Pune: Residents Protest Against Vertillas Builder for Alleged Real Estate Fraud
Pune: Residents Protest Against Vertillas Builder for Alleged Real Estate Fraud
Kharadi, Pune, January 25: Residents of the Vertillas project in Kharadi staged a peaceful protest today, highlighting an alleged real estate scam involving builder Arman Kothari of Spectrum Developers. According to the residents, Kothari has been accused of defrauding 130 flat buyers by taking 90% of the flat value while delaying construction and abandoning the project.
The Vertillas project, which began in 2013 under the name “La Reve,” was relaunched in 2022 with promises of possession by June 2024. Sherin Daniel, a complainant stated, “Despite initial construction activity, work has come to a standstill, leaving buyers burdened with high EMIs and rent. Flat owners, many of whom have filed complaints with the Real Estate Regulatory Authority (RERA), claim that the builder has fled, leaving only a nominal workforce on-site. He has been continuously not meeting the buyers. Today’s protest was held to awaken authorities about the scam he has caused by defrauding so many buyers.”
Advocate Paresh Thorat, a flat purchaser, revealed that the builder obtained project extensions from RERA based on allegedly false documents, exploiting legal loopholes. The residents also allege misuse of funds, unpaid GST, and neglect of commitments to provide compensation for delays.
Another buyer Dr Supriya informed that Vertillas is a project by Spectrum Developer in Kharadi which is going on since 2013 first with the name of Le Reve . It is sold to 130 people in the year 2023 with the promise of possession in June 2024.The builder had promised rent if he delays possession, he took 90 percent of value till January 2024 and delayed the construction work, there is hardly any progress in the construction done in 1 year , many owners have filed a case in RERA but it is taking time. Currently the builder is not reachable, his office doesn’t exist and he has fled away keeping nominal 10 people at site , people are facing severe brunt of this fraud by paying high emi , rent with no compensation neither possession.We are organizing a peaceful protest today on 25 January 2025 from Kharadi police station to vertillas site so as the authorities please take a note of this fraud and provide justice to common people like us.”
The protest, which started at the Kharadi police station and moved to the Vertillas site, aims to draw attention to the issue and urge authorities to act. Residents demand accountability, justice, and swift resolution of their grievances to end their financial and emotional ordeal.
When Pune Pulse tried contacting the builder his mobile phone remained out of coverage.
