Owner sells off Mumbai property seized by CBI
Jan 24, 2014
Source : The Times of India


MUMBAI: A flat under investigation by the CBI in a Rs 578 core chit fund scam has been sold despite the agency informing the society office-bearers about the probe and seizing the property-related documents.

The flat in Rustomjee Ozone, Goregaon (W), was owned by Ranjita Singh, wife of Mahesh Chandel, one of the directors of the company Fine Indisales being probed by the Kolkota CBI for duping around 2.5 lakh investors spread across various states. Fine Indisales offered 1% return on the investment on a daily basis for 10 months.

The flat was sold for Rs 1.25 crore in December last year, despite the CBI officials seizing documents related to the flat in June. The CBI had collected documents of seven other properties owned by the directors and the company in the society. CBI officials declined to comment about the next course of action. Housing society secretary Amit Gupta did not respond to the calls and text messages.

Of the amount collected from the public, Rs 64 crore was paid to directors Naseer Khan and Shamshad Alam, investigations by the CBI showed. Another Rs 9 crore was transferred to Keystone Realtors and used by the company to purchase four flats and four penthouses at Rustomjee Ozone. A CBI team had visited the housing society in June last year and seized the documents on a complaint filed by Shoaib Richie Sequeira, of NGO Protection of Rights Association.

In his complaint to the CBI, Sequeira has also said about a cricket match being organised by the society at a cost of Rs 20 lakh on Saturday. "One of the accused in the fraud, arrested and released on bail is the captain of one of the teams. Moreover, if the CBI proves the flats were purchased from proceeds of crime, the implications are huge," he said.



Latest Realty News

Investors turn to realty as gold loses sheen after curbs
Jan 24, 2014
MUMBAI: The government's efforts in the past few months to curtail gold demand may have come as a saving grace for the real estate sector. For months, realty had been going through a slump in the country with high prices keeping the end-user demand low. As the government's efforts to moderate gold demand through import duties and other stricter norms began around July, investors and speculators shifted their focus from the yellow metal to real estate, said a report by India Ratings, the Indian a
Organised Retail Estate Space Grows by 78 Per Cent
Jan 24, 2014
MUMBAI: Despite the slowdown, malls are mushrooming in different parts of the country especially smaller cities. The total organised retail supply in 2013 stood at approximately 4.7 million sq. ft., a year on year growth of about 78%, over the total mall supply of 2.5 million sq. ft. in 2012, said a report by international real estate consultants CBRE.
Inner city of Pune needs urban renewal
Jan 23, 2014
PUNE: Pune’s pace of urban growth has been unparalleled, with the increasing number of migrants. This influx has required major infrastructure upgradation on all fronts, including road connectivity, parking facilities, public transport and electricity and water supply. It is also clear that Pune’s growth is not a temporary phenomenon – the city will expand exponentially in the years to come, both, geographically and in scope. If the development authorities do not take a realistic look at what th
Luxury housing finds space in Thane
Jan 23, 2014
MUMBAI: “Luxury projects in Thane? You must be joking. Isn’t the location meant for affordable living of working class?” Well, you may also have had the same reaction in the past if you weren’t tracking the developments in and around Thane’s property market. This region is on a fast forward mode of development and the growth has been both, horizontally and vertical. The fact is that Thane is changing and it is changing fast. Luxury projects which had a stronghold in South Mumbai and Navi Mumbai,
HDFC net profit rises 12%, meets estimates
Jan 23, 2014
MUMBAI: Mortgage lender Housing Development Finance Corp (HDFC) posted a 12% gain in quarterly net profit, in line with estimates, aided by higher loan growth.
HDFC mortgage business gets crowded as banks seek refuge in home loans
Jan 23, 2014
MUMBAI: Mortgage lender Housing Development Finance Corp Ltd (HDFC), loved by global investors for its steady profit growth, faces an intensifying battle for business and market share as banks aggressively push home loans.
Indian Banks Seek Refuge in Home Loans, Crowd onto HDFC's Mortgage Turf
Jan 23, 2014
MUMBAI: HDFC Dec quarter net profit rise 12 pct, meets estimates, SBI, ICICI, other lenders expect to grow home loans by 18-25 pct,Intensifying competition in home loans segment threatens margins.
‘Provide infra support for unorganised sector workers’
Jan 23, 2014
MUMBAI: More infrastructure to support workers in unorganised sectors in Mumbai was one of the prime demands made at the BMC’s public consultative workshop on the “informal sector”, held on Wednesday for the Mumbai Development Plan (DP) 2014-2034.
HDFC rides small-town housing boom
Jan 23, 2014
MUMBAI: Housing Development Finance Corporation (HDFC), India’s largest mortgage lender, posted a 12 per cent increase in its October-December net profit, helped by strong demand for home loans from non-metros.
Slump hits real estate sales, revenue
Jan 23, 2014
NASHIK: The slowdown, increased land prices, rising cost of construction materials have badly affected the realty sector and around 4,000 ready flats across the city are reportedly lying unsold.

Latest Realty News Of State

Realty Talk's