Mumbai: MahaRERA issues orders to attach Jaycee Homes' property

In a rare adjudication proceedings in a single day the MahaRERA issued 11 orders for the execution of a warrant to attach a developers property The order issued on December 28 is related to a proposed multistorey residential tower Bhagtani Serenity at Powai by JVPD Properties Private Limited Jaycee HomesJaycee Homes has been accused of duping thousands of flat buyers at its various upcoming projects across the suburbs of Mumbai and its outskirts The developers have fled the country and only one of the directors was earlier arrested but is now out on bailMeanwhile the litigants who had invested their life savings and retirement funds for their dream home ask Where is our moneyThe proposed site for Bhagtani Serenity at Powaimidday had reported on November 9 that less than 10 per cent of MahaRERA recovery procedures have actually been implemented while thousands are still pending12963 plaints at MahaRERARamesh Prabhu the founderchairman of MahaSEWA Maharashtra Societies Welfare Association said on Tuesday As per data available till today 12963 complaints have been registered since MahaRERA came into existence over three years ago Of these 12205 complaints were against MahaRERAregistered projects and 758 against unregistered ones MahaRERA has so far passed 8845 orders 8096 of registered projects and 749 of unregistered Nearly 20 per cent cases ie around 1769 may be related to refund and the matter is pending before the collector for executionRitu Sharma 46 a buyer said This order is a way for the MahaRERA to get rid of its responsibility and make litigants run to the collectors office for execution Sharma along with her sister and retired father had booked five flats 1 BHK each of 400 sq feet carpet in Bhagtani Serenity Powai The sisters are currently living with their father in KandivliRitu Sharma homebuyer and Ramesh Prabhu homebuyerMy sister and I had sold our individual flats and invested the proceeds towards buying the flats in Bhagtani Serenity My dad also invested all his retirement funds The purpose was for the family to stay in the same building Sharma said In total we paid Rs 103 crore in 2013 with the assurance that the building would be ready in the next three to four yearsApprehension about ordersSharma said she learnt about the project at a real estate exhibition in BKC We were told the land belonged to the developerSharma is apprehensive about MahaRERAs warrant order Last year during an auction of the same property the flat buyers learnt that the developer had mortgaged the land to an NBFC and taken out a loan for another project she added Now the NBFC also has a right over the property The tehsildar from Kurla had tagged the auction price of 8000sqm plot at approximately R8460 crore but received no response for the auction dated March 3 2020 Now the tehsildar is thinking of reducing the auction price by 10 per cent and may reduce it further by another 10 per cent if no one comes forward she saidAnother flat buyer Dr Debashish Das who had paid an advance of Rs 60 lakh for two flats in 2013 said We invested all our savings The developer who duped hundreds of flat buyers is still absconding We pay Rs 50000 as monthly rental for a flat in Andheri The MahaRERA order is a ray of hope which may or may not come trueAdvocate Godfrey Pimenta who obtained the 11 orders from the regulatory authority has filed nearly 50 litigations against the developerThe warrant order is nothing but a hope that by auctioning the developers proposed plot in Powai which also have other claimants each litigant might get some money if not the entire amount they invested seven years ago he saidPimenta also agreed that MahaRERA orders take time for enforcement The MahaRERA orders for attachment of property of the developer have to be enforced through the office of the collector which unfortunately is a very tedious and long processI have numerous orders from MahaRERA in favour of my clients but the same is yet to be implemented for recovery by the collectors office Therefore the RERA Act should be amended and the regulatory body should be given more powers for recovery or else the litigants wont get justice Pimenta saidAdvice to homebuyersPimenta advised the homebuyers to be cautious while planning to invest in underconstruction projectsThey should take professional advice to verify if the proposed plot is mortgaged or has any thirdparty rights etc or to check the track record of the developers Moreover they should check if permissions have been obtained from various statutory bodies allowing commencement of workRs 1crApprox amount a buyer invested for 5 flats