Re: [Goanet] Bombay Colony - The Truth.
Seems a real pity to inform you Eric,but the big FIGHT is a LONG LONG way from over-petitions filed by the residents against the sale of the colony have led to the High Court staying the same,furthermore petitions filed by the builder and the so called society asking for the stay to be vacated have been thrown out of court-which makes me wonder,if 75% of the tenants have indeed accepted the paltry compensation from the builder,why on earth would the ho'ble court see fit to stay the sale?Maybe,just maybe,the fact that a 600 crore plot is being sold for only 70 crores,that the deal was carried out without tenders being called for,that the society conveyed a property to a third party while it's ownership of the same is being litigated in a court of law,maybe these facts sort of weighed on the hon'ble judges minds.Let me inform you that there is a real feeling of outrage in the community about this and a lot of people from all over Mumbai have now lent their support to this mission.
Re: [Goanet] Bombay Colony - The Truth.
Sorry guys, it is a " Real Estate Trust" to us folks in NAmerica when a business exists to own and profit from rental property. The entity pays no corporate tax, shareholders pay a personal income tax on dividend income. Britain has a similar setup, I think the legal term there is "Society." Latest on Willingdon : 75% of the tenants have accepted a cash offer from the builder of 30,000 a square foot and will move. The bonanza is 2.5 crores for 2 bed places, 1.5 for one bedroom. The big fight is over ! eric. From: Frederick Noronha To: "Goa's premiere mailing list, estb. 1994!" Sent: Mon, January 18, 2010 1:35:52 AM Subject: Re: [Goanet] Bombay Colony - The Truth. 2010/1/8 eric pinto : > Willingdon is NOT a Society, it is a Trust/Business. > It was incorporated sixty years ago as a for-profit > business, when scores of the local Catholic > middle-class subscribed to the issue, and were > promised a 8% return on the investment. Eric, Just out of curiosity, since when is a "Trust" a "business"? >From what I understand, these two are as different as chalk and cheese! Earnings of a Trust cannot be privatised, and have to be deployed back into the entity, to support its (usually) educational or charity goals. Trusts in India are governed by the Indian Trusts Act, 1882, and are quite similar to (with some differences) societies in their nature and scope, not at all like businesses. > Society secretary Frederick Noronha said, “There are > 764 members in the society and majority have agreed > to sell the land. As far as the legal dispute is concerned, > the matter is in court and I would not like to comment > on it.” And, just by the way, in case anyone was wondering, the above is an amazing case of someone whom I'm not met (and, afaik, not related to except through Adam) who shares both a name and surname with me :-) Leave alone not being the secretary of that society, I've not even been to the place where it is located! But, from a wholly disinterested (and academic perspective), I think Eric is mixing up the unfair "rent-control" we have had for decades in India (doing away with them overnight would be equally unfair) with the manner in which those controlling community property have been rampantly privatising the same these days! The coors/kudds of Bombay are another example! So are the religion-controlled properties in Goa, which was why we saw the recent debate raised by Eduardo Faleiro (and others). FN -- Frederick Noronha Columnist :: journalism :: editing :: alt.publishing :: photography :: blogging
Re: [Goanet] Bombay Colony - The Truth.
2010/1/8 eric pinto : > Willingdon is NOT a Society, it is a Trust/Business. > It was incorporated sixty years ago as a for-profit > business, when scores of the local Catholic > middle-class subscribed to the issue, and were > promised a 8% return on the investment. Eric, Just out of curiosity, since when is a "Trust" a "business"? >From what I understand, these two are as different as chalk and cheese! Earnings of a Trust cannot be privatised, and have to be deployed back into the entity, to support its (usually) educational or charity goals. Trusts in India are governed by the Indian Trusts Act, 1882, and are quite similar to (with some differences) societies in their nature and scope, not at all like businesses. > Society secretary Frederick Noronha said, “There are > 764 members in the society and majority have agreed > to sell the land. As far as the legal dispute is concerned, > the matter is in court and I would not like to comment > on it.” And, just by the way, in case anyone was wondering, the above is an amazing case of someone whom I'm not met (and, afaik, not related to except through Adam) who shares both a name and surname with me :-) Leave alone not being the secretary of that society, I've not even been to the place where it is located! But, from a wholly disinterested (and academic perspective), I think Eric is mixing up the unfair "rent-control" we have had for decades in India (doing away with them overnight would be equally unfair) with the manner in which those controlling community property have been rampantly privatising the same these days! The coors/kudds of Bombay are another example! So are the religion-controlled properties in Goa, which was why we saw the recent debate raised by Eduardo Faleiro (and others). FN -- Frederick Noronha Columnist :: journalism :: editing :: alt.publishing :: photography :: blogging
[Goanet] Bombay Colony - The Truth.
--- http://www.GOANET.org --- Happy New Year Twenty-Ten --- Willingdon is NOT a Society, it is a Trust/Business. It was incorporated sixty years ago as a for-profit business, when scores of the local Catholic middle-class subscribed to the issue, and were promised a 8% return on the investment. A renter paid an amount that equalled an average of fifty percent of the prevailing monthly clerical wage. Britain froze rents when the war begah n 139, and that immoral consfiscation from owners prevails to this day. The rebuilding was proposed 40 years ago: the matter has languished in the courts since then. Three generations of shareholders have been bankruted. Their legal bill for 1997 and 1998 was a total of 200 lacs (2 crores). One hundred rupees for a thousand square fee is no rent, it is a joke, an immoral impost on the owner of a property: religion does not sanction theft. I venture to suggest that the incidence cirrhosis amongst the working class would be a lot lower, across the city, if they were compelled to send a fair amount of rent to property owners. eric. -- Ask Church to intervene, prevent redevelopment from transforming Willingdon Colony at Santacruz from a quaint, wooded locality to a cosmopolitan complex By Manoj R Nair Catholics and members of the clergy have asked their church to intervene to prevent the transformation of Willingdon Colony at Santacruz from one of the oldest Catholic housing co-operatives to a cosmopolitan residential complex. Last month, residents of the colony were informed by its owners, the Bombay Catholic Co-operative Housing Society, that the property has been sold to a construction firm. The redevelopment is opposed by a group largely consisting of tenants. The dispute between them and the society has reached Bombay High Court, which is hearing a suit filed by another builder claiming to have signed an agreement with 69 tenants to redevelop the colony. However, Sumer Associates has said that the property has been sold by the society to them for Rs 70 crore. Though the society has 764 members, majority do not live in the colony and are only land owners. The builder has agreed to accommodate the 161 allottees and 69 tenants in 230 flats of 600 square-feet each. The old-world interiors of Bombay Catholic Co-operative Housing Society that has been sold to a construction firm Some tenants have approached the church and groups like Catholic Secular Forum for support. “We will ask the church to bring about an amicable settlement between tenants and the society, failing which we will start an agitation,” said Joseph Dias of the forum. Father Conrad Saldanha, who is attached to Sacred Heart Church, the local parish seat, said the protesting residents have the moral support of the church. “I am highly concerned by the developments. Families that have stayed there for generations are suddenly being intimidated,” said Fr Saldanha. Society secretary Frederick Noronha said, “There are 764 members in the society and majority have agreed to sell the land. As far as the legal dispute is concerned, the matter is in court and I would not like to comment on it.” The society says that the sale will benefit residents as many cottages are dilapidated. A notice to members said: “Tenants will have new, well-ventilated apartments with modern amenities. Tenants need not waste time and be victims of lengthy litigation,
