ERA Divine Court construction status and updates, possession, resale prices discussion

[naveenarichwal]

Sebi directs Adel Landmarks to refund investors within 3 months

DELHI: Capital markets regulator Sebi on Wednesday ordered real estate developer Adel Landmarks (formerly Era Landmarks Ltd) and its directors to refund the money collected from investors within three months.

Also, the regulator has restrained the company and its directors from accessing the securities market for four years.

According to Sebi, the firm had invited applications from customers for pre-booking of various housing schemes in Gurgaon, Palwal and Faridabad.

It had collected nearly Rs 252 crore from 1,621 investors through such schemes.

In the application, the company had said that in case it fails to obtain the licence for the sale or allotment of the land within a given period or is unable to make allotments of plot due to any reason then it would refund the money along with promised returns.

However, the company failed to allot plots to any customer.

Adel Landmarks claims to have refunded Rs 50.52 crore to the customers.

The Securities and Exchange Board of India (Sebi) found the company was engaged in Collective Investment Scheme (CIS) without obtaining necessary approvals from the regulator.

In an order passed today, Sebi said, "Adel Landmarks and its directors -- Rakesh Kumar Gupta, Sumit Bharana and Arvind Kumar Birla -- shall wind up the existing CIS and refund the money collected under the schemes with returns which are due to its investors... within a period of three months."

Thereafter, they will have to submit a winding up and repayment report to Sebi within 15 days.

Besides, the regulator has prohibited the entities from accessing the securities market for four years and said the ban will continue till all money is refunded to its investors with returns which are due to them.

In case the company and its directors fail to comply with Sebi's order, the regulator would make a reference to the state government/local police to register a civil/criminal case against them.

Additionally, Sebi would make a reference to the Ministry of Corporate Affairs to initiate the process of winding up of the company and would also initiate attachment and recovery proceedings.

The market regulator said that this order shall come into force with immediate effecthttp://realty.economictimes.india ... 2015-10-08

[lalaraju]

As per the latest update, 6 more buyers took possession of their flats today . This makes it a total of 12 who have taken possession of their flats in 250 yds. We can positively hope that the number will reach to 25 by this Diwali and even 50 by year end. Looking forward to the families shifting in their flats very soon, which will help in turning the deserted look of the Society into a lively and happening place. My best wishes to all the buyers who have taken their possession and hope that all the buyers get possession of their flats at the earliest

[vkupadhyay01]

Great news. Now we can hope that Divine Court become real divine. But, is there any update about the commencement of the construction of high rise.

[nsamant3]

Every time person other than who took possession is posting their experience. Why is it so? Why those who have took possession are not sharing their joy?

[Narenjuyal]

who Cares abt Fitout possesions...no need to rejoice n feel happy..

[Narenjuyal]

who Cares abt Fitout possesions...no need to rejoice n feel happy..

[dgupta]

anybody who has taken possession in real ???? .... I went to era society ... it was empty !! no one living there !!!

I think it is fake news of possession ... even when I called era few days back , they said that they are 'working' on possession ...... I never heard from anyone directly about him taking possession !!

Reply if YOU have taken possession with your UNIT no . so that I can verify it !

[dgupta]

hello everyone ... I have been trying to call era office and helpline numbers for past 4 days . either they are disconnected or they are ringing and nobody is picking up phone .

has anyone recently contacted ERA ???
are their offices open ??
or they have just ran away ???
also is there anyone who HIMSELF has taken possession ???

pls respond

[lalaraju]

Isn’t it being foolhardy to think that those who took possession will shift in their flats the next day?
They all are also sensible people, who will start residing there when they feel that now they can shift and live there without any worries. We can definitely witness some families shifting in their flats by this Diwali
And for those who say that, who cares for a fit out possession. Then for their information, the adjoining society “BPTP Park Floor” had also started giving physical possession 2-3 years back. But today more than 150 families are living in their own flat.
Some people with vested interest (Those who have booked the flat for investment purpose and dealers) who want to keep delaying the project so that they could sell their flats at exhorbient profit. They have no consideration for the buyers who have booked their flats for residential purpose. They all want the innocent buyers to suffer and face the twin burden of house rent and home loan EMI so that they can benefit from buyers’ misery.
I can say with confidence that presently only people with ulterior motives will try to convince buyers against taking possession of their flats in which they have invested their hard earned money and have been waiting for more than six year to reside in their own flat.

[nsamant3]

All investors are worried about their project. Nobody wants to loose money. Nobody is spreading rumors. But the fact is that SEBI and court had took stringent action against ADEL Lansdmarks

[dgupta]

dear mr lalaraju,

surprising thing is that you looks like hell bent on declaring that possession are being given and lull the buyers to sleep !!
I wonder who has ulterior motive here ??

if there is someone who got possession then HE can reply.
Nobody is asking/convincing anybody for NOT taking possession , rather I would be first one to ask for possession if I can.

if you have information which units have been given possessions pls share so that others can check out the units,
ANY buyer who took possession will at least keep his home LOCKED if not moved in immediatly !

Since you have the information pls share if it is true .... till then do not declare others who question authenticity of a news as having 'ulterior motives', verify the news , it is that simple

[dgupta]

dear mr lalaraju ,

surprising thing is that you looks like hell bent on declaring that possession are being given and lull the buyers to sleep !!
I wonder who has ulterior motive here ??

if there is someone who got possession then HE can reply.
Nobody is asking/convincing anybody for NOT taking possession , rather I would be first one to ask for possession if I can.

if you have information which units have been given possessions pls share so that others can check out the units,
ANY buyer who took possession will at least keep his home LOCKED if not moved in immediatly !

Since you have the information pls share if it is true .... till then do not declare others who question authenticity of a news as having 'ulterior motives', verify the news , it is that simple

[lalaraju]

There is an old saying that seems relevant for current situation and fits with the present scenario:-
KABJA SACHCHA JHAGDA JHUTHA
Best way to protect our money is to ensure that our asset is in our possession. Other issues we can always tackle after getting our hands on our rightful asset. At least through that we will be sure that there is no threat to our prime asset.
Need to think Rationally.

[naveenarichwal]

Lala raju ji have you taken possession of your Flat, Please share the Flat no. so that we can verify.

[lalaraju]

Dear Mr. Gupta
I am extremely sorry. I had no intention of doubting your or of any esteemed member of the Forum.
The biggest drawback of critical verification is that there are possibilities of missing out the positive things. You need to just visit the site and ask any staff there. They will show you which flats have been provided possession. If it is not possible for you then visit the site on some holiday or Sunday. You will certainly meet some buyers who have taken their possession.

Dear Navin Ji
I will not just give my flat no. for you to verify. We have not met personally but we have been interacting with each other for long so I will surely welcome you at my flat for a cup of tea or coffee soon. This is the minimum I could do .