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All Is Not Well In Nagpur's Realty Market

Published & Updated as on - 2010-02-19


All Is Not Well In Nagpur's Realty Market
There is a complex real estate fraud unfolding in Nagpur that threatens to hit at least a million investors. Many unregistered firms have sold plots that don't have legal sanction from any authority. Take the case of Mr Yeshwant Vishwanath Mahurkar, a retired director of the Geological Survey of India. He purchased a 4,500 sq feet plot at Rs10 per sq feet from a residential society in Khapri in 1991, unaware of the fact that the area has been acquired for the multi-modal international hub and airport at Nagpur, commonly known as the Mihan project. Now, he does not know whether his land still belongs to him. "Forget open plots, thousands of flat owners are being duped also," said social and political worker, Mr Anil Wadpalliwar. However, on February 1, collector Mr Praveen Darade issued notices to builders, a move that would affect nearly 15,000 flat owners in illegal apartments. Source: 9 Feb 2010 DNA

HC Issues Notice To DLF Group Companies
The Delhi High Court has issued notices to DLF and its two group companies - DLF Home Developers Ltd and DLF Estate Developers Ltd - over a petition filed by another company in the sector alleging that the companies did not deliver it land in spite of taking money. Justice Ms Indermeet Kaur sought a response from the companies and one Sudipti Estates over the alleged transaction. Source: 11 Feb 2010 The Financial Express

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