My REACTIONS to Bhagtani Builder's Press Release

Hi. Below, I am reproducing Bhagtani's press release, which started circulating on Whatsapp on Thursday. Bhagtani's words are in black, my words are in red.

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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.

Mr Bhagtani, the last few years have been easy for you and difficult for your customers, who trusted you and gave their entire life-savings and also loans taken from banks, friends and families. You and your family members are frequently enjoying your customers' hard-earned money in London and Dubai.

There have been concerns about our credibility, triggered by misinformed articles in the press.

Your credibility is zero. There is no misinformation. We emailed every one of our reports to you before publishing them. You always have the opportunity to put the facts and documents before us, but you have never shown any interest in doing so.  

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.

Over 2000 customers cheated by you say, "Tumhare muh se Gandhiji ka naam accha nahin lagta".  

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.

Where are these "250 residential and commercial projects successfully completed" which you claim? Please name at least 10 projects, Mr Bhagtani. Give specific details of "track record" and show us "satisfied customers". In all your RERA declarations, you have left your Past Experience completely blank! Why?  

We assure you that our customers have always been and will always be our priority.

Of course your customers are always your priority! Because they are always foolishly coming to your office and enabling your cunning office staff to trick them! Your personal and office expenses are covered by gullible customers giving you lakhs of rupees till date! 

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.

Our country's progress is NOT because of people like you. You are a parasite.

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.

"Interim and temporary disruption of old systems" is not applicable to you, because you are not genuine builders, you are frauds and con-men posing as builders. (If what I am saying is false, sue me for defamation.)

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.

What "cash-flow crunches" are you talking about? You have pots of money, and zero expenditure on building construction in most of the projects! You have spent tiny amounts on the land, construction and permissions! Crores of rupees are flowing into your various fraud companies; where is it all going? London? Or Dubai? 

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.

"...we have successfully delivered 9 projects". Don't talk vaguely, Mr Bhagtani. Please give names and details of these 9 projects.

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 refunded over Rs 50 crore during the past two and a half years..." Even if you have refunded partial amounts to some old bakras, you have collected over Rs 500 crore from new bakras. You have made bakras of 100% of your customers from the very beginning, starting with your fraudulent Allotment Letter!

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.

Yes, and on this pretext, you have tricked your customers into giving you more money. Moreover, you have forced them to sign your fraudulent "Cancellation Deed", and giving up their legal rights. Also, no customer got possession of flats; they only got empty promises! 

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.

"Humble request" is lies and humbug. This is like a crocodile requesting the sheep to keep faith. For you, the predicament is only that a large number of people now understand what cheats and frauds you are. 

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.

Mr Bhagtani, your so-called construction projects are just empty shells to fool the public. All the information that you give about "our progress" will be just lies. You are not interested in securing anybody's interest, except your own.

ISSUED IN PUBLIC INTEREST BY
Krishnaraj Rao
9821588114
krish.kkphoto@gmail.com


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To read Bhagtani's Press Release without my comments, Click here.