Several home buyers who have their money stuck in the stillborn Bhagtani Riyo project in Mira Road have received calls from the developer JVPD Properties offering to transfer their ownership to another non-Bhagtani project.
Speaking to media, Majid Sheliya, a Bhagtani Riyo investor and an intervenor in the court case presently being heard by the Bombay High Court, said "I got a call on Tuesday from Kinjal in Bhagtani office who offered that they can give me a flat in Shubh Atika project by Ravi Developers in Mira Road which is registered with MahaRERA. Kinjal said they will pay the amount I have invested with 15 per cent interest directly to that builder without I having to invest anything."
Sheliya, who owns an optical store and had invested Rs 7.59 lakh in Bhagtani Riyo in April 2013, said "Kinjal said I will get possession of the flat in Shubh Atika by January 2020. When I checked I found that though this project is registered with MahaRERA, its possession date is December 31 2022, which is five years from now. I refused the offer and asked for my refund. I told them I don’t trust them any longer and that only if they transfer me to a ready possession project will I agree."
Sheliya, who lives in a rented flat while waiting for his dream home for last four years, also pointed out that when he booked the flat in Bhagtani Riyo, he got a rate of Rs 4,000 per sq feet whereas he would have to shell more money for a flat in Shubh Atika. "The ongoing rate in Shubh Atika is Rs 6200 per sq feet. So, a 700 sq ft flat will cost me Rs 43 to Rs 44 lakh," he said.
Another Bhagtani Riyo investor Deepak Brid also received a phone call from Bhagtani developer’s office this week. "I and my brother in law Keenan had invested Rs 8.37 lakh including stamp duty and registration in a 1 and 2 BHK flats in 2013. The Bhagtani representative said on telephone that they will pay my investment with 15 per cent interest directly to the developer of Shubh Atika and I could transfer my flat there. Or they suggested that I could shift to a project with Occupancy Certificate in Boisar but did not name the project. But, I refused the offer."
Brid, who works with a private bank and lives in a rented flat in Borivali, said after two years of repeated promises that the Riyo project will progress, he and his brother-in-law had demanded a refund of their money in December 2015 and yet to get it.
When contacted, Diipesh Bhagtani, director of JVPD Properties and Jaycee Homes, said "This is not a new development. We have been offering these transfers to our customers through some structured deals with other developers and brokers. But, we do not pay that developer directly. We will refund the customer their dues with interest, and they will have to then take it forward with the developer. Obviously, the rate of that flat will be at the present ongoing rate."
