Thursday, 7 September 2017

Bhagtani Builder's Rebuttal to our Blogs/Press Releases

PRESS RELEASE BY DIPESH BHAGTANI
Dipesh Bhagtani, MD, Jaycee Homes, Clarifies Concerns and Requests Customers to Continue to have Faith

The last few months, and perhaps even years, have been rather difficult for both our customers and our company. There have been concerns about our credibility, triggered by misinformed articles in the press.

Mahatma Gandhi once said, “If you are right and know it, speak your mind. Even if you are a minority of one, the truth is still the truth.” Inspired by this great leader, I feel encouraged to share with you the truth of the situation.



Trusted for over 50 years

Jaycee Homes, a third generation realty company, with over 250 residential and commercial projects successfully completed and delivered since its inception in 1965, has spent decades building up a reputation of trust. The company has an impeccable track record of quality construction and thousands of satisfied residents. We assure you that our customers have always been and will always be our priority.

Progressive Reforms

As you all are aware, our country is undergoing an economic revolution and this has been changing the face of the real estate sector too. From being an unregulated and unorganised sector for years, it is now emerging as a professional, mature and regulated sector, with a number of reforms and policy initiatives such as the Real Estate Regulation Act (RERA), liberal FDI into the sector, Real Estate Investment Trusts (REITs) and missions like Housing for All, Smart Cities, etc.

Temporary Disruption

While all these initiatives will take the sector and the country to the next level of sustainable growth, there is bound to be an interim and temporary disruption of old systems and processes to make way for the new. And that is exactly where we, as a country and sector, are today.

Due to various reforms instituted by the government, including demonetisation and the dumping ground order, etc. the entire real estate development fraternity has been adversely impacted, albeit to different extents, depending on the state of progress of their various projects.

We too have suffered temporary setbacks in term of cash-flow crunches and delays in permits and permissions.

Strong Foundations

Despite these temporary setbacks, we continue to remain committed to our projects and customers. Of the 15-16 projects that we have launched over the past 10 years, we have successfully delivered 9 projects and 3 more are in various stages of construction. It is true that there are 6 projects that are filed with the Maha RERA that have not progressed much but we are determined to see them to their logical conclusion – i.e. ensure that our customers receive what they were promised.

Genuine intent

While we are confident that we will emerge from the temporary setbacks as a stronger company, we understand that our patrons may have compulsions and obligations that make it difficult for them to stay invested with us. Accordingly, we have refunded over Rs 50 crore during the past two and a half years; this comprises a much larger part of our capital holdings than misinformed articles suggest. We have also offered our customers the option to take possession of homes by other builders who we have tied up with or in our own projects at alternate locations.

Humble Plea

It is my humble request, and that of my family and colleagues at the firm, that all our current investors keep their faith in us. We are here for the long haul and with your support we can tide over this passing predicament smoothly.

We realise your concerns and assure you that we will work tirelessly till you are satisfied and keep you informed of our progress every step of the way. After all, it is in our interest to ensure that your interests are secured.
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Note: The above rebuttal is evidently in response to the below blogs and press releases issued by us in the last couple of weeks --

1) Bhagtani's Gigantic Engine of Bad-Debt 

2) Bhagtani Builder’s Trick: Collect Rs 600 cr and Don’t build a single flat!



10 comments:

  1. This is a completely nonsensical press release from Dipesh, why is he not releasing the fact that all his refund checks have bounced and that his staff is openly harassing his investors. He is just buying time till he can flee from the country with his ill gotten gains. Allah will punish this family with grave harm for all his wrongdoings.

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  2. The fact of the matter is, they have no regards to their investors who have given them hard earned money..neither they gave regard to judicial system of this country. I have never seen a person roaming freely with so many cheques bounced. Hats off to bhagtani family,their employees and their lawyers. But sooner or later, fate will come and justice will prevail.

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  3. What a joke! Laughed all my way through reading this press release. Every point in their press release can be refuted. Like they say: Facts are stubborn things!
    Interesting also to see that somehow elder sister: Mukesh is nowhere to be seen and they have pushed the completely inept and clumsy Dipesh to do the talking.
    But, glad to see a rare dose of humility from this arrogant and rogue con artist.

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  4. What about : Sapphire, Rio, Savannah, why have you not registered those under RERA? Why have you come out with letters right before RERA was implemented saying you are scrapping these projects. If you knew of problems with these projects, why did you happily collect money on them for the last 5 years???
    When you have given allotment letters to 100s of investors in Sapphire, why have you filed that 0 flats are sold with RERA. You are nothing but a liar and cheat of the highest order.

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  5. He is talking about logical conclusion for which buyers have to wait for another 9 years ...where is the logic here...sent letter that project is shelved and then listed at rera.@diipeshbhagtani you donot even know that u r contradicting yourself and want us to believe you. . YOUR employees and you should be afraid of god...donot think u are god and people will have blind faith in you. Your employees should feel shameful to work for u...If u have courage and u r truthful call all your investors together and meet them rather than going to press...

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  6. He is just try to fooling around the customer. Apna kaam banta bhad me jaye janta. I have one question in my mind that why he is not coming in news.

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    Replies
    1. Your prayers have been answered. He is now prominently in the news, having been frontpaged by Mumbai Mirror and covered by The Times Of India in the last couple of days.

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  7. Absolutely ridiculous statement indeed.
    If the intent was right, they would have been transparent in their communication and kept everyone informed of the issues whatever they may be. I communicated with them so very regularly but only received lies in return.
    They would not have duped so many middle class people of their life savings with this cock and bull story.

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