Home buyers in three more projects say Mumbai's JVPD Properties cheated them
Investors in residential projects being developed by JVPD Properties Limited in Powai, Dahisar and Kanjurmarg say that construction is yet to start at the sites. Builders claim they are waiting for necessary approvals.
Home buyers of three more yet-to-start projects of JVPD Properties Limited, which is already under the scanner of the Bombay High Court for failing to kick off another residential complex in Mira Road, claim that they have been cheated by the builder too and are planning to take the legal route as well.
The latest allegations pertaining to Serenity in Powai, Sapphire in Dahisar East and Savannah in Kanjurmarg East come after Mumbai Mirror reported on October 5 that the High Court directed JVPD Properties Limited, owned by reputable builder Lakshman Bhagtani and his sons, to refund all investors of the Bhagtani Riyo housing project in Mira Road, as they failed to develop the residential complex after accepting money from several home buyers.
On October 3, Justice AM Badar directed Lakshman and his son Diipesh Bhagtani, the directors of JVPD Properties Ltd, to furnish the complete list of investors and give details of how many home buyers were yet to be refunded at the next hearing on October 12. The order came after Diipesh submitted an affidavit-cum-undertaking, stating that the company would deposit Rs 22 crore or more in equal instalments in the next six months starting October 12. The order came as a relief to hundreds of home buyers, whose money was stuck in the housing project that never took off.
JVPD Properties Limited is one of the group companies of Jaycee Homes Ltd.
Now, the home buyers of Serenity, Sapphire and Savannah claimed that the projects in which they invested have made no headway in the past three-four years.
Andheri resident and communications specialist Seema Saini said she invested a sum of Rs 20.71 lakh in a flat on the 16th floor of C wing of Serenity project near Hiranandani hospital in Powai in December 2014.
“I was told that the project would take 42 months to complete and I would be given possession by March 2018. But no development happened in the last few years. There is nothing at the site except fenced barren land. So, I have asked for a refund of my money,” said Saini, who has formed a group of 22 similarly affected home buyers of Serenity.
They are planning to file a complaint under section 420 (cheating) of the IPC with the Economic Offences Wing against Bhagtani and seven other employees of the company, besides approaching the Bombay High Court.
Home buyers of three more yet-to-start projects of JVPD Properties Limited, which is already under the scanner of the Bombay High Court for failing to kick off another residential complex in Mira Road, claim that they have been cheated by the builder too and are planning to take the legal route as well.
The latest allegations pertaining to Serenity in Powai, Sapphire in Dahisar East and Savannah in Kanjurmarg East come after Mumbai Mirror reported on October 5 that the High Court directed JVPD Properties Limited, owned by reputable builder Lakshman Bhagtani and his sons, to refund all investors of the Bhagtani Riyo housing project in Mira Road, as they failed to develop the residential complex after accepting money from several home buyers.
On October 3, Justice AM Badar directed Lakshman and his son Diipesh Bhagtani, the directors of JVPD Properties Ltd, to furnish the complete list of investors and give details of how many home buyers were yet to be refunded at the next hearing on October 12. The order came after Diipesh submitted an affidavit-cum-undertaking, stating that the company would deposit Rs 22 crore or more in equal instalments in the next six months starting October 12. The order came as a relief to hundreds of home buyers, whose money was stuck in the housing project that never took off.
JVPD Properties Limited is one of the group companies of Jaycee Homes Ltd.
Now, the home buyers of Serenity, Sapphire and Savannah claimed that the projects in which they invested have made no headway in the past three-four years.
Andheri resident and communications specialist Seema Saini said she invested a sum of Rs 20.71 lakh in a flat on the 16th floor of C wing of Serenity project near Hiranandani hospital in Powai in December 2014.
“I was told that the project would take 42 months to complete and I would be given possession by March 2018. But no development happened in the last few years. There is nothing at the site except fenced barren land. So, I have asked for a refund of my money,” said Saini, who has formed a group of 22 similarly affected home buyers of Serenity.
They are planning to file a complaint under section 420 (cheating) of the IPC with the Economic Offences Wing against Bhagtani and seven other employees of the company, besides approaching the Bombay High Court.
Naveen Dsouza, who works in the IT sector, invested Rs 13 lakh in a flat in Bhagtani Sapphire in Dahisar East in February 2013. With the project failing to take off, Dsouza decided to withdraw his money and signed the cancellation deed, which would enable a refund of his money with 15 per cent interest.
“The first instalment of Rs, 25,000 was due on June 10, 2017, but it hasn’t been transferred. First they said they will return the money in 15 days. Now, they are saying they will give it a lump sum in August 2018,” says Dsouza.
Civil project manager Dhanashree Kalokhe, who works in Australia, decided to invest Rs 18.5 lakh in Bhagtani Savannah in December 2014 after scanning the Internet and being impressed by the profile of Jaycee Homes Ltd.
“But, apart from a sample flat of 1BHK, there is nothing at the project site. Since December 2016, the developer has been saying that the IOD (Intimation of Disapproval) has not come due to an issue related to the dumping ground.”
When contacted, Diipesh said that some of the group’s ongoing projects were affected due to liquidity issues and slowdown in the construction sector.
“In Sapphire at Dahisar, we have refunded about 150 people, who wanted to withdraw from the project with 15 per cent interest as mentioned in the allotment letters. If there are people who have gone for cancellations deeds, there are others who want to continue being a part of the project. Yes there are cash flow issues, but we have obtained the Letter of Intent, and the file is being processed for LOI & IOA after which we can start construction,” he said.
Explaining the delay in the Powai project, Bhagtani said, “The Serenity project is to be built in two phases. We have received IOD CC and started work at the site. We have explained to the investors that the project will be completed four years after we finish plinth work.”
Pointed out that out of Serenity’s six towers, only one had been registered with Maharashtra Real Estate Regulatory Authority (MahaRERA), he said “RERA provisions say that only the part which has got all requisite approvals should be registered. We have received approval for tower A and two wings. We are waiting for the remaining approvals.”
As for the Savannah project in Kanjurmarg, Bhagtani said that they started booking in 2015 and in two years, they had taken the land title and raised the boundary wall.
“However, there is a High Court order (March 2016) pertaining to the dumping ground due to which there is a delay in getting permission for building plans. It has nothing directly to do with my site, but the court had said that only MHADA, Cess and SRA buildings should be given approvals, and not redevelopment of old buildings and development of open land. That’s why our buildings plans are not yet sanctioned by the BMC.”
Claiming that his construction group was 50 years old and had successfully executed over 200 projects across Mumbai, Bhagtani said, “We have not tried to hide anything from the court. We have already informed the court that we have 13 ongoing projects out of which four have run into some problems. Work has been going on in some of our projects like Pearl 2 in Santacruz, Horizon in Goregaon.
“The first instalment of Rs, 25,000 was due on June 10, 2017, but it hasn’t been transferred. First they said they will return the money in 15 days. Now, they are saying they will give it a lump sum in August 2018,” says Dsouza.
Civil project manager Dhanashree Kalokhe, who works in Australia, decided to invest Rs 18.5 lakh in Bhagtani Savannah in December 2014 after scanning the Internet and being impressed by the profile of Jaycee Homes Ltd.
“But, apart from a sample flat of 1BHK, there is nothing at the project site. Since December 2016, the developer has been saying that the IOD (Intimation of Disapproval) has not come due to an issue related to the dumping ground.”
When contacted, Diipesh said that some of the group’s ongoing projects were affected due to liquidity issues and slowdown in the construction sector.
“In Sapphire at Dahisar, we have refunded about 150 people, who wanted to withdraw from the project with 15 per cent interest as mentioned in the allotment letters. If there are people who have gone for cancellations deeds, there are others who want to continue being a part of the project. Yes there are cash flow issues, but we have obtained the Letter of Intent, and the file is being processed for LOI & IOA after which we can start construction,” he said.
Explaining the delay in the Powai project, Bhagtani said, “The Serenity project is to be built in two phases. We have received IOD CC and started work at the site. We have explained to the investors that the project will be completed four years after we finish plinth work.”
Pointed out that out of Serenity’s six towers, only one had been registered with Maharashtra Real Estate Regulatory Authority (MahaRERA), he said “RERA provisions say that only the part which has got all requisite approvals should be registered. We have received approval for tower A and two wings. We are waiting for the remaining approvals.”
As for the Savannah project in Kanjurmarg, Bhagtani said that they started booking in 2015 and in two years, they had taken the land title and raised the boundary wall.
“However, there is a High Court order (March 2016) pertaining to the dumping ground due to which there is a delay in getting permission for building plans. It has nothing directly to do with my site, but the court had said that only MHADA, Cess and SRA buildings should be given approvals, and not redevelopment of old buildings and development of open land. That’s why our buildings plans are not yet sanctioned by the BMC.”
Claiming that his construction group was 50 years old and had successfully executed over 200 projects across Mumbai, Bhagtani said, “We have not tried to hide anything from the court. We have already informed the court that we have 13 ongoing projects out of which four have run into some problems. Work has been going on in some of our projects like Pearl 2 in Santacruz, Horizon in Goregaon.
Courtesy: Times of India
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