The Brave Pedestrian

Mumbai, 13th April, 2018: The MahaRERA order of 5th April is a victory for victims of Bhagtani Serenity, because it grants the reliefs sought by the complainants. It directs JVPD Properties to refund the amounts paid by the complainants towards booking a flat in Serenity, along with interest @ 10.05% and also Rs 20,000/- towards costs. Well hurrah, we got what we asked for. Or did we? Let us think about how things will play out in future. Does anybody believe that complainant Pradeep Badkur (and others like him who will receive similar orders very shortly) will receive the money from Bhagtani? Not likely. Under the current circumstances, it is almost guaranteed that Bhagtani will respond to this order with typical non-compliance. What can the complainant do if Bhagtani does not refund the money? Civil contempt proceedings have to be initiated against JVPD Properties in a civil court.  (Please note, the contempt proceedings will have to be against the company JVPD Propert...

Mumbai, 8th April, 2018: Yes, we are all talking about how the builder who buys Serenity project from Xander Finance (or Debt Recovery Tribunal) should complete the project and give flats to the allottees. But keep in mind that the consideration value of the project will depend on the development potential of the project land. Do we know what its development potential is? Let us first understand the contradictions in our case. According to Diipesh Bhagtani's second affidavit to Bombay High Court, Serenity project has 389 allottees.  However, Bhagtani's declaration to MahaRERA, visible on its website, says something very different. It says that Serenity project has only 86 flats and zero booked apartments i.e. zero allottees. Nobody would accuse Bhagtani of telling the truth, and so such self-contradictions were to be expected. However, these inconsistent figures raise an inconvenient question: Does the project site of Serenity have enough land to acc...

Mumbai, 28th March, 2018: It appears on the face of it, that MahaRERA order on Xander's interest in Bhagtani Serenity dated 16th March safeguards the interests of Serenity allottees. Mumbai Mirror interpreted the order in a positive way, and said, "Maharashtra Real Estate Regulatory Authority... ruled that Xander Finance... will have to protect the interests of the home buyers." Is this positive interpretation 100% correct, 50% correct, or only 10% correct? Before we start searching for answers to this question, let us acknowledge the efforts of Trivesh Pooniwala and other Serenity victims, and Adv Tanuj Lodha who ably represents them. This article is not intended to belittle their efforts and achievements; indeed, it is meant to support them in their quest for justice. It appears that on the face of it, RERA judge BD Kapadnis has passed an order in the interests of Serenity allotees. But bear in mind that jo dikhta hai, woh hai nahin, aur jo hai, woh dikhta nah...

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. Unle...