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Mumbai: In a first, rogue builder's assets to be auctioned off
Updated On: 27 November, 2018 07:40 PM IST | Mumbai | Vinod Kumar Menon
mid-day impact: The proceeds of the sale will be divided among six homebuyers who did not get possession despite paying for their flats

Sainath Sarode, buyer from Girgaum
Days after mid-day highlighted the ordeal of six flat buyers over a refund of Rs 4 crore they had paid in advance for properties of M/s Vidhi Realtors, Kandivli West, the suburban collector's office, on November 14, directed the Borivli tehsildar to attach and auction the properties of the promoters and their partners — Jinam Shah, Ketan Shah and Vijay Kamal Properties Pvt Ltd — under the Maharashtra Land Revenue Code to recover the amount and return it to the buyers.
Sources said as the area is in the jurisdiction of the Borivli tehsildar, he has been directed to execute the MahaRERA order dated October 15, 2018. Interestingly, the developer owes more than R4 crore to these six flat buyers, who as per the MahaRERA order is entitled to an interest of over 10 per cent since the payments were made, apart from the principal amount. mid-day had highlighted their plight in its November 8 article – 'Flat buyers get excuses and a six-month wait after MahaRERA order'.


