COSMIC CORPORATE PARK BY COSMIC STRUCTURES LIMITED

Cosmic Corporate Park by Cosmic Structures Limited
Earlier at Plot No. 10 Tec Zone Noida was having a project named Globus Business Park and builder ARN Infrastructures sold this project by displaying their sample flat.
In past 2 Years Construction was not going on and also now same project is being sold by Cosmic Structures Limited, under the name of Cosmic Corporate Park. How a builder can sell a property which is already sold by the name of Globus Business Park with another name Cosmic Corporate Park now.

Even Cosmic Corporate Park is also making people confused by projecting it as a New Commercial Project by cosmic Structures Limited whereas this is an old project which was having Flats and Shops. It seems that ARN Infrastructures sold the incomplete project to Cosmic Group or whatever (No Explaination)

They are acting like real gain and ARN Infrastructures is doing fraud in place of doing construction they multiplied public money in two years and they did agreements for shops and flats but how they are selling it again as Cosmic Corporate Park

Source: Consumer Complaints (Cosmic Structures – ARN Infrastructures)
Posted by: saavita60 on Dec 28, 2011

Penalty on Hiranandani Builder Slashed to 218 Cr from 2000 Crores by MMRDA

Speaking to PP, Niranjan Hiranandani on this issue said, “There is no violation hence the penalty has to be ZERO. There is nothing unauthorised done by us.”

Country’s leading builder, Hiranandani Group would soon be beneficiaries of a benevolent government which has decided to substantially reduce a penalty imposed on the firm for violations in the Powai land-development agreement.

As per knowledgeable sources in the Democratic Front (DF) revealed to a leading city tabloid,  that a decision has been taken to reduce the penalty of Rs 1,993 crore - which was recommended by the Mumbai Metropolitan Region Development Authority (MMRDA) - to Rs 218 crore.

This decision would soon be communicated - as part of the action-taken report - to the Bombay High Court where at least three petitions are pending against the builder.

The 230-acre land was leased to the group in 1986 to create “affordable housing” through a tripartite agreement between the Government of Maharashtra, MMRDA (who drafted the Powai Area Development Scheme) and the Hiranandani Group.

The developers - MMRDA says - have instead turned the land into a complex of high-end apartments. Citing a number of violations, the MMRDA had recommended immediate stoppage of construction work, and the withdrawal of all concessions given to the builders. It also demanded that the land be taken back as is.

The present ruling Maharashtra government, instead, directed the MMRDA to calculate the complete nature of the violations.

Therefore - after scrutinising all the records available with the BMC - the MMRDA submitted its report in January 2009, and recommended a penalty of Rs 1,993 crore on the builder.

This penalty calculated was based on three alleged violations: differential areas of the flats, construction of commercial complexes and the usage of TDR (Transfer of Development Rights).

While permission was granted for only 40 and 80 sq-metre flats, the developer had constructed apartments measuring 200 to 400 sq metres. The penalty proposed for this violation itself was worked out at Rs 946 crore.

A further penalty of Rs 597 crore was imposed on the developer for constructing commercial complexes when no such permission was given under the agreement. And finally, a 'penal premium' of Rs 448 crore was to be levied on the developers for the usage of TDR.

The Hiranandani Group, however, has always denied any violations and has adopted a stand that it was armed with all the necessary permissions by the government.

When contacted by the tabloid, T C Benjamin, principal secretary of the Urban Development Department, said: “The Hiranandani Group had made a representation to the government after MMRDA submitted its report, and requested that it take into consideration the various permissions that were subsequently given to it. The builder also pointed out the clause that allows for 15 per cent commercial use of the land, permissible under the government rules.”

Hiranandani Faces Penalty, Denies MMRDA Violation Claims

How many thousands of crores have been paid to the politicians and babu's for this scam to go unnoticed for 23 years. It will be naive to think, Hirananadani is going to accept these acccusations without bringing down the house. These same allegations should be levied on the Raheja's for selling Jodi flats in the Malad(w) link road area where they have destoryed all the mangroves. These scams are part of the Indian scenario and nothing will be learnt. The Satyam case provides enough evidence that whistle blowing on these scams are just lip service to further personal agendas. The Indian legal and political system is of the rich, for the rich and by the rich. All the common man can do is to be vigilant and aware and not get caught up in this cesspool of corruption. In the past some reports have suggested Hiranandani was given the Powai land at 40 paisa per sq ft. The government officials who approved this paperwork should be prosecuted before Hiranandani. If someone approves such a deal, any moron with an iota of grey matter will take it. Why blame Hirananandani for a ultra ineffecient corrupt system ?

By ugesh sarkar, Section Real Estate
Posted on Thu Feb 05, 2009 at 09:38:36 PM EST
In what could be the highest penalty imposed on a builder for alleged gross violation of land misuse, the Mumbai Metropolitan Region Development Authority (MMRDA) has recommended to the state urban development department that developer Hiranandani Group be made to pay a penalty of Rs 2,000 crore. Though the developer is yet to receive a notice of levy for the amount, Niranjan Hiranandani, MD, Hiranandani Group, has denied the charge in totality, stating that the state agency was unaware that no development in the area had been done without obtaining the necessary permissions and sanctions of government departments.

Meanwhile, the metro authority has charged the builder with constructing large apartments instead of the 40 sq m and 80 sq m flats, for which permission was accorded. The second charge is for building commercial complexes in violation of the original agreement and the third, an add-on penalty component, for utilisation of transfer of development rights.

Hiranandani said development rules and notifications, since the 23-year-old Powai Area Development Scheme, comprising 92.2 hectares, was signed, had undergone changes and consequently implemented after sanctions during different periods. The MMRDA has used the current ready reckoner rates to compute the alleged violations to arrive at the penal sum of Rs 1,993 crore.

The Powai Area Development Scheme was not classified under any scheme for weaker section / lower income group of the society, he said adding that a Bombay High Court decision in 2005 stated that the development at Powai was not for any weaker section / lower income group of the society and the same does not apply to the said lands.

On increase in the size of tenements, Hiranandani said the scheme came after a tripartite agreement was signed on November 19, 1986. Under the agreement, there was a condition restricting sizes of the tenements. However, the MMRDA permitted the amalgamation of tenements as per its order dated August 18, 1989.

The larger premises were constructed utilising transfer of development rights subsequently, when the TDR concept was introduced in 1991. During the period when the tripartite agreement was executed, the development by TDR was not available.

The Bombay High Court is hearing public interest litigation petitions pertaining to the project development.

The MMRDA has also recommended that all concessions extended to the builder be withdrawn, to which Hiranandani said he had not availed himself of any concessions thus far.