Bhagtani ran into controversy after hundreds of home buyers of their various projects dragged them to various courts and forums to get their money back. Finally one of their property is all set to be auctioned.
By Varun Singh
Bhagtani’s were once amongst Mumbai’s top developers, now the government is auctioning their property to recover dues. Bhagtani developers, who go in the city by the name of JVPD Properties Private Ltd, will have their property auctioned on March 3, 2020.
The property measuring 8,000 square meters, has been attached for the recovery of Rs 53.73 crore plus interest. The property belongs to JVPD Properties Private Ltd and Diipesh Bhagtani. The valuation by the government for the property is Rs 84.60 crore, which also is the upset price for the auction.
The auction process is initiated by the Collector of Mumbai Suburban district. The auction will be held on March 3 at morning 11 am. The property shall be available for auction from February 15 to March 2, from 11 am to 3 pm. The place of auction will be Tirandaj, Powai.
Hundreds of home buyers of the projects of Bhagtani have been seeking remedy and trying to get their money back that they had given to the developer. For the same they had approached various forums, court and even MahaRERA.
Diipesh Bhagtani throughout the last few years held several meeting with home buyers, but there was no positive result. He even had gone and surrendered himself to the police.
The auction shall take place via the method of public bidding. It is mandatory that during the auction at least three bidders have to be present and if there are less than three bidders then the auction shall be cancelled and held on a future date.
Every bidder will have to deposit a Demand Draft of Rs 1 lakh as Earnest Money Deposit for participating in the bidding process a day before the auction.
The successful bidder will be required to deposit the 1/4th of the bid amount within seven days with the office holding the auction. If the successful bidder fails to do so, then the Earnest Money deposited by the bidder shall be forfeited and deposited in government accounts.
The balance 75 per cent of the bid amount has to be paid within 22 days of the acceptance of the highest bid amount.
The notice further states that unless the total amount is paid before the day fixed for the sale, the property shall be sold.
