Bhagtani plot worth Rs 85 crore in Powai to be auctioned
More than two years after JVPD Properties director Diipesh Bhagtani was arrested by the Economic Offences Wing for allegedly defrauding home buyers from four projects, the plot of Bhagtani Serenity project in Powai, the only one of the four registered under RERA, will now be auctioned to repay home buyers and the secured creditor Xander Finance. The Kurla Tahsildar has issued a public notice for the 8,000 square metre plot in Powai to be auctioned on March 3, 2020, at 11 am. The government valuation of the plot is Rs 84.60 crore, which will be the reserve price. The auction is being conducted on the basis of recovery warrants issued by Maharashtra Real Estate Regulatory Authority (MahaRERA) to repay a group of over 50 home buyers a sum of Rs 53.73 crore. The auction is being conducted under the provisions of Maharashtra Land Recovery Code.
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