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Time of India
3 days ago
- Business
- Time of India
Morabadi vendor market remains unused months after completion
1 2 Ranchi: The much-awaited Morabadi vendor market, constructed by Ranchi Municipal Corporation (RMC) to decongest roadside vending in the area, remains unused even months after its completion. Despite the market infrastructure being ready, vendors are still operating on footpaths, raising concerns over the project's delay. The market, built at a cost of around Rs 1.36 crore, is designed to rehabilitate over 218 vendors, mostly those selling fruits, vegetables, and street food near Morahbadi grounds. The market has been constructed with separate sections for different categories of vendors, provision for drainage, overhead sheds for weather protection, and LED lighting for night operations. The RMC has also planned to deploy guards and caretakers to maintain hygiene and order in the market. However, vendors allege that despite assurances, the shifting process has not started. "We are ready to shift if RMC gives us proper space. But they keep delaying it. We don't know when this will actually happen," said Ramesh Shah, a fruit vendor near the market. According to RMC officials, the final leg of civil work was recently completed. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Đây có thể là thời điểm tốt nhất để giao dịch vàng trong 5 năm qua IC Markets Tìm hiểu thêm Undo Nikesh Kumar, assistant municipal commissioner, said, "Some minor work was pending, which is now done. We are planning to shift the vendors to the new market within this week." According to the National Urban Livelihood Mission (NULM) cell of RMC, vendors who were previously operating in the Morabadi area before March 5, 2022, were eligible to apply, provided they had PM SVANidhi registration and prior identification documents issued by RMC. Initially, 418 applied in April, out of which 169 were shortlisted based on eligibility in June. Since then, the wait for shifting is not over yet.
Time of India
17-05-2025
- Business
- Time of India
Radius Sumer Developers' promoters arrested for cheating buyers in 'failed' South Mumbai project
MUMBAI : Well-known developers Ramesh Shah (65) and his son Rahul Shah (40) of Radius Sumer Developers were arrested by city police's Economic Offences Wing Friday on charges of luring 78 flat buyers to invest in a housing project in Mazagaon, failing to develop it and cheating them out of Rs 35.7 crore, reports S Ahmed Ali. EOW's general cheating unit arrested the father-son duo from their plush apartment in Gamdevi and produced them before the special MPID court, which remanded them to police custody. The complainant is Mahesh Mirani and his non-resident Hong Kong-based brother, Purushottam, who accused the developers and its director, Sanjay Rajkumar Chhabria, of defrauding them since 2016 by luring them to invest in the failed 'Harbor Heights' project. The arrested father-son duo of Ramesh Shah (65) and his son Rahul Shah (40) of Radius Sumer Developers have been charged with cheating under Section 420 of the IPC and under the Maharashtra Protection of Interest of Depositors (MPID) Act. Besides Mahesh and Purushottam Mirani, there are 77 other investors who invested or booked flats in the project, which was never developed, said investigating officer Ravindra Avhad. Mirani, a resident of Bandra West and proprietor of Metro Impex, claimed that he and his brother were lured into investing in the under-construction project during an exhibition in Hong Kong in late 2016. The project was promoted as a lucrative opportunity for NRIs seeking investment in Indian real estate. Following an in-person meeting with Chhabria and Rahul Shah in Feb 2017, the brothers entered into an MoU through their partnership firm, Metro Investment. The deal involved purchasing 18,181 sq ft of carpet area at Rs 28,875 per sq ft, amounting to a total of Rs 52.5 crore. An advance of Rs 21.95 crore was made via official banking channels and it was documented through tax receipts, allotment letters, and booking forms. The MoU included a two-year lock-in period, with provisions for a refund if the developer failed to obtain a commencement certificate (CC) up to the 25th floor of Tower 3. However, even by 2019, only a plinth-level certificate was issued. Consequently, a cancellation agreement was signed in April 2019. As per the new agreement, the developer issued eight cheques totalling Rs 35.7 crore, including interest and taxes. However, all cheques were dishonoured due to insufficient funds in the developer's bank account, leading to claims of deliberate default and fraud. Mirani alleged that despite repeated assurances and documented agreements, Radius Sumer Developers neither progressed with the construction nor returned the invested funds.
Time of India
16-05-2025
- Business
- Time of India
Bldr, son held for cheating buyers of 36cr in ‘failed' SoBo project
Mumbai: Well-known developers Ramesh Shah (65) and his son Rahul Shah (40) of Radius Sumer Developers were arrested by city police's Economic Offences Wing Friday on charges of luring 78 flat buyers to invest in a housing project in Mazagaon, failing to develop it and cheating them out of Rs 35.7 crore, reports S Ahmed Ali. EOW's general cheating unit arrested the father-son duo from their plush apartment in Gamdevi and produced them before the special MPID court, which remanded them to police custody. The complainant is Mahesh Mirani and his non-resident Hong Kong-based brother, Purushottam, who accused the developers and its director, Sanjay Rajkumar Chhabria, of defrauding them since 2016 by luring them to invest in the failed 'Harbor Heights' project. The arrested father-son duo of Ramesh Shah (65) and his son Rahul Shah (40) of Radius Sumer Developers have been charged with cheating under Section 420 of the IPC and under the Maharashtra Protection of Interest of Depositors (MPID) Act. Besides Mahesh and Purushottam Mirani, there are 77 other investors who invested or booked flats in the project, which was never developed, said investigating officer Ravindra Avhad. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Tukarkan Bitcoin dan Ethereum - Tanpa Dompet Diperlukan! IC Markets MULAI SEKARANG Undo Mirani, a resident of Bandra West and proprietor of Metro Impex, claimed that he and his brother were lured into investing in the under-construction project during an exhibition in Hong Kong in late 2016. The project was promoted as a lucrative opportunity for NRIs seeking investment in Indian real estate. Following an in-person meeting with Chhabria and Rahul Shah in Feb 2017, the brothers entered into an MoU through their partnership firm, Metro Investment. The deal involved purchasing 18,181 sq ft of carpet area at Rs 28,875 per sq ft, amounting to a total of Rs 52.5 crore. An advance of Rs 21.95 crore was made via official banking channels and it was documented through tax receipts, allotment letters, and booking forms. The MoU included a two-year lock-in period, with provisions for a refund if the developer failed to obtain a commencement certificate (CC) up to the 25th floor of Tower 3. However, even by 2019, only a plinth-level certificate was issued. Consequently, a cancellation agreement was signed in April 2019. As per the new agreement, the developer issued eight cheques totalling Rs 35.7 crore, including interest and taxes. However, all cheques were dishonoured due to insufficient funds in the developer's bank account, leading to claims of deliberate default and fraud. Mirani alleged that despite repeated assurances and documented agreements, Radius Sumer Developers neither progressed with the construction nor returned the invested funds.
