Left in lurch, hsg society parts ways with Diipesh Bhagtani

After director Diipesh Bhagtani, of Jaycee Homes Ltd alias JVPD Properties Limited, surrendered himself to EOW around two weeks ago, the builder's property is in yet another set of trouble. In 2013, the company had undertaken the redevelopment of a ground-plus-three storey building in Goregaon, named Udayachal Goregaon co-operative housing society. Now, there stands an under construction building and a notice that states that the development rights granted Jaycee Homes by the society stands terminated. Jaycee had also got another developer Tarunbharti on board however the society has warned the general public to avoid dealing with any of them in relation to the property.

The society has even appointed its own people to guard the area. Yatin Desai, the society's chairman said, "We have no faith in the builder anymore. We have been out of our homes for almost five years. We had communicated with Bhagtani but he expressed inability in carrying out the work. In January we decided to terminate the development agreement with him." Most of the building's 14 members are staying on rent, away from the existing building.

Tejas Vyas, of Tarunbharti, said, "We got involved in the project just two months ago. We have decided to move out of the project because it isn't making sense even in terms of business and there's a lot of incomplete work."

After Bhagtani surrendered himself to the EOW earlier this month, his company had sent out sent out an email to all its investors, home buyers that all its commitment has been placed on hold. Bhagtani's anticipatory bail application was rejected by the Bombay High Court, following which he surrendered himself and claimed that he owes nearly Rs 400 crore to investors and homebuyers.