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News & Views on Indian Real Estate

Wednesday, October 29, 2008

Be Careful, Time-based Payments Spell Higher Risks For Buyers


All those who are looking at buying property are now faced with a different kind of situation with regard to payments. Earlier, a buyer had to pay the builder a specific percentage of the total price as various stages of construction were completed. Many builders are now abandoning this mode of payment in favour of time-based payments. One should be aware of the working of this system, because it impacts their finances. In this form of payment, one pays the builder specific sums at certain pre-decided intervals. But it presents higher risk for buyers because they will need to make the necessary payment as per the schedule, but have little control over the construction of property. Due to this, there is a fair chance of delay creeping into the process. This is especially true if the builder gets into some kind of financial trouble and has to slow down construction activity. In such a situation, there is little that buyers can actually do because they have made the payment and can only wait for the delivery of the completed premises. So, this kind of payment should be efficiently monitored because of the higher risk element involved. If there are reputed parties at the other end of the transaction, there is some relief for buyers because they will not disappear with the money. However in other cases, buyers have to take necessary care and precaution before entering into such agreement. This would ensure that they are not chasing builders after sometime when the construction is not yet complete and they are yet to see the benefit of their investment.

aaccording said...

'Thank you, Navi Mumbai'
Naik admits that MNS factor played a crucial part


After the victory, a jubilant Sanjeev Naik had only two sentences to say. "The credit for the win goes to my party members and the people who voted for me," Naik said while greeting his party members and followers. An ecstatic crowd lifted Naik and MLC Jitendra Avhad to express their joy. A long car rally around Thane city followed.
He was accompanied by Airoli-based NCP corporator M K Madhvi, Vashi-based loyalist Bharat Nakhate, former standing committee chairperson Jayaji Nath and other prominent corporators of Navi Mumbai. Both, Congress and NCP leaders as well as party workers from Thane, Navi Mumbai and Mira Bhayander area scrambled to take credit for the victory.

aaccording said...

Ganesh Naik Promises to get funds for city court building.
Mr.Naik gave this assurance to a delegation of Navi Mumbai Advocate Bar Association led by its President H B Patil who met the minister recently with regard to the construction of the court building in the city.
Mr Naik further added that the state finance Ministry would be requested to fund the required amount for the court building construction as a special consideration.

aaccording said...

Balasaheb thorat raises issues of farmers on shortage of crops
A meet was held at Thane by the Minister for Agriculture, Balasaheb Thorat on farmers issues on crops where a many ministers were present.
For the farmers, the Rishuka named seed at Jalgaon had become a cause of concern as there was a huge difference in its supply and demand. The reason why protests was held by the farmers, informed Minister for Agriculture Balasaheb Thorat. Further explaining the situation, he informed that as there was shortage of seeds internationally, it had affected the supply in India too. Trying to bring the situation under control, the state implemented buffer stocking. Present during the meet with Balasaheb Thorat was Thane Guardian Minister Ganesh Naik, MP Dr. Sanjeev Naik, TMC Commissioner Nandkumar Jantre and Thane Collector Abasaheb Jarhad. From Thane,

aaccording said...

Balasaheb thorat raises issues of farmers on shortage of crops
A meet was held at Thane by the Minister for Agriculture, Balasaheb Thorat on farmers issues on crops where a many ministers were present.
For the farmers, the Rishuka named seed at Jalgaon had become a cause of concern as there was a huge difference in its supply and demand. The reason why protests was held by the farmers, informed Minister for Agriculture Balasaheb Thorat. Further explaining the situation, he informed that as there was shortage of seeds internationally, it had affected the supply in India too. Trying to bring the situation under control, the state implemented buffer stocking. Present during the meet with Balasaheb Thorat was Thane Guardian Minister Ganesh Naik, MP Dr. Sanjeev Naik, TMC Commissioner Nandkumar Jantre and Thane Collector Abasaheb Jarhad. From Thane,

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aaccording said...

NMMC standing chairman’s second “Telescopic” visit exposes pre-monsoon work yet not complete NMMC Standing Committee Chairman Sandeep Naik re-visited the nullah cleaning work across the city to inspect if the administration had indeed followed up on the instructions given during his earlier visit. However, disappointingly, nullah cleaning work was still lacking in many areas.
While the Chairman stated that in a few days he would be yet again carrying out a surprise inspection of the work done, we asked him when Navi Mumbaikars could expect the pre-monsoon work to be completely over. To this he stated that while this was the work of the administration, their involvement has definitely sped up the process. The chairman visited CBD, Vashi and APMC for his visit and has again given out instructions to the respective depts to speed up the work. He was accompanied by City Engineer Mohan Dagaonkar during his visit.’

aaccording said...

Plantations at Parsik Hill on world Environment day with mangrove plantation soon to follow
Its World Environment Day today. The day when man organizations carry out plantation drive to keep up the theme of this year which is tacking climate change.
Speaking to NMTV News, NMMC Standing Committee Chairman Sandeep Naik, on World Environment Day appealed to all put in good efforts to carry out mass plantation and maintain it.
On this day, he even informed that very soon mangrove plantation would be taken up by the corporation within two months.

aaccording said...

Justice to the poor at last! NMMC standing committee chairman Sandeep Naik get 10% reservation policy for the poor approved
Better late than never – that’s what NMMC Standing Committee Chairman Sandeep Naik seems to have practiced in the case of getting the 10% reservation policy for the poor activated in the NMMC – Hiranandani Super Specialty tie up. Fulfilling the promise that NMMC of getting super specialty medical services for the poor available free of cost at the NMMC Hospital, Standing Committee Chairman brought the proposal for the reservation policy and got it approved at a special general body meet.
http://www.blogcatalog.com/blogs/sandeep-naik-inauguarate-road-at-mukesh-gaikwad-ward.html

aaccording said...

NMMC standing chairman’s second “Telescopic” visit exposes pre-monsoon work yet not complete
NMMC Standing Committee Chairman Sandeep Naik re-visited the nullah cleaning work across the city to inspect if the administration had indeed followed up on the instructions given during his earlier visit. However, disappointingly, nullah cleaning work was still lacking in many areas.
While the Chairman stated that in a few days he would be yet again carrying out a surprise inspection of the work done, we asked him when Navi Mumbaikars could expect the pre-monsoon work to be completely over. To this he stated that while this was the work of the administration, their involvement has definitely sped up the process. The chairman visited CBD, Vashi and APMC for his visit and has again given out instructions to the respective depts to speed up the work. He was accompanied by City Engineer Mohan Dagaonkar during his visit.

Anonymous said...

Standing committee sanctions Rs. 50 Crores for making power lines underground
The NMMC Standing Committee has sanctioned Rs. 51 Crores to make power line in villages in Navi Mumbai underground. The proposal does not include Digha village, Mahape village and Adhavli-Bhutavli.
Yet another proposal pending for years is likely to see the light of the day after this week’s Standing Committee meet. The members, after deliberations approved the tender bid of Rs. 51 Crores to make power cables underground.

aaccording said...

NMMC commissioner’s office flout sanction of civic work upto Rs.10 lakhs without permission of general body
Standing Committee Chairman Sandeep Naik instructed the Municipal Commissioner Vijay Nahata to present the report of civic work agreements done for works costing above Rs. 50000 and less than Rs. 10 lakhs within 15 days as required under the Municipal Act.
Last week Standing Committee Chairman Sandeep Naik instructed the Municipal Commissioner Vijay Nahata to present the report of civic work agreements done for works costing above Rs 50000 and less than rupees Rs. 10 lakhs within 15 days as required under the Municipal Act. Sandeep Naik is the first chairman of the committee to call for this submission within 15 days of execution of the agreement. The Municipal Commissioner has powers to approve works above Rs. 50000 and below Rs. 10 lakhs without administrative approval of the general body subject to the Commissioner presenting the report of agreements entered into for such works to the Standing Committee within 15 days.

Anonymous said...

APMC merchants felicitate MP Dr. Sanjeev Naik
A felicitation ceremony was organized at the hands of the Grain, Rice and Oil Seeds Merchants Association at the APMC grain Market at Vashi. The guest of honor was the newly elected MPs Sanjay Dina Patil and Sanjeev Naik.
A ceremony of honor was organized at the Velji Lakamshi Napu – GROMA Hall at Vashi, by GROMA – the Grains, Rice and Oilseeds Merchants Association in order to felicitate MP Sanjay Dina Patil and MP Dr. Sanjeev Naik on account of their triumph in the recent Lok Sabha elections.

Anonymous said...

Note concerned of the election code of conduct and vital issues pending for discussions , members waste monthly general body meeting on felicitating city’s first MP
Navi Mumbai’s first Mayor Dr. Sanjeev Naik is also Navi Mumbai’s first MP; hence it was apparent that this feat called for a felicitation proposal to honor MP Dr. Sanjeev Naik in NMMC. And the general body did – this week. Corporators from all parties praised MP Dr. Sanjeev Naik to the T for becoming the first MP from Navi Mumbai. Beyond any doubt MP Dr. Sanjeev Naik’s victory in the Thane constituency called for this recognition of his work, achievement and win but the hours that the members chose to spend over a felicitation proposal keeping aside all public work proposal on the agenda came as a major disappointment. The general body meetings are held once in a month and this was the first general body meeting of NMMC after Lok Sabha elections.

Anonymous said...

NMMC standing chairman’s second “Telescopic” visit exposes pre-monsoon work yet not complete
NMMC Standing Committee Chairman Sandeep Naik re-visited the nullah cleaning work across the city to inspect if the administration had indeed followed up on the instructions given during his earlier visit. However, disappointingly, nullah cleaning work was still lacking in many areas.

Visiting the major nullahs of the city including the ones at CBD and Vashi, NMMC Standing Committee Chairman Sandeep Naik once again found that while 95% of the work was completed, there was still work pending in the cleaning of nullahs as he found that the main bullahs were still blocked.

The chairman visited CBD, Vashi and APMC for his visit and has again given out instructions to the respective depts to speed up the work. He was accompanied by City Engineer Mohan Dagaonkar during his visit.

aaccording said...

NMMC standing committee chairman Sandeep Naik sets another precedent by calling joint NMMC –MSEDC meeting for coordination over public work
He’s known for setting right examples and he set another one. NMMC Standing Committee Chairman Sandeep Naik invited MSEDC officers to NMMC to initiate coordination between both the government offices and set the right spirit in execution of public work.
This NMMC-MSEDC meeting is one of the most needed initiatives in Navi Mumbai. Corporators present during the meeting appreciated the Chairman Sandeep Naik’s initiative. Beyond any doubt Chairman Sandeep Naik has set another precedent that will help MSEDC work in tune with NMMC. The spirits between the government offices have been set right and the first step towards coordination for public work has begun – now its time to see the action.

aaccording said...

Ganesh Naik felicitates school at Turbhe
The newly developed municipal school at Turbhe stores “Dr. Babsaheb Ambedkar School no. 20” was recently inaugurated at the hands of Thane Guardian Minister Ganesh Naik.

With an expenditure of Rs. 91 lakhs, NMMC has built this advanced one floored school building at Turbhe stores. The school includes 19 classes out of which 17 are for classrooms, one for staff room and one for a computer lab. The municipal school Dr. Babasaheb Ambedkar School No. 20 at Turbhe was inaugurated at the hands of Thane Guardian Minister Ganesh Naik. Present along with the minister was NMMC Education Committee Chairman Ravi Iyer, former education committee chairman Ram Vichare, corporator Ravindra Ethape amongst others. Ganesh Naik inaugurated the school by lighting the high mast light installed in the compound. Thane Guardian Minister Ganesh Naik expressed happiness and stated that they would try to introduce classes till X in this school.

aaccording said...

World Environment day observed in Mumbai
With observance of Environment Day, Department of Environment – Government of Maharashtra and Maharashtra Pollution Control Board organized a meet where present as the chief guest was Chief Minister Ashok Chavan. Also present was Deputy Chief Minister Chaggan Bhujbal, Minister for Environment and Excise Ganesh Naik, State Minister for Environment Vijay Wadettiwar and Chairperson of MPCB Valsa Nair amongst others. The opening ceremony was performed by Chief Minister Ashok Chavan after which all those present took an oath of preserving and conserving our nature. This was followed by a book launch where two books named Gatha Gynachi and Jaagar Paryavaracha was presented. On the day, Chief Minister Ashok Chavan stated that not just the state, but the involvement of NGOs and social organizations was very important in conserving environment. He further stated that political parties will also add this as an important agenda in their manifesto.

aaccording said...

Balasaheb thorat raises issues of farmers on shortage of crops
A meet was held at Thane by the Minister for Agriculture, Balasaheb Thorat on farmers issues on crops where a many ministers were present.

For the farmers, the Rishuka named seed at Jalgaon had become a cause of concern as there was a huge difference in its supply and demand. The reason why protests was held by the farmers, informed Minister for Agriculture Balasaheb Thorat. Further explaining the situation, he informed that as there was shortage of seeds internationally, it had affected the supply in India too. Trying to bring the situation under control, the state implemented buffer stocking. On the 31st of May, a meet would be held for farmers to give them information related to their issues. Present during the meet with Balasaheb Thorat was Thane Guardian Minister Ganesh Naik, MP Dr. Sanjeev Naik, TMC Commissioner Nandkumar Jantre and Thane Collector Abasaheb Jarhad.

aaccording said...

SANJEEV NAIK VISITS THANE RAILWAY STATION NAVI MUMBAI
Naik, who is also state excise and environment minister, has been pursuing the authorities to push the project, which will connect Nerul to Gateway of India.
"Poor transport facilities still remains a hindrance for the city as commuters are stuck in heavy traffic and commuting to Mumbai takes hours. The water transport project can prove to be a boon as people can reach Mumbai in just 30 minutes by jetty. I request the CM to sanction the land at the earliest to facilitate movement on this stretch and provide commuters a viable alternative," the minister said.
Expressing unhappiness with CIDCO's system of allocating land to social organisations, Naik said, "I defer with the system as only the rich organisations will benefit from this system."

Anonymous said...

Vashi railway station to get better facilities –MP Dr. Sanjeev Naik visits the station
After visiting Thane and Mulund railway station, MP Dr. Sanjeev Naik visited Vashi railway station get to know the problems of the commuter’s hands on.
Vashi railway station is known for its state of the art infrastructure and design. It can also be termed as the busiest railway station of Navi Mumbai. Built in the year 1998, the station is also known as the International Infotech Park built on international standards. However, today it reels under many problems. To get to know the commuters’ issues, MP Dr. Sanjeev Naik visited the railway station in the early hours of the morning. He was accompanied by the station Head master and CIDCO officials. Inspecting the area, he also visited the platform and trains where he spoke with the commuters. Speaking to the media, he informed about the various issues.
MP Dr. Sanjeev Naik also says that the railways should allocate special compartments for students during peak hours. While MP Dr. Sanjeev Naik has been visiting railway stations across his constituency and making many promises, how much will the young MP fulfill these promises is something that only time will tell.

aaccording said...

Is Ganesh Naik going to stake claim for Airoli and Belapur assembly seats for NCP? A curtain-raiser report
The Chief Minister also dodged the question of whether the Congress would stake claim for Belapur constituency. The Chief Minister’s response hints that the Congress will not stake claim on either Airoli or Belapur. Does this mean that independent rebels could play spoilers for the secular front? No, says Vishwarath Nayar.
Ganesh Naik’s secular image, popularity among locals and his public work being a cabinet Minister in Navi Mumbai is unmatched. And the high commands know for a fact that if the 2 seats in Navi Mumbai have to be retained by the Congress-NCP front, then the candidature of Ganesh Naik from Airoli and Sandeep Naik from Belapur appears to be foregone conclusion – the only viable option..

aaccording said...

MP Dr.Sanjeev Naik visits to Thane
It has been a rather sorry state of affairs of the Thane bus service. In his recent visit to Thane, MP Dr. Sanjeev Naik stated that the best of bus services must be provided to the citizens. He was speaking during the launch of the bus service from CST to Hiranandani in Thane. With the increasing population and limited bus service, there was a demand for this.

The bus will leave from Hiranandani at 8 in the morning and will reach CST at 5.20, depending on the needs of the commuters, the frequencies of the buses would be increased.

prashant said...

Its a great concept and saves a lot of time and space and would be a disciplined town..
And their would be unity for many problems.

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