Proposed: A Peaceful Path for Serenity Flat-buyers
Mumbai, 31st January, 2018: In the light of Xander's recent move to take over Serenity project under SARFAESI Act (Read Chief Metropolitan Magistrate's order dated 15th Jan 2018), it would be smart to first seek clarity from the horse's mouth on where it stands in the matter of the rights and entitlements of allottees. A corporate body like Xander is geared to give flats to the allottees by completing the project with another developer or turnkey contractor such as L&T. It is also necessary to be realistic that fund-raising, internal democracy and project management are massive challenges for a flat-owners' association.
Remember that Serenity project is mortgaged to Xander, and not just the land. Bhagtani's declaration of encumbrances on RERA website also states this (Read the declaration). This is further confirmed by Xander's own public notice. Allottees are an inseparable part of the project vis-a-vis Xander and their future assignees.
Unless unavoidable, we should avoid legal battles. As per the legal position, you should be taken care of by Xander. However, Xander hasn't acknowledged this till date, and we need it to do so.
Unless unavoidable, we should avoid legal battles. As per the legal position, you should be taken care of by Xander. However, Xander hasn't acknowledged this till date, and we need it to do so.
Our proposed strategy is to cooperate with Xander takeover and completion of Serenity project, on the condition that it promptly recognizes the rights of allottees with proper legal documentation.
WE PLAN TO DO THE FOLLOWING:
1) Issue legal Notices to Xander to clarify their stand on Serenity Allotment Letters and Cancellation Deeds issued by JVPD Properties.
2) Conduct dialogue and negotiations with Xander based on their stand.
3) Promptly seek legal paperwork from Xander i.e. registered agreements, etc. to secure the entitlements of allottees.
4) If Xander does not cooperate, take necessary steps before appropriate legal forums.
IF YOU AGREE WITH THIS APPROACH, click here to join Whatsapp Group called "Serenity Group for Flats".
ISSUED IN PUBLIC INTEREST BY
Krishnaraj Rao
9821588114
krish.kkphoto@gmail.com
Appears that Xander is just re-possessing the land & Krishaang flats that were underwritten on the loans to recover their dues of 40cr + interest. Do the liabilities on the properties i.e. flats Bhagtanis sold transfer to Xander? Or do those liabilities stay with Bhagtanis since most of those flats are not registered?
ReplyDeleteXander could argue that they are not responsible for any liabilities\entitlements as the money from the sale of the flats was siphoned off by the Bhagtanis without their knowledge.
All Xander cares about it repossessing the underwritten assets and auctioning off to the highest bidder (another developer) to recover their loans. If Xander is taken to court by buyers in Serenity, there will be an incentive for Xander to settle with the buyers since they will not be able to auction off the land & development rights to another buyer till they clear all the pending litigation
As I understand, Xander's entry into the picture has given us flat buyers a way of being joint owners of the project along with Xander, and have the prowess to veto any auction move by them, if they do not take us into their fold...so if common sense prevails at Xander, they will at least hold one meeting with buyers before making a move.. I also gather from some conversations that they are trying to shirk off the responsibilities of being a developer.....in which case we may need an alternative way to take over their share (through another builder or a financer) and become a co-op housing society and get it completed ourselves.. lastly according to the latest developments, Bhagtanis are virtually out of that project, making it a safer bet than earlier...in case they want to avoid the properties being attached, they will have to pay back... given all of this, while it may take a lot of patience, it makes sense to just be, rather than making the battle further complicated by going legal immediately. And if Xander recognizes the allottes and their rights without fighting a legal battle and piling up on loss of ROI, well and good for all parties involved
ReplyDelete