Over 130 homebuyers of the Vertillas residential project in Kharadi staged a peaceful protest on Saturday, alleging fraud and negligence by the developer, Arman Kothari. The demonstration began at the Kharadi Police Station and concluded at the project site, highlighting the distress of buyers who claim to have been deceived after investing their life savings in the delayed project.
Initially launched in 2013 as “Le Reve,” the project was rebranded as Vertillas in 2023. Buyers were assured possession by June 2024; however, despite collecting nearly 90% of payments from buyers by January 2024, construction progress has been minimal, and the developer is now untraceable, leaving buyers without answers or compensation.
Dr. Supriya Pendke, one of the affected buyers, expressed her frustration, stating, “This project has been nothing short of a nightmare. It was sold to us with the assurance of timely possession and even compensation in case of delays. However, the builder has abandoned the project after collecting almost the entire payment. Construction work is at a standstill, and many of us are stuck paying both high EMIs and rent. We’ve filed complaints with RERA, but the process is painfully slow. The authorities must intervene to ensure justice is served.”
For many buyers, like Prakash Tewary, the delay has been devastating. “I saved for two decades to buy a home in Kharadi, only to see my dreams crushed. The builder’s false promises have left us in financial distress. Through this peaceful protest, we hope to push the authorities to address our grievances and hold the builder accountable.”
Advocate Paresh T. Thorat, a flat purchaser, provided additional context: “AMI Estates LLP, a partnership firm of Arman Kothari and Siddhant Kothari, commenced a project in 2011 named La Reva. From 2011 to 2017, the promoter had only completed seven floor slabs out of 13 sanctioned floors. Hence, all the purchasers canceled their bookings and agreements as the promoter was not able to give possession on time. After the enactment of the RERA Act in 2016-17, the promoter changed the project name from La Reva to Vertillas. In the meantime, various complaints were registered before the RERA Authority, in which the promoter either settled the dispute with the purchaser or an order was passed against the promoter, directing him to return the amount received along with interest. However, in January 2022, the promoter again commenced work with full force, and after 6-7 months of continuous work, we were impressed by him that he would give soft possession before December 2023 and possession with OC in March 2024. Hence, we booked a flat in August 2022. Initially, the work was happening in full swing, and the promoter also got a revised commencement with respect to floors from the 14th to 21st. But in January 2024, no work was happening at the site, and he managed to obtain an extension by providing false documents, which were not verified by RERA Authorities. The promoter has good knowledge to utilize loopholes in the legal system and is taking undue advantage of the same. At present, about 75 complaints are filed against the promoter before the RERA Authority, but we will not be surprised if RERA again gives him an extension based on false and fabricated documents submitted by the promoter, taking undue advantage of procedural lacunas. After repeated attempts to contact the promoter, he is not coming forward and not providing any concrete schedule or bar chart as directed in the RERA extension order, and therefore we were constrained to protest against the promoter.”
The builder has yet to respond to the allegations.
