Borivli, in Mumbai’s western suburb is to be gifted with a residential project brought by Gitanjali Gems Ltd who is the leading diamond jewelery manufacturer and retailer.
The project is spread over an area of 400,000 sq ft. the project consists of two similar wings residential towers having 28 stories each with ultra modern amenities and two podiums. It is oriented in the direction facing Sanjay Gandhi National Park. Gitanjali Infratech Ltd which is a 100% subsidiary of the Gitanjali Group is going to develop this project.
The developers will offer possession in somewhere mid of 2013 while the bool=kings will be open from September. The expected revenue Gitanjali would be able to fetch is around 400 cr.
Along with this project, two more projects are on the list of Gitanjali Infratech.
Competition Commission of India (CCI) has decided to take action against the malpractices taking place in the real estate sector. While any specific complaints would be dealt with, misleading the buyers would also be considered as a malpractice.
Some sources revealed that apart from the general complaints of conditions of sale agreements, change in terms, delayed possession and problems faced by consumers while opting out, the complaints of misleading advertisements would also be taken into note.
Sources also revealed that CCI has found a large number of complaints against many leading real estate developers. There exist an Act of Parliament through which the Commission, which gained functionality last July, is empowered to ban any malpractice or penalize the guilty.
According to the Commission, irrespective of any specific builder, the consumer status as far as satisfaction is concerned, is the same. Thus, it is well justified to look into these specific as well as general problems.