Ravi Karandeekar's Pune Real Estate Market News Blog: May 2017

Wednesday, May 31, 2017

Temple Rose Plotting Scam - Classic Example of Police Public Participation

Court extends police custody of Sajnani till 5th of June.
Other directors of Temple Rose are absconding.

Temple Rose Plot Buyers - Mubina Sanaula, Deepali Deshmukh, Rashmi Nehete, Prithviraj Pardeshi, Pravin Jain - went with Police Inspector Rajesh Puranik and his team to Sajnani's residence in Mumbai for Panchnama!

Case filed against Temple Rose Real Estate Pvt. Ltd (TRREPL) plotting and investment fraud is a classic example of Police Public Participation (PPP).

And that is the reason why TRREPL director - Devidas Sajnani - is behind the bars and the chances of getting investors money back have increased.

Thanks to Rajesh Puranik, Police Inspector of Economic Offences Wing ( EoW) who under the guidance of Commissioner Rashmi Shukla and DCP Sudhir Hiremath not only had a proactive dialogue with TRREPL investors but also invoked Maharashtra Protection of Interest of Depositors Act (MPID) in this case.

Under MPID competent authorities can seize and sell accused persons properties.
Even if, the accused has sold or transferred the properties to third party, authorities can seize those too.

Under MPID only the persons who have registered the complaints get their money back.

Read more at Vijay Kumbhar's Exclusive News & Analysis Blog

1) Pune Police arrest Devidas Sajnani of Temple Rose City Pingori Purandar

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Monday, May 29, 2017

How can The Times of India do this to Pune Builders?

MahaRERA is for the promotion of real estate business.
MahaRERA is for increasing housing supply.
Not to harm the builders in Pune.
Not to create shortage of housing in Pune real estate market.:

Add caption

To gain insights on how RERA will transform the real estate industry, yesterday evening, I visited RERA Information Desk of Posiview Consulting at Times Pune Property Exhibition at Sheraton Grand near Pune railway station.

In the couple of hours I was there, I realized that most of the people who visited the RERA Desk were victims of the builders in Pune. These victims of the builders wanted to know whether MahaRERA will give them justice. Ms. Komal Karwande, who was at the Desk, confirmed the same.

At Times Property Expo, the victims of Pune builders outnumbered the visitors who wanted to book flats!

For example, at the exhibition, there was one couple in their 80s. Some 10 years ago they had booked a flat in a project near their home for their only daughter - so that their daughter can take care of them. But even after 10 years - they haven't received possession of their flat.

Instead of their daughter taking care of them - for the last 10 years - they are fighting for possession of their daughter's flat.

They had gone to consumer court & won the case. But the builder is refusing to follow the consumer court's judgement of giving possession of flat. The builder is ready to refund their money but refusing to give a flat.

Can MahaRERA help us to get possession of our flat? The couple in their 80s wanted to know.

This is terrible!

This is not only against the interests of the builders who participated in the property exhibition but this is against the entire builder lobby in Pune.

Instead of presenting a rosy picture which will tempt the visitor to book a flat - the organizers of the property exhibition are demotivating the visitors from booking flats.

By inviting victims to the exhibition - instead of a fiction - the organizers had exhibited the facts. The ugly truth of Pune real estate market. I said to myself.

In short, it was an exhibition of unfair - unethical - illegal - criminal - business practices of the builders in Pune.

How can The Times of India do this to Pune builders?

Spreading negative sentiments against the builders in Pune is not fair.

After all builder's ads is the main source of revenue of The Times of India.

These negative sentiments will completely destroy the business of builders in Pune who are already struggling to survive.

True! For the last couple of months the builders in Pune have stopped releasing ads.

True! For the last 6 months or so the builders in Pune are not taking part in The Times Property Expo.

True! In the next 6 months the builders in Pune may not release ads & may not participate in any property exhibition.

But it doesn't mean that anyone has a right to punish the builders in Pune for that!

If it had been a CREDAI Pune Metro Property Exhibition, the builders would not have put RERA Information Desk. The builders would not have let their victims enter in the exhibition. If the victims had tried to enter - like the last CREDAI exhibition - the builders would have used police force against them.

I hope that The Times of India will correct it's mistake and join hands with the builders in Pune. Together they will spread the positive sentiments in Pune real estate market and give boost to the business. Which is the main purpose of MahaRERA.

What say you?
Instead of a justice to the victims of the builders, all we want is more housing supply. Right?
Please, share your views in the comments.

1) Will MahaRERA resolve flat buyers' complaints against builders in 60 days?

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Saturday, May 27, 2017

Pune Police arrest Devidas Sajnani of Temple Rose City Pingori Purandar

After the dramatic arrest in Mumbai, Sajnani to spend 5 days in the custody of Economic Offence Wing of Pune Police:

Mr. Rajesh Puranik, Police Inspector - Economic Offence Wing of Pune Police & Mr. Vijay Kumbhar, RTI Activist

Economic Offence Wing of Pune Police has booked Sajnani under Maharashtra Protection of Interest of Depositors Act (MPID) Act. Section 3 & 4, and The Prize Chits and Money Circulation Schemes (Banning) Act, sections 3, 4, 5, and sections 409, 420,467, 468 120 (b), 34 of the Indian Penal Code.

Sajnani floated 'Proposed N A Plots scheme' Temple Rose City at Pingori village near Purandar and offered investment schemes like Buyback, Guaranteed Double Income in 4 Years, Equated Monthly Installments and Income Growth — assuring 20 - 25% returns per annum - collected over 2.13 Crores from 4000 investors between 2013 and 2017.

Sajnani allegedly sold the land to investors by signing notarised agreements, but no land was allocated to them. The plotting of the land was never done and it was never converted to NA. The company officials allegedly sold the same land to 11 persons by using forged memorandum of understanding and sale deed documents - investigating officer Rajesh Puranik told Indian Express.

Vijay Kumbhar not only exposed Temple Rose City Pingori scam but he also guided the investors to take action against Sajnani.

With the permission of Mrs. Rashmi Shukla, Pune Police Commissioner, Mr. Rajesh Puranik, Police Inspector - Economic Offence Wing of Pune Police, organized the meet of investors.

Ms. Niti Rishi Dutta Shukla Tiwari, of NCL Colony in Pashan, led the investors and lodged complaint at the Chaturshrungi Police Station.

According to the latest news, EOW of Pune is seeking help of the Enforcement Directorate to trace the suspected transfer of funds to the US by Sajnani.

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Times Pune Property Exhibition - Today & Tomorrow

Special Attraction:
"Get insights on how RERA will transform the real estate industry"
at RERA Information Desk, Times Property Expo '17,
Sheraton Grand (Formerly Hotel Le Meridien),
Raja Bahadur Mill Road, near Pune Railway Station:

Times Pune Property Exhibition, 27 and 28, May 2017

1) Will MahaRERA resolve flat buyers' complaints against builders in 60 days?

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10,000 to 15,000 IT employees in Pune may lose their jobs

IT companies are threatening to blacklist the techies if they refuse to resign:

IT industry layoffs: 10,000 to 15,000 IT employees in Pune may lose their jobs

The Forum for Information Technology Employees’ (FITE) Pune Chapter has helped a few Cognizant employees file pleas in the office of the labour commissioner.

Elavarasan Raja, who is a member of the Pune chapter of FITE told the Indian Express that they are hoping to file similar petitions for employees of other companies, which have allegedly started to layoff their employees.

The pincer attack of visa restrictions and automation have made an impact on employment in the IT sector.

Recruiters have predicted that the IT industry may cut as many as 2 lakh jobs in this fiscal.

FITE sources have told the Indian Express that as many as 10,000 to 15,000 IT employees may lose their jobs in Pune alone. The sector employs some 3.5 lakh people in Pune.

Read more at - IT industry layoffs: Cognizant staff take tech giant to labour commissioner; FITE sources say sector may see 10,000-15,000 jobs lost in Pune alone

IT Employees, Know Your Rights - Forum for IT Employees:

2) Cognizant President Rajeev Mehta writes to employees, assuages layoff concerns

1) Job crash in IT industry may crash Pune real estate market

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Friday, May 26, 2017

Citizens of Pune demand refund of property tax

Citizens are rallying behind an online petition started by Sujit Agarwal, a resident of Baner Pashan Link Road, who has appealed to Pune Municipal Corporation to refund the property tax collected over the years.

Citizens of Pune demand refund of property tax

According to Agarwal, the civic body has failed on all counts for which it is collecting the money , including roads, water, sanitation and even gardens, public spaces and tree cover.

The petition says -

Dear PMC Commissioner;

As property owners in Pune, we have been paying Property Tax for the last several years.

Despite the annual increases in the Property Tax claimed from us, we note that the services for which we pay tax are full of fault, imperfection, shortcoming or inadequacy in the quality, nature and manner of performance which is required to be maintained by the Municipal and other Acts. Particularly:

1. The 1987 Development Plan for the city has not been implemented to even 30%.

Less than 10% of the properties meant for Public Utilities and Open Spaces have been acquired and developed.

Particularly for our area; the main 120 feet Baner pashan link road which connects 2 important areas of Pune viz BANER and PASHAN is still not ready.

Not a single garden or playground exists for residents in our area.

This means that you have failed to discharge your duties and provide services paid for under the General tax (Sarv-sadharan kar).

2. None of the electoral wards in the city are free of tankers and bottled water.

Residents are paying several fold the Property Tax amount every year to have access to water for their daily needs and safe drinking water.

We have sent letters to you through society showing the amounts spent on Tankers by our society over several years and regular complaints have been made to water department to regularize the water supply. But there has been no action.

This means that you have failed to provide services you charge for under the head Water tax: (Paani-patti).

3. You have made it mandatory to take care of our own wet waste; which is a cost to us.

For our Dry waste a private agency, Swach, has been asked to charge us separately every month.

For garden waste we again have to pay for the pick up.

And the streets around us are all littered heavily.

This also highlights that you have failed to provide services paid for under Conservancy tax (Safai Kar) as well as under Swachata Tax on all services I use within the city.

4. You have reduced the tree cover in the city to less than 0.5 trees per capita.

This makes the air unbreathable, the temperatures soar high, the rain illusive and a loss of ability to recharge the groundwater costing the residents of the city dearly.

This also means that the services of protecting and preserving the trees as per the Tree Act of 1975 and Tree Plantation / Vriksha Sanwardhan Tax levied have not been provided by you.

The trees planted by us also are not provided the water care and cages; leading to their death

5. All the fresh water streams of the city and the rivers have been converted to sewers by laying sewage pipes in them and discharging sewage into them despite the Bombay High Court orders in 2012 to relocate the sewers outside the water bodies.

This has contaminated our surface and ground waters and spread disease and death.

This also means the you have failed to provide services paid for under Sewage water Tax.

Further:
Visit & Sign online petition: Pune property tax to be refunded as it's not in line with services offered:

1) The tragic case of Baner Balewadi Flat Owners

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Impact of GST on Real Estate - 2.5 % more tax on maintenance charges

1) Under GST, the existing rate of 15.55% on maintenance charges will be replaced by 18%
2) Returns Need To Be Filed Monthly

Impact of GST on Real Estate - 2.5 % more tax on maintenance charges

Once the GST regime rolls in on July 1, apartment owners will have to pay about 2.5% additional tax on maintenance charges.

The tax is applicable on flat owners who pay a maintenance charge of above Rs 5,000, excluding property tax, stamp duty, and electricity and water charges.

Under GST, the existing rate of 15.55% on maintenance charges will be replaced by 18%.

The new rate is also applicable on housing societies that have an annual corpus or balance of more than Rs 20 lakh, again, excluding property tax, stamp duty, and electricity and water charges, and also maintenance charges gathered from apartment owners.

Read more at - GST means 2.5% more tax on a flat's maintenance charge

1) Impact of GST - property prices may drop by up to 5 percent

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Wednesday, May 24, 2017

Job crash in IT industry may crash Pune real estate market

No buyers for the flats in 40 - 80 lakhs budget in Pune real estate market.
Out of 39,000 flats available for sale
only 3,500 were booked in the 1st quarter of 2017:

Job crash in IT industry may crash Pune real estate market

According to Moneycontrol news story, Pune real estate market may not come out of ongoing longest slowdown.

The reason is the job crash in Indian IT industry.

No new job creation and fear of losing jobs has hit the first time home buyers market.

Result is - there are no buyers for the flats in the price range of Rs. 40 - 80 Lakhs.

That's why - according to PropEquity - in the 1st Quarter of 2017 - out of 39,000 flats available for sale - only 3,500 flat were booked.

It means that despite low home loan interest rates and trust building initiative like MahaRERA - Pune real estate market may never revive.

The builders in Pune - and in other cities in India - which were banking on IT industry - are terrified.

To know more, please visit - I-T job crash in India sends shivers down the spine of realty sector

1) Like Hinjewadi Techie Boys - I don’t Own a Flat - So What?

2) The best investment opportunity in Pune

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Tuesday, May 23, 2017

Impact of GST - property prices may drop by up to 5 percent

"After the implementation of GST - property prices are going to go up - so better book today" - for a while, many builders in Pune were using GST - Goods & Service Tax - as a threat to frighten the flat buyers and force them to book flats. If you are one of them - you must read this news story published on May 23, 2017 in Times of India

Impact of GST - property prices may drop by up to 5 percent

Housing price are likely to fall by up to 5% following the implementation of goods and services tax (GST) after the Centre and states decided to peg the levy at 12% on finished houses or apartments.

After allowing for credit for taxes paid on inputs such as cement, steel, paints and other items, the actual burden will be lower. As a result, the price of a Rs 1-crore apartment may come down by Rs 3-5 lakh, said a consultant.

The net price of houses in the affordable segment, which cost up to Rs 30 lakh (at Rs 3,500 per sqft of built-up area) should fall by 5%.

Once GST kicks in, home buyers will not have to pay the 4.5% service tax on the final price that they shell out while taking possession.

As a result, tax consultants and realtors said that fixing the GST rate at 12% was a customer-friendly move and would lead to either lower tax liability or be tax neutral.

Read more at - GST gains: Prices of flats may drop by up to 5%

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Monday, May 22, 2017

Will MahaRERA resolve flat buyers' complaints against builders in 60 days?

"I am worried ..... Will MahaRERA really give justice to victims of builders ..... Will MahaRERA be an illusion of justice ..... Will MahaRERA be a mirage .... a false hope ..... Will MahaRERA be able to resolve flat buyers' complaints against builders in 60 days?" - asks Advocate Shirish Deshpande, Chairman, Mumbai Grahak Panchayat.

Will MahaRERA be able to resolve flat buyers' complaints against builders in 60 days?" - asks Advocate Shirish Deshpande, Chairman, Mumbai Grahak Panchayat

One of the good things about Real Estate (Regulation and Development) Act, 2016 is speedy & efficient disposal of flat buyers' complaints. Section 29 of the Act says that RERA Regulator shall dispose of the complaint within a period of 60 days from the date of receipt of complaint.

How many days? 60 days!

A flat buyer's complaint against the builder will be resolved in 60 days!!

Is this a gimmick or a legal commitment?

In 1986, when Consumer Protection Act was passed - we were given the same kind of assurance - consumer complaints will be resolved in 90 days!

But in the last 30 years - all of us have seen how efficient & speedy consumer courts are.

Justice delayed is justice denied.

That's why - in the presence of all of you - I want to question Mr. Gautam Chatterjee, Chairman of MahaRERA - There is a provision of expeditious disposal of complaints in the RERA Act passed by the central government - but - Mr. Chatterjee - are you in a position to resolve flat buyers' complaints against builders in 60 days?

Will MahaRERA resolve flat buyers' complaints against builders in 60 days or will it be a daydream - a mirage - an illusion?

Will MahaRERA be able to deliver justice to the flat buyers or will it be a one more big disappointment?

Advocate Shirish Deshpande, Chairman, Mumbai Grahak Panchayat asked Mr. Gautam Chatterjee, Chairman of MahaRERA, in an event organized last weekend. The name of the event was - "Unfolding MahaRERA" - रेरा कायद्यात दडलंय काय?. Adv. Deshpande was expressing his expectations from MahaRERA.

Adv. Deshpande, the host of the event, not only expressed his concern, he offered the solution too.

Appoint more number of adjudicating officers, he suggested.

From the 1st of August 2017, there would be a big flood of complaints against the builders. Most of these complaints can be resolved by the adjudicating offices. As a chairman you have the power to appoint adjudicating officers. Exercise that power.

And before appointing adjudicating officers from the judiciary - arrange an orientation programme for them. Because, MahaRERA would be effective only if they realize the importance of social justice.

Otherwise, the process of resolving complaints would become a legal battle which builders' lawyers can easily win. Builder's lawyers will use all their legal expertise & experience to defeat the flat buyers.

See that the adjudicating officer understands the intention behind implementing MahaRERA - to protect the interests of the flat buyers.

What we all expect from MahaRERA is social justice. If you need more time to deliver it - we don't mind.

Instead of 60 days - take 90 days.

We don't mind even if you take 120 days.

Because for us most important question is - Will MahaRERA disappoint us like the Consumer Protection Act or will it really protect the interest of the flat buyers by offering speedy & efficient justice? Asked Adv. Deshpande.

What say you?

Will the politicians & bureaucrats take strict action against the 3rd member of their nexus - the builders in Pune?

And for whom? For the urban middle class?

To win the votes of urban middle class in Pune - IPL - 20 Twenty Matches, malls, roads, flyovers, metro & airport is more than enough.

We want development. We don't bother about justice.

Right?

Please, share your views in the comments.

1) The Maharashtra Real Estate Rules; Latest victim of Bureaucracy & Builder nexus

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Thursday, May 11, 2017

PMRDA serves notice to Goodland County

Eiffel Olympia - Eiffel Infocity - Goodland County - an illegal plotting and township project?

Last year after noticing large scale excavation and a lot of construction activities Vijay Kumbhar once again complained to then PMRDA chief Mahesh Zagade.

The special executive officer of PMRDA, Annasaheb Chavan, then sent a notice to Goodland County and asked for permission for construction they have if any.

Goodland County claimed that they have necessary permissions and showed same old documents of Eiffel Infocity.

Then building permission department of PMRDA clarified that Goodland County does not have asked for any permission or PMRDA has not given any.

Then PMRDA asked Goodland County to remove the construction on their own.

After not obeying their directions PMRDA as a last chance and for sake of natural justice has served the notice to Goodland County and asked to produce proof of permission.

Failing which PMRDA will remove the constructions and start criminal proceedings against them.

Read more at Vijay Kumbhar's Exclusive News & Analysis - PMRDA Serves Notice to Illegal plotting and township project - Goodland County

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Wednesday, May 31, 2017

Court extends police custody of Sajnani till 5th of June. Other directors of Temple Rose are absconding.

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Monday, May 29, 2017

MahaRERA is for the promotion of real estate business. MahaRERA is for increasing housing supply. Not to harm the builders in Pune. Not to create shortage of housing in Pune real estate market.:

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Saturday, May 27, 2017

After the dramatic arrest in Mumbai, Sajnani to spend 5 days in the custody of Economic Offence Wing of Pune Police:

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Special Attraction: "Get insights on how RERA will transform the real estate industry" at RERA Information Desk, Times Property Expo '17, Sheraton Grand (Formerly Hotel Le Meridien), Raja Bahadur Mill Road, near Pune Railway Station:

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IT companies are threatening to blacklist the techies if they refuse to resign:

IT Employees, Know Your Rights - Forum for IT Employees:

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Friday, May 26, 2017

Citizens are rallying behind an online petition started by Sujit Agarwal, a resident of Baner Pashan Link Road, who has appealed to Pune Municipal Corporation to refund the property tax collected over the years.

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1) Under GST, the existing rate of 15.55% on maintenance charges will be replaced by 18% 2) Returns Need To Be Filed Monthly

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Wednesday, May 24, 2017

No buyers for the flats in 40 - 80 lakhs budget in Pune real estate market. Out of 39,000 flats available for sale only 3,500 were booked in the 1st quarter of 2017:

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Tuesday, May 23, 2017

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Monday, May 22, 2017

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Thursday, May 11, 2017

Eiffel Olympia - Eiffel Infocity - Goodland County - an illegal plotting and township project?

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Court extends police custody of Sajnani till 5th of June.
Other directors of Temple Rose are absconding.

MahaRERA is for the promotion of real estate business.
MahaRERA is for increasing housing supply.
Not to harm the builders in Pune.
Not to create shortage of housing in Pune real estate market.:

Special Attraction:
"Get insights on how RERA will transform the real estate industry"
at RERA Information Desk, Times Property Expo '17,
Sheraton Grand (Formerly Hotel Le Meridien),
Raja Bahadur Mill Road, near Pune Railway Station:

1) Under GST, the existing rate of 15.55% on maintenance charges will be replaced by 18%
2) Returns Need To Be Filed Monthly

No buyers for the flats in 40 - 80 lakhs budget in Pune real estate market.
Out of 39,000 flats available for sale
only 3,500 were booked in the 1st quarter of 2017: