Builder in Mumbai does not give homes, 2,500 buyers launch protest

An agitation has been launched by around 2,500 homebuyers against Jaycee Homes and JVPD Properties Limited, the real estate company owned by Bhagtani builders, for neither giving them homes nor refunding their money in four real estate projects.

The buyers have approached the Economic Offences Wing (EOW) and an first information report (FIR) has been filed against Bhagtani builders.

Till the time of going to press, the builder had not responded to SMSes sent by Hindustan Times, seeking a response .

According to the homebuyers, Bhagtani builders lured them with huge discounts on the properties and assured them of returning their money, with 15% interest, if they failed to launch the projects.

AK Khanna, 63, invested his entire Provident Fund (PF) of ₹23 lakh in a 2BKH flat in one of the projects at Kanjurmarg in 2015. “At this old age, I am struggling to get back my hard-earned money. I had earned it after 38 years of service,” he said.

“We spend more than ₹ 55,000 per month just to pay off the loans taken to buy the property and this has affected our household expenses very badly,” said Subiya Shaikh, a private school teacher. She had booked an apartment in the Powai project, Bhagtani Serenity.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) had last month ordered JVPD Properties Private Limited to refund ₹7.10 crore along with 15% interest to 21 homebuyers, who purchased flats in the Bhagtani Serenity project.

However, the buyers claim that the whole process is taking longer and hurting them financially.