Mumbai Police Book Shriji Developers' Directors for Cheating

By Sandeep Sadh
July 19, 2024

The Mumbai police have booked two directors of Shriji Developers, Kirti Mehta and Mona Kiran Mehta, along with estate agent Sunil Bafna, for criminal breach of trust and cheating. The Kandivali police registered an offence on the complaint of Narendra Shah, a real estate investor, who alleged he had invested Rs 2 crores in 2019 to book seven flats in a housing project by Shriji Constructions in Kandivali West. The project was supposed to be completed by 2021, but Shah discovered that the developer had sold the project to Ruparel Realty instead.

Shah's FIR states that he was introduced to the Mehtas through Bafna in 2019. The Mehtas informed him about their firm's ongoing housing project in Kandivali West, which involved rehabilitating people under the SRA Scheme and selling flats in the saleable component. Convinced by their assurances, Shah booked six flats, signed the sale purchase agreement, and paid Rs 1.75 crores in installments. Additionally, he paid Rs 35 lakhs for seven parking lots, Rs 25 lakhs for registration and stamp duty, Rs 10 lakhs for GST, and Rs 7 lakhs as commission to the estate agent.

In 2022, Shah was shocked to learn that the Mehtas had sold the project to Ruparel Realty, effectively canceling the agreement. Despite repeated promises to return his Rs 2.25 crores investment, the Mehtas failed to do so, leaving Shah feeling cheated. The Kandivali police have now initiated an investigation into the matter.

Commenting on the situation, Thane-based social activist Melwyn Fernandes stated, "Real estate investment is dangerous for common people, even with laws like RERA and MPID. Citizens repeatedly lose their hard-earned money saved for retirement. The Maharashtra government should introduce a new law to tackle these huge financial frauds in the real estate sector."

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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.

Builders jack up rates with market handle - The Indian Express
REALTY PLUS ORGANIZES THREE OF ITS FLAGSHIP EVENTS AT HOTEL TAJ SANTACRUZ MUMBAI - Exchange 4 Media/Realty Plus
Need'nt hurry yet to buy that new flat - The Indian Express
More luxury homes than city needs - The Indian Express
Don't wait to buy a home; prices won't drop - Rediff
Make real estate deals more transparent - Money Control
Real estate market could recover by Diwali - The Economic Times
Energy-efficient buildings increase return on your realty investment - The Economic Times
Should you buy property in a religious location? - The Economic Times
Are you paying a higher maintenance bill for housing society? - The Economic Times
Developers Are Rolling Out Offers. Homebuyers, Read The Fine Print Carefully - Bloomberg/Quint
Hot property destinations of 2007 - Rediff
Piramal's big bet - Business Today
Are you buying a 'safe' house? - Magicbricks

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 :

Drafting of the Leave and License Agreements
MOU for Buying/Selling Properties
Drafting Agreement for Sale
Gift Deeds
Computing of Capital Gains with current ready reckoner values
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/

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Mumbai Police Book Shriji Developers' Directors for Cheating