The Mysteries of Bhagtani Executive a.k.a. Ashok Odyssey
Mumbai, 30th November, 2017: A huge outcry has been raised by hundreds of Bhagtani builder's cheated customers, who paid lakhs of rupees and booked flats in Riyo (Mira Road), Sapphire (Dahisar), Serenity (Powai) and Savannah (Kanjurmarg). But amidst all this commotion, those who booked flats in a building called Executive in Ghatkopar West are strangely silent. Why? The reason seems to be that Executive was registered with MahaRERA as Ashok Odyssey, not by Bhagtani but by a company called Sanyam Realtors, headed by Akshay Jain. Will the people who booked flats in Executive automatically get flats in Ashok Odyssey? Sanyam Realtors have refrained from making such a commitment in any form, but people seem to have become comfortable by thinking so, and are therefore quiet. It is the silence of the lambs!
Who is Akshay Jain? Son of Rakesh Jain of RJ Group, who gave development rights to Bhagtani's EDMD Infracon Pvt Ltd for construction of the Executive project. Here are some brochure pages to refresh your memories:
The booking amount was collected by the Bhagtanis through their entity EDMD Infracon Pvt. Ltd. Did the Bhagtanis transfer these funds to the Jains? Maybe, and maybe not; that is an internal transaction between the two partners, and the customers need not concern themselves with that. What matters is: Anybody having sufficient proof of having booked a flat in Bhagtani Executive is entitled to a flat in Ashok Odyssey.
Before registering the project as Ashok Odyssey, Sanyam Realtors should have issued a fresh Allotment Letter on their own letterhead to each customer of Executive. It is worrying that this has not been done. Worse, what betrays Sanyam's intention of not honouring the allotment letters given by the Bhagtanis is: they have declared to MahaRERA that only eight flats have been booked.
Of the 39 flats in Ashok Odyssey - A Wing, only five are reported as booked. See below:
Of the 39 flats in Ashok Odyssey - C Wing, only three are reported as booked. See below:
There are totally 98 flats in Ashok Odyssey A, B and C Wing, of which only eight are reported as booked, and ninety-one flats are therefore declared as available for sale.
Did only eight persons book flats in Bhagtani Executive? No; a conservative estimate puts the figure at over 40 at least. If this is the case, the Jains have already betrayed their intention of not honouring the allotment letters handed out by their former partners, the Bhagtanis.
Can the Jains absolve themselves of this commitment by changing the name of the project and by signing a deed of cancellation with the Bhagtanis? No. If the allottees of Bhagtani Executive approach RERA, their chances of getting a favourable order are very high.
The RERA declaration of Ashok Odyssey shows almost no trace of its Bhagtani legacy. There is only one place where the Bhagtanis are mentioned, and that is on the third page of the Legal Title Report. Here's what it says:
It is possible that Bhagtanis did not give Jains all the money collected as booking amounts. However, the view that RERA is likely to take is that as co-promoters of Executive, the Jains i.e. Sanyam Realtors have to give a flat in Ashok Odyssey to each and every allottee of Executive. And that is the bottomline.
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REBUTTALS: Sanyam Realtors Pvt Ltd were approached for their rebuttal to the above article. Click here to read the emails that the managing director Mr Akshay Jain wrote in response to this article.