Pune: Kharadi Homebuyers Raise Alarms Over Delays, Alleged Fund Misuse At Spectrum Vertillas Project
Pune,November 29, 2025: Homebuyers of the Spectrum Vertillas housing project in Kharadi have issued a formal statement highlighting severe delays, alleged financial misconduct, and the lack of action by authorities despite repeated complaints. The project, registered under MahaRERA No. P52100012616, is being developed by Armaan Sunil Kothari and Siddhant Sanjay Kothari.
According to the residents, nearly 90–95% of the flat cost had already been paid by January 2024. However, they claim that only around 70% of the construction work has been completed, leaving hundreds of families facing prolonged uncertainty and financial pressure.
Homebuyers have further alleged serious misappropriation of funds by the developers. A complaint on this matter has been pending before the Economic Offences Wing (EOW) under officer Mashal and Pune Police Commissioner Amitesh Kumar since February 2024. Despite this, no FIR has been registered. Residents also stated that the independent financial audit verbally instructed by the Police Commissioner in June 2025 has not been carried out.
The grievance has also been escalated to MahaRERA Chairman Manoj Saunik multiple times. Yet, construction at the project site reportedly remains stalled, and the developers have allegedly failed to comply with directives issued by the authority.
Residents added that the developers have not been attending scheduled MahaRERA hearings, a move they say reflects disregard for regulatory processes.
The continued delay has placed ordinary homebuyers under extreme financial strain as they are forced to manage both home loan EMIs and rental expenses. The society has now intensified its protest, demanding urgent intervention from the government.
The statement was issued by the President and Secretary of the Vertillas Tenants’ Cooperative Housing Society, Kharadi, urging authorities to take swift action to safeguard the rights and investments of homebuyers who have put their life savings into the project.
