Real Estate Scam: Developers and Agent Booked for Cheating Home Buyer in Kandivli
A real estate investor, Narendra Shah, has filed a complaint against Shriji Developers and an estate agent, alleging that they cheated him of Rs 2.25 crore.
Real EstateProperty InvestmentKandivliMumbaiCheatingFraudReal Estate MumbaiJul 21, 2024
Shah was introduced to the Mehtas through Bafna in 2019. The Mehtas informed him about their firm's ongoing housing project in Kandivali west, which involved rehabilitating people under the SRA Scheme and selling flats in the saleable component. Shah visited the site, saw the construction in progress, and was assured by the Mehtas that investing in the project would yield good returns in the future. Convinced, Shah booked six flats and signed the sale purchase agreement, paying the Mehtas Rs 1.75 crore in various installments. Additionally, he paid Rs 35 lakhs for seven parking lots, Rs 25 lakh for registration and stamp duty, Rs 10 lakh for GST, and Rs 7 lakh as commission to the estate agent.
However, in 2022, Shah was shocked to learn that the Mehtas had sold the project to Ruparel Realty, effectively canceling the agreement between them and Shah. Despite repeated promises to return his investment of Rs 2.25 crore, the Mehtas failed to do so, leaving Shah feeling cheated.
The incident highlights the need for greater transparency and accountability in the real estate sector. Home buyers must be cautious and do their due diligence before investing in any project. The authorities must also take stricter action against developers and agents who engage in fraudulent activities.
Information Shriji Constructions is a Mumbai-based real estate development company that has been involved in several housing projects across the city. Ruparel Reality is another real estate development company that has been involved in various projects in Mumbai.
Shriji Constructions is a leading real estate development company in Mumbai, known for its innovative projects and commitment to quality. Ruparel Reality is a reputed real estate development company that has been involved in various projects in Mumbai, including residential and commercial properties.
Frequently Asked Questions
What is the amount of money involved in the cheating case?
The amount of money involved in the cheating case is Rs 2.25 crore.
Who are the accused in the cheating case?
The accused in the cheating case are Kirti Mehta, Mona Kiran Mehta, and Sunil Bafna.
What was the nature of the project in which the investment was made?
The project was a housing project undertaken by Shriji Constructions in Kandivli west, which involved rehabilitating people under the SRA Scheme and selling flats in the saleable component.
When was the project supposed to be completed?
The project was supposed to be completed by 2021.
What action has been taken against the accused?
The Kandivli police have booked the accused for criminal breach of trust and cheating.
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