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Time of India
7 hours ago
- Business
- Time of India
Recover Rs 7.5cr from Moni soon: Unit owners
Panaji: Unit owners of Prabhu Chambers at Angod, Mapusa, met the North Goa collector on Wednesday to demand the immediate recovery of Rs 7.5 crore from developer Venkatesh Narayan Prabhu Moni. Tired of too many ads? go ad free now The Goa Real Estate Regulatory Authority awarded the amount as interest and compensation from Moni. Despite directions to conclude proceedings within a month, no action was taken for over 70 days, leaving the defaulter at large and decree holders awaiting justice. During Monday's meeting, the collector assured the decree holders of legal action and a lawful resolution. The owners have stated that in the absence of swift action, they may resort to a hunger strike. The construction of Prabhu Chambers began in 2012 but remained incomplete until June 2025. Frustrated buyers were compelled to secure ownership and occupy the commercial space by approaching the principal district court, North Goa. 'The defaulter is leveraging his political influence to evade accountability. Four unit holders passed away during this legal ordeal, succumbing to stress and emotional trauma brought on by years of unresolved injustice. Despite rulings in favour of the unit holders, execution of these orders remains stalled due to administrative inertia,' said one buyer. Moni was incarcerated at Colvale Jail for nearly 100 days after he failed to pay the dues. The principal district court ordered the Tiswadi Mamlatdar to conduct a detailed inquiry into the recovery amount. A show-cause notice dated May 26 was issued to Moni for a hearing before the North Goa collector on June 4.
Time of India
26-04-2025
- Business
- Time of India
Goa RERA directs Raj Housing Development to refund corpus amount to housing society with interest
PANAJI: The Goa Real Estate Regulatory Authority (Rera) has directed Raj Housing Development Pvt Ltd to refund a corpus of Rs 16.9 lakh to a Ponda housing society within two months. The authority found that the builder misused the corpus fund, for which the company was directed to also pay 11.1% interest on the corpus amount. According to Rera, the builder spent the money without the consent and approval of the Raj Aguiar Enclave Co-operative Housing Society, a residential complex with 31 apartments. 'The respondent (builder) thus used the corpus fund without any reasons. In fact, the respondent misutilised the corpus fund in complete derogation of the agreement entered between the parties. Neither was the said amount transferred to the complainant (Raj Aguiar Enclave) after completion of the project, nor were any accounts submitted with respect to the expenditure at the time of the formation of the society, which amounts to unjust enrichment,' said the order issued by Rera member Vincent D'Silva. The order states that the builder exhausted the corpus fund and the maintenance fund of the society, leaving no funds for maintenance. The corpus fund, which belonged to the society, was a reserve fund meant for major repair, renovation, or upgrade to the common areas and amenities. However, Rera did not agree to the housing society's plea for structural defects to be rectified. According to the order, the Raj Aguiar Enclave Co-operative Housing Society failed to prove the presence of structural defects or the delay in completion of certain amenities such as the badminton court and septic tank.
Time of India
25-04-2025
- Business
- Time of India
Rera directs builder to refund corpus amount to housing society with interest
Panaji: The Goa Real Estate Regulatory Authority (Rera) has directed Raj Housing Development Pvt Ltd to refund a corpus of Rs 16.9 lakh to a Ponda housing society within two months. Tired of too many ads? go ad free now The authority found that the builder misused the corpus fund, for which the company was directed to also pay 11.1% interest on the corpus amount. According to Rera, the builder spent the money without the consent and approval of the Raj Aguiar Enclave Co-operative Housing Society, a residential complex with 31 apartments. 'The respondent (builder) thus used the corpus fund without any reasons. In fact, the respondent misutilised the corpus fund in complete derogation of the agreement entered between the parties. Neither was the said amount transferred to the complainant (Raj Aguiar Enclave) after completion of the project, nor were any accounts submitted with respect to the expenditure at the time of the formation of the society, which amounts to unjust enrichment,' said the order issued by Rera member Vincent D'Silva. The order states that the builder exhausted the corpus fund and the maintenance fund of the society, leaving no funds for maintenance. The corpus fund, which belonged to the society, was a reserve fund meant for major repair, renovation, or upgrade to the common areas and amenities. However, Rera did not agree to the housing society's plea for structural defects to be rectified. According to the order, the Raj Aguiar Enclave Co-operative Housing Society failed to prove the presence of structural defects or the delay in completion of certain amenities such as the badminton court and septic tank.
