Mohit Kamboj richest candidate

A Worli flat of the richest MLA as per the candidature filed for the Maharashtra Assembly polls last year. Mohit Kamboj was symbolically attached by a bank. Kamboj,who lost the Dindoshi seat on a BJP ticket in the Maharashtra Assembly polls, had declared assets worth Rs 350 crore and was the richest amongst all the Candidates.

In the last six months, Indian Bullion & Jewellers Association president Mohit Kamboj has had two public notices issued against him by banks for taking possession of his properties in cases of outstanding loans. The Worli flat measuring 2324 sqft situated in Avarshekar Heights has been taken over by the bank now for non-payment of a R30-crore loan for which he stood as a guarantor.

According to a report in mid-day, Bank of India has issued a notice in November calling upon the borrower/guarantors Miksha Gold Jewellery Ltd, Mohit Kamboj, Deepak Kamboj, Pinki Kamboj, Jitendra Kapoor and KBJ Jewellery to repay the aggregated amount or Rs 30.90 crore (the loan amount) and clear off the dues.

Kamboj however, claims that he is only a guarantor of the loan. “I am only the guarantor for a company. High Court has given orders to the promoter of the company to get my property released in February 2015, for which I have given a guarantee. The borrower promised to get my guarantee released before the judge but he has not done it yet,” he said.

With the massive landslide win of BJP -led NDA headed by Modi in 2014 Lok Sabha Election, there is a sense of positivity in the buyer community. Other than the financial issues, Lok Sabha election result was the main reason behind delaying property investment by the buyers.  For the first time saffron party has crossed the 300-seat mark without any support.

It is believed that the real estate industry and buyers are equally positive about changes such as policy changes and relaxation in monetary reforms. During the election campaigning, BJP had assured to set up 100 smart cities throughout the country. Thus, buyers are expecting from the new government to revive existing real estate policies and the coming next six months are going to be the perfect time for investing in real estate.

With the huge rally in equity market, the Sensex gained over 1,300 points above 25,000. The Nifty was also up by over 400 points and is trading above 7,500. With the wave of positive change the top gainers in Stocks are DLF, Oberoi Realty, Prestige Estates, Godrej Properties and Sobha Developers. Each one of them jumped 3-9 percent on hopes of getting more projects through the new government.

Creation of a new government is exactly what the Indian economy and the real estate sector wants at this time. While investors look optimistic, end users seem to be waiting that home loan interest rates will come down easing their pockets. However, it will take some time for us to witness any improvement at three months from the formation of government.