The Economic Offenses Wing of the Mumbai police has detained real estate developers Rajiv and Dharmesh Jain of Nirmal Life for delaying to provide possession to a number of homebuyers. The developers reportedly took money from around 34 homeowners before failing to deliver the units, according to the authorities.
The Olympia, Panorama, and Spirit real estate developments are the subject of the arrests.
According to the lawsuit, purchasers made reservations for apartments in 2011 and paid the required sum, but neither the project started nor were they granted ownership of any homes.
“We detained Rajeev Jain and Dharmesh Jain in connection with a First Information Report (FIR) that was submitted in April 2022. An EOW officer spoke to Moneycontrol on the condition of anonymity. “We produced them in local court and have got police custody until May 03,” the person said.
“There is another FIR against the developers in the FIR files, and an inquiry into that matter is also underway in those instances. They are accused of not handing possession. Homebuyers submitted this FIR in December 2022. This includes initiatives like Nirman Zircon and others in Mumbai's Mulund neighborhood,” he said.
The well-known Mumbai real estate company Nirmal Developers has apparently been having financial difficulties. In the Mumbai Metropolitan Region (MMR), the firm is engaged in a number of building projects, however possession has been delayed for a while.
Additionally, according to certain media sources, the Bank of Baroda (BoB) has purportedly seized control of the developer's Nirmal Lifestyle Mall as a result of the non-payment of a loan of around Rs 161 crore.
