"FIR Filed Against Wadhwa Group for Alleged Rs 57 Crore Fraud in Goregaon Redevelopment"

"FIR Filed Against Wadhwa Group for Alleged Rs 57 Crore Fraud in Goregaon Redevelopment"

"FIR Filed Against Wadhwa Group for Alleged Rs 57 Crore Fraud in Goregaon Redevelopment"

An FIR has been filed against Wadhwa Group for allegedly cheating Policon Realtors of Rs 57 crore. The case, transferred to the Economic Offences Wing (EOW), accuses Wadhwa Group directors, including Navin Makhija, of failing to honour financial commitments in a redevelopment agreement. Despite receiving additional floor space index (FSI) and funds as part of a settlement deal, Wadhwa Group allegedly defaulted on payments.

In 2003, Policon Realtors secured a tender to redevelop Unnat Nagar Akshaya Cooperative Housing Society in Goregaon (W), which was to include five towers with 68 flats each. However, construction was halted due to the resident refusal to vacate and changes in Mhada rules, resulting in a stay order.

In 2009, Wadhwa Group was brought in to complete the project, agreeing to pay Rs 5 crore and allocate 18% of the saleable flat area. However, they only paid Rs 2.5 crore and failed to initiate construction. Despite a revised agreement in 2013, Wadhwa Group refused further payments and did not meet construction deadlines. After a court-appointed arbitration, Wadhwa Group allegedly did not honour the settlement terms, leading to the filing of the FIR.

About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/