Puranik Builders clocks sales over Rs 200 Cr in 45 days

By Accommodation Times Bureau MUMBAI In an otherwise sluggish residential market, major realty player Puranik Builders has sold 315 residential units worth over Rs 200 crore in 45 days between February and March 2018 reinforcing its position as a growth driver in the segment. Puranik Builders harbouring strong domain expertise in the mid-segment has sold 1,81,248 sq.ft across

Maharashtra Protection of Interest of Depositors Act to include builders soon

By Accommodation Times Bureau MUMBAI The Chief Minister Devendra Fadnavis on Wednesday told the legislative council that, the state government is taking into consideration to amend the Maharashtra Protection of Interest of Depositors Act (MPIDA) to include developers. Kiran Pawaskar a political leader had sought a question to CM asking about the action

Fit out Possession –Gimmick by builders to delay project & avoid penalties?

By Stuti Galiya, Solicitor & Advocate It has been common for builders to allow purchasers to occupy flats without obtaining occupation certificate (“OC”), which is mandatorily required for occupying flats. In such cases, to protect themselves from any liabilities, builders offer possession for fit outs. The flat owners who have already waited long

Builders diverted homebuyers’ money to buy expensive luxury cars says Audit

By Accommodation Times Bureau GREATER NOIDA Greater Noida Industrial Development Authority (GNIDA) said, under the first audit, 25 real estate companies have been scanned in the city and out of that at least five realtors who are constructing group housing projects in Greater Noida have used the money collected from homebuyers to buy expensive

Delhi court rejects bail plea of two builders

 By Accommodation Times Bureau NEW DELHI A Delhi court refused to grant bail to two directors of real estate who allegedly cheated over 8,000 investors and it also observed that any monetary offence leads to imbalance in economy. Special Judge Kamini Lau also pulled up the Economic Offences Wing (EOW) of Delhi Police for

Vice President asks builders, contractors to participate in CSR

By Accommodation Times Bureau BENGALURU Venkaiah Naidu, Vice President of India, has asked builders and contractors to take part in Corporate Social Responsibility (CSR) activities, of Friday, at All India Builders’ Convention in Bengaluru. “The efforts of the Government to build an inclusive and equitable society must be supplemented by Private Industries. Organization

GDA books 2 builders for misleading ads

By Accommodation Times Bureau GHAZIABAD The Government of Ghaziabad has filed two complaints and lodged First Information Report (FIR) against builders for cheating unaware buyers by placing misleading advertisements under the Pradhan Mantri Awas Yojna scheme. “We have been receiving a number of complaints that some builders have been placing misleading advertisements under

Builders’ Association of India seeks regulator for cement industry

By Accommodation Times Bureau HYDERABAD To secure smooth growth of construction sector the Builders’ Association of India (BAI) today emphasised the need for setting up a Cement Regulator. BAI said in a statement issued here that, in the construction sector the subcontractors are still levied GST of 18 percent which has to be reduced