The Brave Pedestrian

Mumbai, 28th June, 2018: Two months ago, MahaRERA passed an order favouring flat-buyers of Bhagtani Executive, now known as Ashok Odyssey, Ghatkopar . The order by Gautam Chatterjee said, "...parties are directed to execute the agreement for sale... within 45 days from the date of this Order. While executing the agreement for sale, Respondent should adjust the amounts paid by the Complainant to its net present value taking into account the time value of money paid by the Complainant in the year 2015."  Click here to read the RERA Order dated 26th April, 2018 .  This order is strictly applicable to only the complainant, namely Christina Contractor. However, this order is a huge step for all those flat-buyers who paid lakhs of rupees to Bhagtani builders for booking a flat in Executive, only to find that it was later renamed as Ashok Odyssey and taken over by Sanyam Realtors. Sanyam Realtors are basically Bhagtani's former partners "RJ Group".  The tran...

Below is the rebuttal of Sanyam Realtors to this article .  From: Akshay Jain <akshay.jain@rjgroup.in> Date: Thu, Jun 28, 2018 at 3:07 PM Subject: Re: Attn Mr Akshay & Rakesh Jain: Your rebuttal is solicited to attached article To: Krishnaraj Rao <krish.kkphoto@gmail.com> Cc: RJ Group Info <info@rjgroup.in>, Rakesh Jain <group_rj@hotmail.com> Dear Mr. Krishnaraj Rao, We have gone through your draft article in your email dated 26th June 2018, which basically comprises of first two paragraphs of background and information about the ‘self explanatory’ order dated 26th April 2018; followed by 3 pointers of your own interpretation of the order and its discussed significance according to you; followed by two paragraphs of words and jargons to sensationalize and popularize your blog. Accordingly, on your assurance of appending our response in verbatim, we state as under: Reg. first two paragraphs:- Time and again you refer us as partner of Bha...

30th November, 2017: Below is the exchange of correspondence that happened when we sought rebuttal from Akshay Jain and Rakesh Jain of Sanyam Realtors to this article on the position of Bhagtani's allottees in Executive, Ghatkopar, that has been registered as Ashok Odyssey by Sanyam. From: Akshay Jain <akshay.jain@rjgroup.in> Date: Tue, Nov 28, 2017 at 11:43 PM Subject: Re: Attn Mr Akshay Jain: Requesting your Rebuttal to attached article about Ashok Odyssey To: Krishnaraj Rao <krish.kkphoto@gmail.com> Cc: RJ Group Info <info@rjgroup.in> Dear Mr. Krishnaraj Rao, We have received an email from you today on 28 th Nov. 2017, wherein you have placed before us a brief compilation of certain material gathered by you in an attempt to connect our project with other projects or JayCee group and cast an image in a different light and wherein you have sought our response with an assurance of reproducing the same in ‘verbatim’, accor...

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. He...

11th October, 2017, Mumbai: Over 2000 persons who booked flats in four real estate projects, namely Riyo, Serenity, Sapphire and Savannah (and over 100 who booked in less-known projects like Bhagtani B14, Krishaang, and Executive) have been cheated of large chunks of their life savings -- typically between Rs 8 lakhs and 80 lakhs. Roughly half of these are people who booked flats in the Riyo project. A couple of hundred NRIs in USA, UK, Australia, Singapore, Kuwait, Dubai, etc. have lost large amounts, ranging between Rs 25 lakhs to 80 lakhs.  A couple of dozen high-net-worth individuals (HNIs) like doctors have lost Rs 1.5 crore or more.  The total amount collected is conservatively estimated to be upward of Rs 600 crore. This is a total of principal amounts collected, without accounting for interest. Over 400 among them were tricked into signing cancellation deeds and accepting post-dated cheques for as much as 24 to 36 months later. Those cheques w...

Mumbai, 1st October, 2017: Flat-buyers who have already lost their shirt thanks to Bhagtani builders, return to Bhagtani's office in the desperate hope of getting it back. They come out of the door, thinking that they got their shirt back. Only weeks or months later do they realize that they have lost their pants as well! Repeat-victims are a regular source of money for Bhagtani builders. In an earlier article titled, " Beware of EXCHANGE OFFERS of Bhagtani Builder ", we described how the builder's office entices people who have already booked flats in non-starter projects -- namely Bhagtani Riyo, Sapphire, Savannah and Serenity -- by offering "transfer of their investment" to projects of other builders with whom they have a tie-up. This "transfer" is a magician's trick, an illusion created for financially exploiting the gullible flat purchasers. It is an elaborate hoax, a scam targeting hundreds of people. If you transfer to another pro...