Builder from Mumbai, Suresh Bhatade, has been placed under judicial custody in connection with the illegitimate sale of six apartments at Pioneer CHS, Panvel, for a total of Rs 4.3 crore. After eluding authorities for more than two months, Bhatade's arrest represents a major step in combating fraudulent activities in India's real estate market. The dismissal of the anticipatory bail requests of two additional builders, one of whom was a former assistant commissioner of income tax, highlights the necessity of strict regulatory measures and open property transactions in order to rebuild confidence in the real estate market.
In a recent development in a cheating case involving the illegal sale of six flats worth Rs 4.3 crore in Pioneer CHS, Panvel, a Mumbai-based builder, Suresh Bhatade, has been remanded to judicial custody. The Panvel City police made this arrest, as Bhatade had been evading law enforcement for over two months. This case sheds light on the illicit activities that have plagued the real estate sector in India. In addition to Bhatade's arrest, two other builders, including a retired assistant commissioner of income tax, Sunita Joshi, and another Mumbai-based builder, Bhavesh Jain, had their anticipatory bail pleas dismissed. This decision was made by Additional Sessions Judge KG Paldwar, signifying a step toward holding accountable those who are allegedly involved in this fraudulent activity.
The Pioneer CHS and Akshay Developers had entered into a redevelopment agreement in September 2012, and an additional supplementary agreement was established in October 2015. As part of the redevelopment benefits, Pioneer CHS had reportedly sold six of its ten flats without the consent of the original property owners. The Pioneer CHS consists of 96 flats and nine shops in a ground-plus-12-story high-rise building.
The Panvel City police took action in August of the current year, responding to complaints filed by Pioneer CHS regarding the fraudulent sale and registration of six apartments. These illegal transactions took place without the knowledge or authorization of the Pioneer CHS. The sequence of events began in 2012 when Pioneer CHS, along with Akshay Developers, commenced the redevelopment work, which officially started in 2014.
During the redevelopment, a partnership was formed involving Sunita Joshi, the late Nirmala Shah, Bhätade, and Jain. Following the completion of the project, the building was transformed into a ground-plus-12-story high-rise structure containing 96 flats and nine shops. As per the supplementary agreement signed in 2015 between Pioneer CHS and Akshay Developers, Pioneer CHS was entitled to 10 additional flats. However, following the formation of the Panvel City Municipal Corporation (PCMC) in October 2016, discrepancies in the approval process began to surface.
Problems related to the transfer of development rights (TDR) and other non-compliance issues started to emerge. Furthermore, seven illegal occupants were served notices under the Maharashtra Regional Town Planning Act (MRTP) in December 2017. It was discovered that the builders handed over possession of these flats without obtaining occupancy certificates, effectively bypassing the regulatory processes in place.
The Panvel City police arrested Bhatade, Jain, and Joshi after a thorough investigation. Their actions not only resulted in substantial financial loss but also bypassed the mandatory regulatory approvals, including the occupancy certificates required for such transactions. The case highlights a prevalent issue in India's real estate sector: fraudulent practices that compromise the integrity of property transactions.
Despite these developments, the police have not yet revealed the identities of the two additional accused builders. The delay in sharing these identities suggests that further investigations are ongoing to gather sufficient evidence. The police have mentioned that the two additional builders have already been nominated in the FIR.
This case serves as a reminder of the necessity for both homebuyers and property developers to exercise due diligence and ensure compliance with all legal requirements. Real estate transactions should be conducted transparently, and all regulatory approvals and permits should be obtained legally to maintain the integrity of the real estate market in India.
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