted in mental and physical agony. He not only demanded Rs 5 lakh refund with interest at 24% pa but also demanded Rs 10 lakh compensation towards physical and mental agony .

The builder failed to respond to the forum's notices following which it decided to proceed ex parte against him. It relied on documents like the affidavit, the Pune Municipal Corporation's sanction to the building plan for the scheme, receipts issued by Singh against cheques given by Das towards the booking amount, bank statements of the complainant and the cheque issued by Singh which was returned by the bank, while passing the order of refund and compensation. Forum refund prod to builder

Related Stories:


Related Stories:


5) Consumer Court Orders Bhujbal Brothers Construction Company to Return Booking Amount to the Flat Buyer

4) Bhujbal Brothers & Vatika at Balewadi Pune - Share Your Experience - First Time Home Buyers Can Learn a Lot from Your Experience!

3) Consumer court forces real estate company to return money to investors

2) Consumer court orders builder to pay residents Rs 1 lakh compensation for completion certificate delay

1) Builder-Buyer Agreement not the final word

Ask Ravi Karandeekar:


If you want to ask me, feel free to call me on 919860044110.  First 3 minutes are free! And for more than 3 minutes - pay as you wish - you decide the value of my advice.

Of course, for a serious discussion, better fix an appointment at a time convenient to both of us. So that we can have uninterrupted & in depth discussion on my mobile (919860044110)
- on Video Hangout on Google+
- or on Skype (ravikarandeekar) .

For more than 3 minutes and up to 30 minutes - pay as you wish. After the conversation - transfer the money to my bank account. As much as you wish. From a few hundred to a few hundred thousand crore of U S Dollars or Indian Rupees. Here are my bank account details:

Ravindra Karandeekar,
Bank of Maharashtra.
Savings A/c no- 20047674794.
Branch- Bajirao Road Pune MICR Code 411014010.
IFSC- MAHB0000001

Friday, November 6, 2015

Consumer Court Orders Bhujbal Brothers Construction Company to Return Booking Amount to the Flat Buyer

Consumer Court Cases Against Pune Builders:


Consumer Court Orders Bhujbal Brothers Construction Company to Return Booking Amount to the Flat Buyer
Click to Visit Original News about Bhujbal Brothers v/s Nobina Banerjee

Pune District Consumer Forum has ordered Bhujbal Brothers Construction Company - www.bhujbalbrothers.com - to return - the agreed amount - Rs. 14,14,790 - the booking amount plus interest - paid against the flat in Vatika at Balewadi - alongwith Rs. 50,000 for compensation & court case expenses to the flat buyer - Nobina Banerjee.

In May 2012, Nobina Banerjee paid Rs. 10,76,727 as a booking amount to the builder. However, the flat booking was cancelled. The builder agreed to pay Rs. 14,14,790 - the booking amount with interest.

However, Bhujbal Brothers Construction Company's cheques were dishonoured by the bank. So, Nobina Banerjee filed case against Bhujbal Brothers in the consumer court.

However, Bhujbal Brothers Construction Company ignored the court notice. So, in the absence of the builder, Pune District Forum gave the judgement based on the documents presented by the flat buyer.

Congratulations, Nobina Banerjee!

Related Stories:


4) Bhujbal Brothers & Vatika at Balewadi Pune - Share Your Experience - First Time Home Buyers Can Learn a Lot from Your Experience!

3) Consumer court forces real estate company to return money to investors

2) Consumer court orders builder to pay residents Rs 1 lakh compensation for completion certificate delay

1) Builder-Buyer Agreement not the final word

Ask Ravi Karandeekar:


If you want to ask me, feel free to call me on 919860044110.  First 3 minutes are free! And for more than 3 minutes - pay as you wish - you decide the value of my advice.

Of course, for a serious discussion, better fix an appointment at a time convenient to both of us. So that we can have uninterrupted & in depth discussion on my mobile (919860044110)
- on Video Hangout on Google+
- or on Skype (ravikarandeekar) .

For more than 3 minutes and up to 30 minutes - pay as you wish. After the conversation - transfer the money to my bank account. As much as you wish. From a few hundred to a few hundred thousand crore of U S Dollars or Indian Rupees. Here are my bank account details:

Ravindra Karandeekar,
Bank of Maharashtra.
Savings A/c no- 20047674794.
Branch- Bajirao Road Pune MICR Code 411014010.
IFSC- MAHB0000001

Wednesday, November 4, 2015

Home loan tips for first time home buyers

Five hacks to save money on a home loan:


Home loan tips for first time home buyers

If you already have a mortgage or are planning to avail of one soon, you are obviously confident of your finances, but a few tips to save money on your home loan couldn't hurt, right? Read on to find out more!

1) Check your CIBIL score and CIBIL report -
Once you are brandishing a CIBIL score of 750 and above you can go about home loan shopping.

2) The pre-purchase drill -
Make sure that you are aware of all the home loan features and the several fees and charges such as the processing fee, switching and pre-payment costs.

3) Negotiation is a powerful tool -
A high CIBIL score gives you the power to negotiate, so make sure you make optimum use of the same.

4) Make a higher down payment -
A higher down payment will substantially reduce your EMI burden, so it is definitely worth your best shot!

5) Pay the same EMI despite a falling interest rate regime -
If you keep paying the same EMI, you shall end up saving on your interest payment component and will have saved money in the long run.

Click to Read More

Related Stories:


5) Evaluate No Pre-EMI till Possession (20-80) or (10-80-10) Payment Scheme

4) Where to invest in Pune - Wagholi, Marunji or Narhe?

3) Should I Buy a 1 BHK at Pimple Saudagar or a 2 BHK at Pirangut?

2) Should I buy a 1 BHK Flat for my parents in Playtor at Paud?

1) Should I invest on Porwal Road in Lohegaon?

Tuesday, November 3, 2015

How are home loans being given by banks going up?

There is no real time data coming out on Indian real estate which can be used to estimate which way are the real estate prices are headed:


There is no real time data coming out on Indian real estate which can be used to estimate which way are the real estate prices are headed - (Image - chennairealty.biz)

Every month, the Reserve Bank of India (RBI) declares the sectoral deployment of credit data. This provides details of the different kind of lending carried out by banks. One of the data points that the RBI shares is the total amount of home loans given by banks.

The latest data was released on October 30, 2015. As per this data, between September 19, 2014 and September 18, 2015, banks gave out home loans worth Rs 1,04,135 crore. This forms 21.6% of the total lending carried out by banks.

How was the situation a year earlier? Between September 20, 2013 and September 19, 2014, banks had given out home loans worth Rs 75,058 crore. This formed around 16.5% of the overall lending by banks.

So what does this tell us? Between September 2014 and September 2015, the banks gave out a greater amount of home loans both in absolute as well as proportionate terms, in comparison to the period between September 2013 and September 2014.

So far so good.

Now compare this to the news that you keep hearing about real estate companies sitting on huge number of unsold homes. If that is the case then how are home loans being given by banks going up?
Read more at - RBI needs to answer some questions on home loans

Related Story:

1) RBI move on loan-to-value ratio to cut down home loan rates: Crisil

Consumer court forces real estate company to return money to investors

Possibly a first-of-its-kind order by a consumer court:


File a Complaint Against a Builder in Consumer Court

In its order, the New Delhi Consumer Disputes Redressal Forum had imposed penalty of imprisonment for three years under the Consumer Protection Act, 1986, on Madhu Singh, director of the company for failing to satisfy the decree order passed by the Forum.

The Forum had recently compiled all claims against the erring company and has ordered part-payment, to begin with, of amounts paid by them from money collected through sale of assets of the company. - Click to read more

Related Stories:


3) FIR lodged against builder for duping customers

2) Consumer court orders builder to pay residents Rs 1 lakh compensation for completion certificate delay

1) Builder-Buyer Agreement not the final word

Monday, November 2, 2015

Should I invest on Porwal Road in Lohegaon?

Could a frog turn into a prince?


Porwal Road Lohegaon

I own a 2 BHK Flat at Baner. I want to invest in second property. I liked one property on Porwal Road at Lohegaon. A 2 BHK for 45. Builder told me that, soon, Lohegaon will be merged in PMC. What are your views on the development prospects of this area - in the next 5 years? How much appreciation can I expect? Sandeep Patil (name changed) asked me on 91 98600 44110.

Let us first confirm whether I have understood your question. If you keep your 45 Lakhs - today - in a bank FD - for 60 months - according to HDFC Bank calculator - on 2nd November 2020 - you will get 65,73,187 - but, you are sure - you will get more than 65,73,187 - if you invest in a property on Porwal Road in Lohegaon - and you are curious to know how much more than 65,73,187. Right? I asked.

No. I was not comparing it with the bank FD. I can't keep in FD which I don't have. I only have 20. Not 45. Said Sandeep.

Only 20! Then - how can you invest 45 in a property? I asked.

Home loan! Sandeep said.

I am confused. What are you exactly upto? Do you want to invest or do you want to create a debt - liability? I asked.

I want to invest. Sandeep said.

Good! And you can invest. Your 20 lakh. But, certainly, not 45. Because you don't have 45. Means - you can't invest in a property on Porwal Road in Lohegaon. I said.

What if I have? Will it give me good appreciation? What are your views? Without trying to hide his irritation - Sandeep asked.

Hypothetical question! If you had 45 - my guess is - you would not have considered Porwal Road in Lohegaon. Am I right? I asked.

Who are you? Mind reader? Sandeep asked in an irritated voice.

No I am not. There was no need to read your mind. You yourself told me. You asked - if I kissed this frog will it turn into a prince? I said.

What about you? Are you a property investor or a frog kisser?

Ask Ravi Karandeekar:


If you want to ask me, feel free to call me on 919860044110.  First 3 minutes are free! And for more than 3 minutes - pay as you wish - you decide the value of my advice.

Of course, for a serious discussion, better fix an appointment at a time convenient to both of us. So that we can have uninterrupted & in depth discussion on my mobile (919860044110)
- on Video Hangout on Google+
- or on Skype (ravikarandeekar) .

For more than 3 minutes and up to 30 minutes - pay as you wish. After the conversation - transfer the money to my bank account. As much as you wish. From a few hundred to a few hundred thousand crore of U S Dollars or Indian Rupees. Here are my bank account details:

Ravindra Karandeekar,
Bank of Maharashtra.
Savings A/c no- 20047674794.
Branch- Bajirao Road Pune MICR Code 411014010.
IFSC- MAHB0000001