TFIPOST हिन्दी
TFIPOST Global
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Karnataka's Fire Cess Sparks Backlash: Citizens Question 1% Levy on Multi-Storey Buildings

    Karnataka’s Fire Cess Sparks Backlash: Citizens Question 1% Levy on Multi-Storey Buildings

    From Ganga to Kaveri: Modi Revives Chola Legacy in Tamil Nadu

    PM Modi’s Blueprint for Tamil Nadu Begins at Rajendra Chola’s Capital Gangaikonda Cholapuram

    Centre Allows Govt Staff 30 Days Leave to Care for Elderly Parents:

    Central Govt Employees Can Now Take 30 Days Earned Leave for Aged Parents’ Care : Jitendra Singh

    PM Narendra Modia

    Narendra Modi Surpasses Indira Gandhi to Become India’s Second-Longest Serving Prime Minister in an Unbroken Tenure

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    India Bans 25 OTT Platforms

    India Bans 25 OTT Platforms Including ULLU, ALTT & Desiflix for Obscene Content

    Union Commerce Minister Piyush Goyal and UK Trade Secretary Jonathan Reynolds formally signed the Free Trade Agreement

    India, UK Sign Historic FTA; Modi Sends Stern Message on Terror, Corruption, and Democracy Abuse

    What Can the Hindustan Zinc Share Price Tell Us About Strategic Resource Investing in India

    What Can the Hindustan Zinc Share Price Tell Us About Strategic Resource Investing in India

    How to Choose the Best Bank to Open a Savings Account in 2025

    How to Choose the Best Bank to Open a Savings Account in 2025

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    India Successfully Test-Fires Drone-Launched Precision-Guided Missile at Test Range in Andhra Pradesh

    India Successfully Test-Fires Drone-Launched Precision-Guided Missile at Test Range in Andhra Pradesh

    IAF Seeks 2–3 Squadrons of Foreign Fifth‑Generation Fighters to Bridge Airpower Gap

    IAF Pushes For 2–3 Squadrons of Foreign Fifth‑Generation Fighters to Bridge Airpower Gap

    BSF Initiates Drone Warfare Upgradation After Operation Sindoor

    BSF Initiates Biggest-Ever Plan To Upgrade Drone Warfare Ecosystem After Operation Sindoor

    BITS Students Build Kamikaze Drones, Power Indian Army

    Kamikaze Drones from Campus Hostel : This is How Two BITS Students Deliver Combat-Ready Drones to Indian Army

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Bail Rejected by Chattogram Sessions Court for Chinmoy Krishna Das

    Chinmoy Krishna Das Denied Bail Again Amid Growing Persecution of Hindus in Bangladesh

    India on Alert Amid Strategic Shifts

    Pakistan and Bangladesh Sign Visa-Free Deal for Officials; India on Alert Amid Strategic Shifts

    Temple Row Sparks Fresh Violence Between Thailand and Cambodia

    Border Tensions Flare Again Between Thailand and Cambodia: Ancient Shiva Temple Dispute Turns Deadly

    Narendra Modi Surpasses Indira Gandhi to Become India’s Second-Longest Serving Prime Minister in an Unbroken Tenure

    India, China Review Border Situation, Gear Up for High-Level Special Representative Talks

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    NCERT Textbook Reveals Mughal Religious Intolerance

    Ruthless Babur, Violent Akbar, Destructive Aurangzeb: NCERT Textbook Reveals Mughal Religious Intolerance

    India Built Gardens Long Before Babur Dreamt of Charbagh

    Before the Mughals: India’s Civilisation Built Gardens Long Before Babur Dreamt of Charbaghs

    Revisiting the MANUSMRITI: Why India’s Youth Must Study This Ancient Epic

    Revisiting the MANUSMRITI: Why India’s Youth Must Study This Ancient Epic

    Echoes of the Cholas in Today’s Bharat

    Conqueror of the Seas: Rajendra Chola and the Rise of Naval Bharat

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    India Becomes First Country to Digitally Preserve Traditional Medicine Using Artificial Intelligence

    India Becomes First Country to Digitally Preserve Traditional Medicine Using Artificial Intelligence

    Highest RTP Casino Games to Get Better Wins

    Highest RTP Casino Games to Get Better Wins

    How to Use Eyebrow Tinting Kits Like a Salon Expert

    How to Use Eyebrow Tinting Kits Like a Salon Expert

    One in Four Indian Married Couples Are Now Overweight

    ICMR Study: One in Four Indian Married Couples Are Now Overweight or Obese—Shared Lifestyle to Blame

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Karnataka's Fire Cess Sparks Backlash: Citizens Question 1% Levy on Multi-Storey Buildings

    Karnataka’s Fire Cess Sparks Backlash: Citizens Question 1% Levy on Multi-Storey Buildings

    From Ganga to Kaveri: Modi Revives Chola Legacy in Tamil Nadu

    PM Modi’s Blueprint for Tamil Nadu Begins at Rajendra Chola’s Capital Gangaikonda Cholapuram

    Centre Allows Govt Staff 30 Days Leave to Care for Elderly Parents:

    Central Govt Employees Can Now Take 30 Days Earned Leave for Aged Parents’ Care : Jitendra Singh

    PM Narendra Modia

    Narendra Modi Surpasses Indira Gandhi to Become India’s Second-Longest Serving Prime Minister in an Unbroken Tenure

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    India Bans 25 OTT Platforms

    India Bans 25 OTT Platforms Including ULLU, ALTT & Desiflix for Obscene Content

    Union Commerce Minister Piyush Goyal and UK Trade Secretary Jonathan Reynolds formally signed the Free Trade Agreement

    India, UK Sign Historic FTA; Modi Sends Stern Message on Terror, Corruption, and Democracy Abuse

    What Can the Hindustan Zinc Share Price Tell Us About Strategic Resource Investing in India

    What Can the Hindustan Zinc Share Price Tell Us About Strategic Resource Investing in India

    How to Choose the Best Bank to Open a Savings Account in 2025

    How to Choose the Best Bank to Open a Savings Account in 2025

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    India Successfully Test-Fires Drone-Launched Precision-Guided Missile at Test Range in Andhra Pradesh

    India Successfully Test-Fires Drone-Launched Precision-Guided Missile at Test Range in Andhra Pradesh

    IAF Seeks 2–3 Squadrons of Foreign Fifth‑Generation Fighters to Bridge Airpower Gap

    IAF Pushes For 2–3 Squadrons of Foreign Fifth‑Generation Fighters to Bridge Airpower Gap

    BSF Initiates Drone Warfare Upgradation After Operation Sindoor

    BSF Initiates Biggest-Ever Plan To Upgrade Drone Warfare Ecosystem After Operation Sindoor

    BITS Students Build Kamikaze Drones, Power Indian Army

    Kamikaze Drones from Campus Hostel : This is How Two BITS Students Deliver Combat-Ready Drones to Indian Army

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Bail Rejected by Chattogram Sessions Court for Chinmoy Krishna Das

    Chinmoy Krishna Das Denied Bail Again Amid Growing Persecution of Hindus in Bangladesh

    India on Alert Amid Strategic Shifts

    Pakistan and Bangladesh Sign Visa-Free Deal for Officials; India on Alert Amid Strategic Shifts

    Temple Row Sparks Fresh Violence Between Thailand and Cambodia

    Border Tensions Flare Again Between Thailand and Cambodia: Ancient Shiva Temple Dispute Turns Deadly

    Narendra Modi Surpasses Indira Gandhi to Become India’s Second-Longest Serving Prime Minister in an Unbroken Tenure

    India, China Review Border Situation, Gear Up for High-Level Special Representative Talks

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    NCERT Textbook Reveals Mughal Religious Intolerance

    Ruthless Babur, Violent Akbar, Destructive Aurangzeb: NCERT Textbook Reveals Mughal Religious Intolerance

    India Built Gardens Long Before Babur Dreamt of Charbagh

    Before the Mughals: India’s Civilisation Built Gardens Long Before Babur Dreamt of Charbaghs

    Revisiting the MANUSMRITI: Why India’s Youth Must Study This Ancient Epic

    Revisiting the MANUSMRITI: Why India’s Youth Must Study This Ancient Epic

    Echoes of the Cholas in Today’s Bharat

    Conqueror of the Seas: Rajendra Chola and the Rise of Naval Bharat

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    India Becomes First Country to Digitally Preserve Traditional Medicine Using Artificial Intelligence

    India Becomes First Country to Digitally Preserve Traditional Medicine Using Artificial Intelligence

    Highest RTP Casino Games to Get Better Wins

    Highest RTP Casino Games to Get Better Wins

    How to Use Eyebrow Tinting Kits Like a Salon Expert

    How to Use Eyebrow Tinting Kits Like a Salon Expert

    One in Four Indian Married Couples Are Now Overweight

    ICMR Study: One in Four Indian Married Couples Are Now Overweight or Obese—Shared Lifestyle to Blame

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
  • Economy
  • Defense
  • Geopolitics
  • Knowledge
  • Law
  • Lounge

Director of Parsvnath Developers gets three years jail time, bad days of dishonest builders ahead

TFI Desk by TFI Desk
13 April 2021
in Opinions
Parsvnath Developers, Builders

(PC: Zee News)

Share on FacebookShare on X

In February this year, the National Consumer Dispute Redressal Commission (NCDRC), the consumer court, sentenced the managing director and directors of real estate development firm Parsvnath Developers to a three-year jail sentence. This was the first time when directors of a firm were sentenced to jail for cheating the consumers because the penal provisions used under the consumer law were always monetary.  

“So far, only the top court took a harsh stance against builders who were sent to jail, but those cases were not under the consumer law. They were either in a criminal case registered against them or when a developer approached seeking SC protection from insolvency proceedings,” said Sukham Ahluwalia who argued the case for consumers. 

RelatedPosts

US Firms Hit All-Time High in Office Space Leasing Across India: Report

Income Tax Calculator: Explaing Modi govt’s major tax relief for Middle Class

Discover Your Dream Home: Explore Stunning Flats in Chennai

Load More

During the construction boom, many builders, especially in Noida and Greater Noida, started many projects on which they could not deliver. Due to lax real estate regulatory laws before RERA, a builder could start a project with very small capital than what was needed for the completion of the project.

So, the builders asked for advance payment from homebuyers for dream homes and promised possession in the next few years. Given the fact prices were attractive, most of the consumers fell for it and paid in advance. But, with the decline in demand for real estate and the cost of capital getting cheaper over time, most of these builders could not complete the project and were not able to pay back the loans which they had taken from banks at very high rates.

This led to many big infrastructure firms including Jaypee Infratech Limited (JIL), the original builder of Greater Noida township, becoming bankrupt. And, this left many large ghost townships which were left uncompleted because the builder was bankrupt. 

So, the savings of the homebuyers, who invested their hard-earned money in their dream homes, was left in the lurch. Parsvnath Builders was one of such builders and the court has set a precedent in the arena of consumer protection by sending its management behind the bars for three years. 

In the last few years, the Modi government has taken many pro-consumer steps, especially in the real estate market. Apart from the RERA Act, the government amended the IBC act in 2018 to treat homebuyers on par with institutional lenders like banks and NBFCs. 

According to the amendment which is yet to get presidential assent, the homebuyers who had given money to builders in advance will be considered as financial creditors and will be given priority in recovering their debt from the bankrupt companies.

Earlier the homebuyers, many of whom used to pay in advance to builders like Parsvnath Developers to book their homes were not considered as financial creditors like banks and other lending institutions. Therefore, despite the fact that many of the building projects were majorly funded by homebuyers’ money, they were nowhere in the resolution process if the project was abandoned.

In 2019, the Modi government came up with the SWAMIH scheme to finance the completion of stalled projects to ensure that the money already invested in the projects is not wasted and the consumers who pumped lifelong savings to purchase a house do not feel cheated. Under the scheme, the government appointed a special purpose vehicle to generate funding (with initial capital provided by the government), and this body managed to raise 3.5 billion dollars so far to finance various stalled projects.

In the last two years, many projects were completed under the scheme, and in the next financial year, more than 4,000 homes will be awarded under 16 projects. Many of these projects were completed amid the widespread pandemic and given the exponential rise in demand in the post-lockdown – because many families which did not lose the source of income saved a lot of money due to cut in expenditure – these houses are being purchased by a large number of people.

The real estate market has been cleaned up to a large extent and homebuyers are now safe compared to the last five years. Thanks to the pro-activeness shown by the Modi government and the courts, builders like Parsvnath Developers who fooled the consumers are being jailed and the homebuyers are getting justice. 

Tags: Modi governmentParsvnath DevelopersReal Estate
Share93TweetSend
Previous Post

Arif Mohammed Khan did a darshan of Lord Ayappa and now radical Islamists are after his life

Next Post

Is Nitish fudging data to present a rosy picture of COVID control in Bihar?

Related Posts

A Response to Dr. Ruchika Sharma’s Reading of History
Opinions

On Truth and Taxes: A Response to Dr. Ruchika Sharma’s Reading of History

23 July 2025

In her recent piece in The Indian Express, historian Ruchika Sharma takes aim at the revised NCERT Class VIII...

How Manusmriti Differs from the Epics
Opinions

How Manusmriti Differs from the Epics

17 July 2025

Ancient Indian texts are among humanity’s richest intellectual and moral legacies. From the Vedas and Upanishads to the Mahabharata,...

Western Media’s Civilizational Insecurity Against India
Opinions

Western Media’s Civilizational Insecurity Against India Masked as Journalism

16 July 2025

Western media's relentless bias against India stems from deep-rooted civilizational jealousy and colonial guilt. Unable to accept a rising,...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Currently Playing

PM Modi’s Blueprint for Tamil Nadu Begins at Rajendra Chola’s Capital Gangaikonda Cholapuram

PM Modi’s Blueprint for Tamil Nadu Begins at Rajendra Chola’s Capital Gangaikonda Cholapuram

00:07:57

One Woman. Two Brothers. Jodidaran- A Living Example of Polyandry in Himachal's Hatti Tribe.

00:05:32

Lashkar-e-Taiba on the Run from Muridke: Is Bahawalpur Becoming Pakistan’s New Terror Capital?

00:07:26

Britain’s Million-Dollar Bird Finally Takes Off!

00:06:43

Maharashtra targets crypto christians. fake dalit quota scam exposed.

00:04:16
Facebook Twitter Instagram Youtube
tfipostTfipost.com
Right Wing | News Analysis | Indian Opinion
  • About us
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy
  • Sitemap
MASHABLE IS A GLOBAL, MULTI-PLATFORM MEDIA AND ENTERTAINMENT COMPANY. FOR MORE QUERIES AND NEWS, CONTACT US AT info@mashablepartners.com


©2025 TFI Media Private Limited

No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFIPOST हिन्दी
TFIPOST Global

©2025 TFI Media Private Limited