South Mumbai property owner traced to Malad ashram
Jan 28, 2014
Source : The Times of India


MUMBAI: Nikhil Jhaveri, the owner of the defunct Palm Beach School, Nepean Sea Road, who was missing for more than a month, was traced to a shelter for destitute people in Malad on Sunday. Ironically, the Borivli police enrolled him, but did not communicate the information to the Samta Nagar police, who were looking for him.

The twice-divorced Jhaveri (48) suffers from Huntington's disease and lives with his sister and brother-in-law in Kandivli (East). This was the third time he went missing. The 3,000-sq m sea-facing Nepean Sea Road property he owns is nominally worth around Rs 200 crore, said a developer. "Half the plot is reserved for a school while the other portion falls in a no-development zone. Hence, it has little commercial value," he told TOI. Jhaveri's stepmother recently filed a petition in the Bombay high court, contesting his claim of ownership.

Contesting the police's claims of tracing Jhaveri, his relatives said the management of the shelter, Swagat Ashram, took efforts to reunite him with them. On December 3, 2013, Jhaveri left his sister's apartment in the morning. On December 7, his brother-in-law, Murlidhar Mehta, registered a missing complaint with the Samta Nagar police. "On December 3, a cop found him near Borivli station. His speech was incoherent and he couldn't stand without support. The cop took him to Borivli police station. After his description was recorded, he was enrolled at Swagat Ashram," said a relative.

Jhaveri was lodged at the Virar wing and then the Malad wing of the shelter. "We used to talk to him a lot. While he never spoke of his relatives, he would sometimes mumble about his Nepean Sea Road property. When we examined some papers he had on him, his conversation started to make sense," said Stanley Serrao, who runs the shelter.

"It's appalling how the police did not co-ordinate among themselves. We had to personally ask housing societies and shops in our neighbourhood to release CCTV footage in order to check if Jhaveri could be spotted. We also went to the railway police to check photographs of train accident victims. It seems the police have no procedure to look for missing persons," said a close relative of Jhaveri.


Latest Realty News

Banking, realty stocks gain ahead of RBI policy
Jan 28, 2014
MUMBAI: Key benchmark indices trimmed gains after hitting intraday high in morning trade. The barometer index, the S&P BSE Sensex, was up 39.94 points or 0.19%, off 29.12 points from the day's high and up 33.17 points from the day's low. The market breadth, indicating the overall health of the market, was strong.
Sebi unhappy with fund houses' efforts to increase reach
Jan 28, 2014
MUMBAI: Securities and Exchange Board of India (Sebi) has raised concern over lack of efforts shown by mutual fund houses to penetrate beyond the top cities, despite the extra incentives provided by the regulator.
Long-term policy for mutual funds very soon: Sebi
Jan 28, 2014
MUMBAI: Sebi Chairman U K Sinha today said the market watchdog will shortly come out with a long-term policy for the mutual fund industry which will help deepen the penetration of the industry into non-metro markets.
SEBI to consider new policy for mutual fund sector soon
Jan 28, 2014
MUMBAI: Market regulator SEBI plans to consider a new long-term policy for the mutual fund sector at its next board meeting to be held soon.
‘Luxury’ is a much abused word
Jan 28, 2014
MUMBAI: Property ads urge us to “indulge in opulence” and promise to “pamper you in comfort”. While the glossy brochures and virtual tours may impress you, you often find that the features offered don’t justify the exorbitant price tag of a luxury home.
IDFC Alternatives unveils two real estate funds
Jan 28, 2014
MUMBAI: Sensing a healthy appetite from the real estate industry, IDFC Alternatives, the private equity arm of infrastructure finance company IDFC Ltd, is raising two funds for the sector. The firm is raising a domestic mezzanine debt fund of about $100 million (?620 crore) and a foreign rental yield fund of $300 million (?1,860 crore).
464 acre sewage land to fall prey to concrete jungle
Jan 28, 2014
NAGPUR: The greens' fears have come true. The Nagpur Improvement Trust (NIT) has again put up a proposal to convert 464.31 acres acquired for sewage disposal projects into a concrete jungle. The proposal is based on applications from a couple of builders, seeking to change the user to 'residential'. Besides, the proposal is being considered even though Nagpur Municipal Corporation (NMC) badly requires land for sewage collection and treatment.
Money mistakes that might haunt you in the future
Jan 28, 2014
MUMBAI: Making mistakes with our money is something we all are wary of but can never really be sure of avoiding. Even those of our friends who seem to have the smarts for handling their money, sometimes falter at problems that credit and financial planning bring along.
BSE Small-Cap, Mid-Cap indices off over 2% each
Jan 28, 2014
MUMBAI: Key benchmark indices extended losses and hit fresh intraday low in early afternoon trade. The barometer index, the S&P BSE Sensex, was down 355.83 points or 1.68%, off 121.30 points from the day's high and up 3.98 points from the day's low. The market breadth indicating the overall health of the market was quite weak with more than three losers for every gainer on BSE. The BSE Mid-Cap and Small-Cap indices were off more than 2% each. Weakness in Asian stocks and a steep slide in US stoc
Nahar Group launches multi-themed villas in Mumbai
Jan 28, 2014
Mumbai: The Nahar Group, India’s leading real estate developer today made its foray in premium villas by launching Bali themed podium villas at Nahar’s Amrit Shakti in Chandivali, Powai. The limited edition of the villas is well planned to provide complete privacy and exclusivity to the owner. Each villa is spacious and super luxurious with a private garden, a perfect home for those who opt for something special and unique.

Latest Realty News Of State

Realty Talk's