Bombay HC asks Jaycee Homes to submit list of all investors impacted by housing project in Mira Road

Bombay HC asks Jaycee Homes to submit list of all investors impacted by housing project in Mira Road
06/10/2017 , by , in News/Views

The Bombay High Court has asked realty developer Lakshman Bhagtani and his two sons to submit a detailed list of all investors impacted by the Bhagtani Riyo housing project in Mira Road and the exact status of their refund at the next hearing on October 12. The directive came on Tuesday from Justice AM Badar.

Anticipatory bail application is filed by Lakshman Bhagtani and his sons Diipesh and Mukesh in connection with an FIR under Section 420 of IPC lodged against them in Santacruz police station. The FIR pertains to Bhagtani Riyo housing project at Mira Road which the builder has failed to develop after accepting money from several home buyers.

Several home buyers had informed the court that there were more investors than those mentioned in the initial list of investors submitted by the investigating officer. On court orders, Diipesh Bhagtani on Tuesday submitted an affidavit-cum-undertaking that the developer will refund Rs 22 crore or more. The court accepted as a ‘provisional payment’ which shall take care of the interests of investors and directed the developer to submit a list of all persons who booked apartment in the incomplete project – Bhagtani Riyo. The list should show the amount deposited by each investor as well as the amount payable to each investor, considering the rate of interest at 15 per cent or agreed rate of interest per annum as on the date of submission of list.

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