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 | The controversial six-storyed building at Oshiwara.
PIC/ Vinod K Menon |
It all started as a simple business. With an aim to make a quick buck, the Bhavsars, under their company, Ms Bhavsar Constructions, got a 12,550 sq mt plot at Oshiwara in 1995 on a lease premium of Rs 1.3 crore for development of a commercial property.
However, wanting to mint some more money, Haresh, of Ms Bhavsar Constructions, his elder brother Ghanshyam and sister-in-law Usha showed the same plot to three developers — Ms Sai Developers, Ms Royal Developers and Ms Tanna Constructions.
As a result, a part of the plot was developed by three developers in eight years.
What added to the already existing mess was that the six-storey building with 40 flats on that plot was complete, there were more claimants than the number of flats.
And while flat buyers disputed with each other, the three developers, too, were accused of duping their investors and financial institutions who financed the project. I
ronically, this whole incident happened after the plot was already seized by the Enforcement Directorate (ED) for the alleged involvement of the Bhavsars in the hawala transactions, in 1997, under the Smugglers And Foreign Exchange Manipulators (Forfeiture of Property) Act 1976.
But that didn’t stop the Bhavsars, who went ahead and gave the development rights to Ms Shree Sai Developers, who sought several lakhs from investors and disappeared from the scene in 2000.
The Bhavsars then handed the development rights to Ms Royal Developers, who constructed the basement and walked out in 2002.
The Bhavsars finally struck a fresh deal with Tanna Constructions, who constructed a ground plus six-floor structure.
Following complaints from over 100 investors last year, EOW has started investigations and yesterday arrested Usha Bhavsar from her plush Mahalaxmi residence under IPC sections 406, 420 and 34 for fraud.
While Usha will be produced in the court on Friday, the police have launched a manhunt for her husband Ghanshyam and brother-in-law Haresh.
The jhol
Surprisingly, while the plot has been seized by the ED which forbids any development on it the plot, Tanna Constructions sought crores of rupees from investors to develop the property, in lieu of which they were to get the 1BHK and 2BHK flats and sold flats to more than one person.
Interestingly, the BMC also cleared the building’s proposal, without verifying who holds the title, and has offered water connection and No Objection Certificates for electricity supply.
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