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Homebuyers up in arms against Powai builder

They even alleged that no work has begun on the land where the building was to be built

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On Saturday a bunch of homebuyers and investors of JVPD Properties Private Limited's Powai project approached the Economic Offence Wing alleging that the money they paid to the developer has been grossly misappropriated and siphoned away.

Seema Saini, one such victim, said the allotment letter categorically read that it was agreed that if the developer doesn't obtain the requisite clearances from the Municipal Corporation for construction on the plot within a period of nine months plus a grace period of three months, then one can claim refund from the developer of the amount paid to him plus an interest of 15 per cent per annum. The allotment letter is dated March 2014 but Saini alleged that since nothing has progressed on that front, she along with other affected buyers decided to approach the cops.

The project is named Bhagtani Serenity and according to Saini around 25 victims have come together so far. They have allegedly paid between Rs 20 lakh to 1 crore each. They even alleged that no work has begun on the land where the building was to be built.

When contacted, Diipesh Bhagtani, director, JVPD Properties Private Ltd, said, "The project Serenity is to be built in two phases. We have already received IOD & CC for the A building in the first phase and have started work for the same. We have so far cancelled and refunded the money to atleast 50 investors with 15 per cent interest. The project is also registered with RERA for the approvals that we have received. We are not aware of any complaints by the investors."

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