Diipesh Bhagtani showed them a slide show of property worth Rs 570 crore which he intends to sell to give their money back
In a first, a developer met with investors and home buyers, to whom he collectively owes around Rs 400 crore, and requested some more time to repay them.
Diipesh Bhagtani, director of Jaycee Homes and JVPD Properties Pvt Ltd, on Saturday met 500 odd homebuyers and investors at Bandra's Rangsharda hall, and sought six more months to repay them. He showed them a slide show of property worth Rs 570 crore which he intends to sell to give their money back.
Lawyers representing investors and homebuyers were present at the meeting, and many felt that Bhagtani was buying extra time to avoid going to jail.
"As per the High Court Order, we proposed a settlement meeting with our investors," said Bhagtani, "These projects included Bhagtani Riyo, Bhagtani Sapphire, Bhagtani Serenity and Savannah. We have come to a settlement where we shall be liquidating the lands and development rights within six months and clearing the dues of all investors. In case there is a shortfall, we shall also liquidate other assets to repay everyone. We shall be submitting the entire list of investors of these four projects to court.
Meanwhile, I have assured them that I shall travel overseas only with the permission of the Honourable Court." Ritesh Sahu, a home-buyer, was sceptical. "I don't see any change in the developer's stand," he said."He used to say the same thing a year ago, but nothing of that sort happened. Then he sought one month; now it's six."
Jyoti Jain, another home-buyer who had come all the way from Baroda, feels that the builder finally met them only because he has to submit the options he has given for refunding the money to the court. "The meeting wasn't satisfactory," said Vandana Yadav, "because there was no conclusion.
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