Thane: With the arrest of a Deputy Municipal Commissioner of Thane Municipal Corporation on Wednesday night, the number of arrests in connection with the building collapse in Mumbra area has gone up to 22. DMC Srikant Sarmokdam, whose name was found in the diary of the builder (already arrested), was taken into custody, the police said.
The police had deferred arresting him because of a death in his family. Sarmokdam was due to retire soon, police added. Seventy four people died when a seven-story unauthorised building in Shil-Phata area near Mumbra in the district collapsed earlier this month.
The builders had allegedly bribed the corporation officials to turn a blind eye to the construction.
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10:11 PM, Apr 24, 2013
Bangalore: The real estate lobby entered the Karnataka state politics in the late 90s. CNN-IBN takes a look at some of the richest candidates in the fray for this year's Assembly polls, many of them from the real estate business. Priyakrishna is the richest candidate in the fray and also one of the youngest. When he successfully contested an Assembly by-poll at the age of 25, his declared assets value...
09:07 AM, Apr 12, 2013
Mumbai: In the high-profile refund case involving an estimated Rs 24,000 crore payment to over three crore investors, Sahara Group's chief Subrata Roy and other top executives will appear before the marget regulator Sebi on Wednesday. Sebi had summoned Roy and three other directors of two Sahara firms for personal appearance in an order dated March 26. Sebi wants to ascertain details of their personal assets, as also the investments...
08:29 AM, Apr 10, 2013
New Delhi: A builder who failed to start a Greater Noida residential project on time has landed in trouble as a consumer court in Delhi has directed him to pay compensation of Rs.3 lakh and refund the over Rs.49 lakh cost of a flat to a complainant. Delhi Consumer Disputes Redressal Commission member Salma Noor and Member(Judicial) VK Gupta held RS Builtwell and its director guilty of deficiency in service...
04:48 AM, Apr 10, 2013
About 74 people have lost their lives in the Thane building collapse, many others including infants and children have been grievously hurt. GR Khairnar, former municipal commissioner, Mumbai joined IBNLive readers for an interaction on whether the guilty will be made to face justice. Q. Will the guilty be made to face justice? Asked by: Sachin A. In this particular case at least deterrent action been taken, and guilty are...
04:13 PM, Apr 08, 2013
New Delhi: Market regulator SEBI has incurred initial costs of more than Rs 55 crore in its humongous task of facilitating Rs 24,000-crore refund to bondholders of two Sahara firms after verifying their credentials and Saharas would have to clear all these bills. The final expense bill of the Securities and Exchange Board of India (SEBI) in this high-profile case could be much higher, as just two contracts - for...
03:17 PM, Apr 07, 2013
he Securities Appellate Tribunal (SAT) on Tuesday adjourned its hearing on Sahara-Sebi case. The hearing will now happen on April 13. Sahara Group chief Subrata Roy had filed a plea challenging Sebi's attachment order on his bank accounts and other assets. ...
12:37 PM, Mar 26, 2013
Government plans to set up a tough regulator for the real estate sector with provisions for even jail term for the developer for putting out misleading advertisements about projects. The proposed regulator will also make it mandatory for developers to launch projects only after acquiring all the statutory clearances from relevant authorities, Minister for Housing and Urban Poverty Alleviation Ajay Maken said at the National Editors' Conference in New Delhi....
03:50 AM, Mar 25, 2013
The Securities Appellate Tribunal will begin on Saturday the final hearing on a plea by Sahara chief Subrata Roy against market regulator SEBI's attachment order on his bank accounts and other assets, along with those of two group firms and their top executives. ...
09:31 AM, Mar 23, 2013
Two more persons were held in connection with the murder of builder SK Loharia, who was gunned down in the neighbouring Navi Mumbai, taking total number of arrests in the case to six, police said on Wednesday. Altaf Khan (38), a contractor from Mumbra, was nabbed on Tuesday while Mohammed Naseer Ansari (42), who is a real estate agent from Ambernath, was held today, police said. ...
07:39 PM, Mar 06, 2013
Developers apex body CREDAI has called for an inclusive housing policy in the upcoming Union Budget 2013-14 which will be announced on February 28. In his Budget wish list, submitted to the finance ministry, CREDAI's national president Lalit Kumar Jain suggested that tax exemption for small houses of under-60 sq meters of carpet area be allowed. ...
11:48 AM, Feb 19, 2013
The Securities and Exchange Board of India (SEBI) on Wednesday cracked down on Sahara group, freezing more than 100 bank accounts of two of its companies. Sources said that the immovable assets of the two companies were also frozen. ...
11:28 PM, Feb 13, 2013
The Securities and Exchange Board of India (SEBI) on Wednesday cracked down on Sahara group, freezing more than 100 bank accounts of two of its companies. Sources said that the immovable assets of the two companies were also frozen. ...
08:51 PM, Feb 13, 2013
Real estate major Unitech on February 13 reported 52.43 per cent jump in consolidated net profit at Rs 84.17 crore for the third quarter ended December 2012 on higher sales realisation and lower finance cost. The company had posted a net profit of Rs 55.22 crore in the year-ago period. ...
03:46 PM, Feb 13, 2013
The government on Thursday revised downward the economic growth for fiscal 2011-12 to 6.2 per cent from the earlier estimate of 6.5 per cent. However, as per the first revised estimates of National Income, Consumption Expenditure, Saving and Capital Formation, the GDP (Gross Domestic Product) for the fiscal 2010-11 has been revised upwards to 9.3 per cent from 8.4 per cent. ...
02:28 PM, Jan 31, 2013
Depends on whether you like Queen Elizabeth or the author Christopher Koch, 2012 was Annus Horribilis or The Year of Living Dangerously for the real estate industry. The developers were done in badly. The financiers of real estate industry saw very little returns. Don't even talk about the buyers. In spite of low sales, prices refused to come down significantly. ...
02:05 PM, Jan 23, 2013
After a long lull, the year 2013 is expected to bring back hopes of growth to the real estate sector, mainly due to the government's positive approach towards reforms and moderation of interest rates, experts say. Land Acquisition and Real Estate Regulation Bills are expected to be passed during the year, while there is a likelihood of Reserve Bank bringing down the interest rates. ...
03:19 PM, Dec 23, 2012
New Delhi: Sahara Group on Friday moved the Supreme Court against the order of the Securities Appellate Tribunal (SAT) dismissing its appeal against market regulator SEBI in a case involving refund of about Rs 24,000 crore with interest to about three crore investors. A bench headed by Chief Justice Altamas Kabir listed the matter for hearing on Monday. The counsel for Sahara told the bench that the company was ready...
06:26 PM, Nov 30, 2012
The end of Ponty Chadha was as dramatic as his rise. From films to real estate to sugar mills, Ponty's empire was spread far and wide. ...
11:48 PM, Nov 19, 2012
New Delhi: Market regulator SEBI on Friday filed a contempt petition against the Sahara Group in the Supreme Court for not complying with its directions relating to refund of about Rs 24,000 crore by its two firms to their investors. The petition by SEBI said the two firms, Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC), have not followed the apex court's direction to furnish within...
04:02 PM, Nov 03, 2012
