‘Buyers paid up to 90% to book flats in Navi Mum’ – Times of India

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Mumbai: Activists in Kharghar, Navi Mumbai, put up hoardings in September warning people lured with huge discounts to some projects that they could be cheated because several small developers were showing fake building plans to entice potential buyers. The discounts offered to clients were huge: 50% to 60% below the market rate.
“It was like a carnival with potential investors arriving in their cars and waiting through the day to book apartments.People were blindly paying up to 90% of the amount despite knowing that there were no building plans or permissions. This was driven by pure greed and speculation,” a source said.
“These developers collected a few hundred crores so that they could pay back Cidco for the plot won at these auctions,” sources said.
Based on a complaint, the state real estate regulatory authority made the Bhagwati Group a respondent. The authority issued a show cause notice on October 4 to Bhagwati Group for putting a hoarding on plot no 61 in Kharghar without registering the project with MahaRera. The developer ignored the show cause notice and failed to appear before the authority.
In its order of October 13, 2023, the authority referred to Section 3 of ReRa: “No promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment, or building, as the case may be, in any real estate project without registering the project with RERA.”
MahaRera secretary Vasant Prabhu said in his order, “In the present case, it has been established that the promoter had published an advertisement on a hoarding without fulfilling the requisite registration process with MahaRera. Therefore, it is hereby directed that a written communication be sent to Cidco noting that no additional authorisation be granted for the project until it is duly registered with MahaRera.” A similar order was also issued in case of Gami & Krishna Enterprises LLP for its real estate project Krishna Sky Rise (plot no 62) at Kharghar. A third order was issued against Gami Group for its project on Plot 40, 41, 42 in sector 34 A of Kharghar.
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