Kalyan Builders Booked Over Alleged Rs 176-Crore Fraud
Khadakpada police register a case against builders for an alleged Rs 176 crore fraud after a massive Taikun Gold Avenue project stalled since 2022.
The Khadakpada police have launched an investigation into a massive real estate scam in Kalyan, Maharashtra, after builders were accused of defrauding homebuyers of more than Rs 176 crore. The legal action follows a formal complaint filed by a 66-year-old retired man, who claims that hundreds of buyers have been left stranded as a major residential project has remained stalled since 2022.
Police Register Case Against Developers
Authorities have officially registered a case under various sections of the Bharatiya Nyaya Sanhita, including Sections 318(4), 316(2), and 3(5). The accused individuals named in the complaint include Shrikant Digambar Shitole, Chetan Saraf, Mahesh Gosavi, and several others associated with the project.
The investigation aims to uncover how substantial sums of money collected from unsuspecting citizens were allegedly diverted elsewhere instead of being used to complete the promised housing units.
A Nightmare for Homebuyers
The complainant, Nanda Prabhakar Mhatre, detailed a harrowing experience that reflects the plight of many others involved in the Taikun Gold Avenue project. Mhatre had booked a flat in the Goldmine Avenue-1 wing of the project in August 2021, with a total cost of approximately Rs 68.15 lakh.
According to the complaint:
- Mhatre had already paid nearly Rs 39.36 lakh through personal funds and a home loan.
- A registered Agreement for Sale was signed in October 2021, promising possession by July 2025.
- Construction reached the ninth or tenth floor but abruptly came to a halt in 2022.
Despite the total standstill of work, the developers allegedly held multiple meetings with purchasers, offering repeated assurances. They reportedly claimed that construction would restart soon through funds sanctioned via the SWAMIH Fund, yet no progress has been observed on the ground.
Broken Promises and Financial Mismanagement
The allegations extend beyond mere delays. The complainant noted that the sale agreement included provisions for the developer to pay interest and rent to buyers if possession was not handed over on time. However, when these payments were demanded, the builders allegedly claimed they lacked the necessary funds.
Furthermore, the complaint suggests a deeper level of deception involving the misuse of legal documents. It is alleged that the developers used powers of attorney to mortgage the society's land, effectively leveraging the property for other purposes while the project sat derelict.
Redevelopment Scandal Deepens
The scope of the alleged fraud appears to be much larger than just the new construction. The complaint highlights a significant issue involving a redevelopment project for 184 residents of six existing buildings in the Chickanghar area. These residents, organized under the Chickanghar Shantita Cooperative Housing Society, had entered into a joint venture with Taikun Avanti Projects LLP back in 2011.
Under the redevelopment agreement, the developers were tasked with providing new flats and paying monthly rent to the original residents during the construction period. The complainant alleges that these commitments have also been ignored, leaving the original residents in a state of uncertainty.
While the project was envisioned to feature seven to eight buildings with structures reaching up to 29 floors, the site currently stands as a silent monument to the alleged financial irregularities and broken promises.