Mumbai Builder Fails To Deliver Apartments; Faces Protest

Mumbai Builder Fails To Deliver Apartments; Faces Protest

Mumbai Builder Fails To Deliver Apartments; Faces Protest

Over 2,500 homebuyers, who had invested in four projects of Jaycee Homes and JVPD Private Limited, companies listed under Bhagtani Builders, are now launching a protest against the developer. The Mumbai-based developer has failed to deliver the apartments in these projects and also, not yet compensated the aggrieved buyers.

According to reports, it was last month that the Maharashtra Real Estate Regulatory Authority (MahaRERA) had ordered the developer to refund Rs 7.10 crore along with 15 per cent interest to over 21 homebuyers, who purchased apartments in Bhagtani Serenity project. The developer is yet to follow the order. However, earlier this year when the homebuyers had approached the MahaRERA, their complaints were not registered on the grounds that they did not possess registered agreements of sale.

Homebuyers, who took to the internet, wrote on a forum, “We booked two 2BHK flats in Phase-I in Riyo in 2013. One in my name and one in my daughter and son-in-law’s name. We received refund cheque for one flat but it bounced. For the second flat, the developer asked for 18 months extension and promised in writing that they would refund principal and 15 per cent interest from the date of investment within three months. However, after the expiry of 18 months we have not received any response from the builder after repeated reminders and confirming that we would need the refund as the extension (they called it Credit Note) has expired.”

The buyers have now taken it to the Economic Offences Wing (EOW) and filed a first-information report (FIR) against the developer. It was in January this year that a complaint was filed against the developer with the EOW under the Maharashtra Protection of Interest of Depositors (MPID) Act. Under the provisions of the Act, the Bhagtanis’ assets could be liquidated to recover the money. However, nothing has been done so far.

Since late-2017, complaints have been filed for duping 2,588 homebuyers who booked apartments in Riyo (Mira Road), Sapphire (Dahisar), Serenity (Powai), and Savannah projects (Kanjurmarg). These projects have not taken off since 2012-13. The developer had lured the homebuyers with discounts at the pre-launch stage of the projects and had assured returning their money with 15 per cent interest if they failed to launch the projects.

Last Updated: Mon Jun 18 2018

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