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The Bombay High Court has strongly criticized the Maharashtra government and the Slum Rehabilitation Authority (SRA) for significant delays in replacing the builder of a redevelopment project.

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The Bombay High Court has strongly criticized the Maharashtra government and the Slum Rehabilitation Authority (SRA) for significant delays in replacing the builder of a redevelopment project.

The Bombay High Court has strongly criticized the Maharashtra government and the Slum Rehabilitation Authority (SRA) for significant delays in replacing the builder of a redevelopment project.

The Bombay High Court has strongly criticized the Maharashtra government and the Slum Rehabilitation Authority (SRA) for significant delays in replacing the builder of a redevelopment project.

The Bombay High Court has criticized the Maharashtra government and the Slum Rehabilitation Authority (SRA) for delaying the decision to change the developer of a stalled redevelopment project in Wadala (E). Justices Mahesh Sonak and Kamal Khata, in their order on Wednesday, rebuked the authorities for neglecting the plight of residents who vacated their premises in 2013 but are yet to receive promised permanent accommodation or transit rent. The court heard a petition from 20 members of Shaikh Misree SRA CHS, highlighting that Omkar Realtors and Developers Pvt Ltd, the current developer, stopped paying transit rent in 2015/2016 due to financial reasons, and no progress has been made on the rehabilitation building work since. Despite proposals from lender M/s J C Flowers Asset Reconstruction Pvt Ltd to take over the project, focusing only on changing the developer, no action has been taken. The judges emphasized that the petitioners are entitled to transit rent and criticized the lack of seriousness from all parties involved in resolving the issue. They directed Omkar to deposit all rent arrears with the court by July 24 and mandated the company's MD to personally appear in court if compliance is not met. The court also instructed the SRA and the State government to make firm decisions on the proposals within two weeks, highlighting the urgency of resolving the residents' grievances promptly.
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About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/

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