Latest news with #GopalAgarwal
Time of India
9 hours ago
- Business
- Time of India
Homebuyers in Bengaluru feel betrayed as builders flout Rera orders with impunity
Bengaluru: For thousands of homebuyers across the city, the dream of owning a home has turned into a never-ending legal and financial nightmare. Despite securing favourable rulings from the Karnataka Real Estate Regulatory Authority (Rera), many buyers allege that builders are openly flouting the law with no consequences, while govt agencies look the other way. From construction delays and refund refusals to outright defiance of Rera compensation orders, aggrieved buyers say enforcement is virtually non-existent. What began as a hopeful investment has, for many, turned into a fight for justice that drags on for years. Gopal Agarwal, a 47-year-old chartered accountant based in Whitefield, invested in a project back in 2012 with the promise of possession by 2015. He finally received the flat only in 2019. The builder initially agreed to pay Rs 10 lakh in compensation but later backed out. Agarwal approached Rera, which passed a favourable order in Oct 2022. "I'm still running around for execution (of the order). I've visited the deputy commissioner and tahsildar offices more than a hundred times. Even the high court directed the DC to recover the money within eight weeks — nothing happened. The builder managed to get a stay and I'm back to square one. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Laxmi Ji Idol For Wealth, Peace & Happiness Luxeartisanship Shop Now Undo Rera is doing its job, but it's toothless without enforcement powers. Revenue officers don't act," he said. Govind Narayan, a 36-year-old resident of Jalahalli, booked a flat near Electronics City in 2018. Possession was initially promised by Aug 2022, later revised to March 2024. However, construction stopped in 2022 and hasn't resumed since. "Every time we contact the builder, we're told 'work will start tomorrow'. It's the same excuse every time. I've invested Rs 37 lakh — my entire savings — and have no home, no returns. The flat's market value is now more than Rs 80 lakh. Even after winning a Rera case and receiving a revenue recovery certificate, there's no enforcement," Narayan said. Businessman Sudhakar Lakshmanaraja said that despite a 2021 Rera order to recover Rs 46 lakh from a well-known builder, there has been zero progress. "I've approached everyone — the PMO, CM, housing department, human rights commission — but to no avail. Officers pass the buck. Meanwhile, these fraudulent builders are still operating. What message are we sending to honest citizens?" he asked. According to data from Rera, 796 enforcement orders have been issued since the Act came into effect. Homebuyers' associations estimate that while roughly 50% of these involve builder refunds, nearly 30% of those refunds are stuck because of non-compliance. Dhananjaya Padmanabhachar, convener of Karnataka Homebuyers Forum, said: "Rera needs its own revenue collection officer with powers to attach properties of defaulters. Paper orders without enforcement mean nothing to homebuyers." A senior Rera official admitted the authority's limitations: "We don't have the power to recover money. That lies with the govt. We can pass orders, but without execution powers, enforcement suffers."
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Business Standard
7 days ago
- Business
- Business Standard
HDFC Balanced Advantage becomes first hybrid fund to cross ₹1 tn AUM
HDFC Balanced Advantage Fund (BAF) has become the first hybrid mutual fund (MF) scheme in India to achieve the ₹1-trillion asset milestone. This achievement makes it the second actively managed MF scheme—after Parag Parikh Flexi Cap Fund—to reach this 13-digit assets under management (AUM) mark. Launched in February 1994, HDFC BAF has consistently been one of the most popular MF offerings, largely due to its steady performance and stable fund management. Despite experiencing two changes in the fund house, the scheme was managed by the same fund manager for the majority of its lifetime. Prashant Jain, who managed the scheme from its inception, holds the record for managing an MF scheme for the longest period in India—28 years. Initially known as Centurion Prudence Fund, the scheme was renamed Zurich India Prudence Fund in 1999 when Zurich India acquired 20th Century Mutual Fund. In 2003, HDFC AMC acquired Zurich India, leading to the scheme being renamed HDFC Prudence Fund. It became HDFC Balanced Advantage Fund in 2018 following the merger with HDFC Growth Fund. After Jain's departure from HDFC AMC in 2022, the scheme has been managed by Gopal Agarwal, Anil Bamboli and Srinivasan Ramamurthy. HDFC BAF has delivered over 18 per cent annualised returns on lump-sum investments since its inception. Systematic Investment Plan (SIP) investments have also yielded nearly 19 per cent returns. Currently, the scheme leads the balanced advantage category return chart across all time frames. As of 13 June, it delivered a 23 per cent annualised return over the three-year period and a 26 per cent annualised return over the five-year period, according to Value Research data. Gopal Agarwal attributes this performance to the scheme's model-driven approach. 'We follow a model-driven approach to asset allocation with focus on valuation metrics, macroeconomic insights and bottom-up stock selection. The model dynamically adjusts equity exposure based on changing market conditions, helping manage risk while aiming for long-term growth,' he said.
