You can spot 1A Palm Place by a big hoarding for Avoire outside, which has been put up there without legal permission of all the flat owners of 1A Palm Place. Avoire is a high end fashion store located in a separate house inside the complex. It is a part of the problem of owning a flat here.
1A Palm Place building has no Flat Owner’s association. No registration certificate.
The people who were/are handling the funds for this building’s flat owners account have been running a completely illegal account called the “Palm Place Syndicate” account, with no paper work, no mode of operation, no accountability. But what is dangerous is it seems set up as some sort of a “business partnership.” In the link below, where documents and details are, it is unclear what all this account was/is even being used for. The people managing this buildings funds have tried to con my mother and another woman into becoming a signatory and giving their PAN numbers!
For 9 years, they kept the name of a deceased person, who does not even own a flat as a signatory of this account. And another person, who sold his flats here retained control of this account for over a year, and never told the owners that this account was in the banks legal department even as he tried to get my mother and another woman to become signatories.
The account by itself has no legal documents, and meets no RBI requirements. Owners have been putting their money into this account without getting any itemized bills or even an audit report. Standard Chartered bank had allowed this account to continue despite the fact that in 2010 it was in their legal department and continued to be since June 2014. Why would the bank refused to freeze this account as per RBI rule? Why have they gone on giving these people time month after month, and not frozen the account.? What kind of “business” is going on here that the bank is so helpful to give them extended time? One of the men running this account has some sort of “unclear” business dealing in various countries. And he shows 1A Palm Place as his registered business address, even though he does not even live here or owns no flats here.