Builder says will sell his own assets to repay home buyers
In a first, a developer met with investors and home buyers, to whom he collectively owes around Rs 400 crore, and requested some more time to repay them.
Diipesh Bhagtani, director of Jaycee Homes and JVPD Properties Pvt Ltd, on Saturday met 500 odd homebuyers and investors at Bandra’s Rangsharda hall, and sought six more months to repay them. He showed them a slide show of property worth Rs 570 crore which he intends to sell to give their money back.
Lawyers representing investors and homebuyers were present at the meeting, and many felt that Bhagtani was buying extra time to avoid going to jail.
“As per the High Court Order, we proposed a settlement meeting with our investors,” said Bhagtani, “These projects included Bhagtani Riyo, Bhagtani Sapphire, Bhagtani Serenity and Savannah. We have come to a settlement where we shall be liquidating the lands and development rights within six months and clearing the dues of all investors. In case there is a shortfall, we shall also liquidate other assets to repay everyone. We shall be submitting the entire list of investors of these four projects to court.
Meanwhile, I have assured them that I shall travel overseas only with the permission of …read more
