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India Today
5 days ago
- Business
- India Today
Mumbai regulatory body acts against Palais Royale developer over Rs 100 crore dues
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has initiated strong enforcement measures against Palais Royale's developer, Honest Shelters Pvt Ltd, over unpaid interest exceeding Rs 100 crore owed to finance & investment services companies IIFL Finance Ltd and IIFL Management Services a January 16, 2025 directive, MahaRERA instructed the developer to hand over eight luxury flats in the Worli-based Palais Royale tower, complete with occupancy certificates, and to clear interest liabilities as per Section 18 of the Real Estate (Regulation and Development) Act, authorities had given a 60-day deadline for compliance. The developer's failure to meet these terms led to IIFL filing execution applications. Acting on these, MahaRERA's adjudicating officer has now issued recovery warrants under Section 40(1) of the RERA Act, enabling the District Collector to recover the amount as arrears of land process may involve attaching the company's assets, freezing accounts, or other statutory enforcement professionals say the order underlines MahaRERA's readiness to use its full authority to protect buyers and financiers from prolonged marketed as India's tallest premium residential project, the Palais Royale development has faced more than a decade of delays, legal disputes, and investor latest action is being seen as a significant step towards providing long-awaited relief to Kumar Mishra, Chief Legal Officer at IIFL Finance, said that the decision reaffirms the obligation of developers towards their commitments and assured that IIFL will continue pursuing legal avenues to safeguard its each of the eight flats estimated at around Rs 80 crore in market value — making their total worth nearly Rs 650 crore — and interest dues topping Rs 100 crore, attention now turns to how swiftly the Collector's office can execute the watchers say the case could influence how stalled and defaulting projects are tackled across Maharashtra in the future.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends
Hindustan Times
21-06-2025
- Hindustan Times
Housewife mortgages 30 tola gold to pay ₹30 L in digital arrest fraud
MUMBAI: A 61-year-old Worli-based housewife was duped of ₹ 30 lakh by frauds who posed as government and police officials and placed her under digital arrest, claiming her mobile and bank accounts had been used in various frauds. They later coerced her to mortgage 300 grams of gold and pay them ₹ 30 lakh. (Shutterstock) According to the central cyber police, the 61-year-old woman lived in Worli with her 62-year-old businessman husband and their son. On June 3, she received a call from a person who claimed that he was calling from the Telecom Regulatory Authority of India (TRAI). 'The caller told her that a phone number registered in her name was being used for illegal businesses like harassing people,' a police officer from the central cyber police station told Hindustan Times. When the woman said the number did not belong to her, they connected her to a person who claimed to be Central Bureau of Investigation (CBI) officer Rajeev Sinha. This person told her that funds related to the alleged money-laundering case against Jet Airways founder Naresh Goyal had been transferred into a bank account in her name, and asked her to sign a letter requesting that her case be fast-tracked. Thereafter, another caller who posed as a CBI judge placed her under digital arrest and asked her not to speak about the case with anyone. 'She then got another call from a man who posed as an officer of the Economic Offences Wing (EOW). The caller inquired about her funds and when she said that she had nothing barring 30 tolas or 300 grams of gold, he explained how she could mortgage the gold,' said the police officer. The woman subsequently mortgaged the gold and availed a loan of ₹ 30 lakh, which she transferred via RTGS to a bank account which the frauds claimed belonged to the court. The money would be returned to her after verification, they told her. 'The woman realised she had been duped when she read a news report about a digital arrest fraud while travelling via train to Vadodara in Gujarat,' said the police officer. 'She then approached the cyber police with a complaint.' The police have registered a first information report (FIR) based on the woman's complaint under sections 204 (personating a public servant), 308 (extortion), 318 (cheating), 319 (cheating by personation), 336 (forgery) and 340 (forged documents or electronic records and their fraudulent use) of the Bharatiya Nyaya Sanhita, 2023.
