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A group of 28 persons who bought flats in Signia Pearl, a luxury housing society in Bandra Kurla Complex (BKC), have filed a petition in the National Green Tribunal (NCLT) against the developer—Sunteck Realty — over the corpus fund amounting to Rs 7 crore, that was collected from them but has allegedly not been transferred to the society.
According to the petition, a copy of which is with The Indian Express, these 28 home buyers have sought relief, stating that the ‘corporate debtor’ (developer) has not returned the corpus fund collected, although the society was formed in September 2020. The petitioners want the funds transferred to the Society.
Advocate Siddesh Bhosale representing the home buyers told The Indian Express that each buyer paid between Rs 25 – 30 lakh to the developer as corpus fund, which amounts to approximately Rs 7 crore. “Since the money was not transferred to the society, the home owners are themselves paying for property maintenance. So they have filed a petition,” the advocate said.
Responding to a query mailed by The Indian Express, the spokesperson for Sunteck Realty Ltd said, “No judgement has been passed by National Company Law Tribunal (NCLT) to date. We believe the petition is not tenable, we are rigorously contesting the allegations, and stand strong on our merit. It is crucial to note that the principal dispute between the Society and Sunteck Realty remains sub-judice before the high court. We are ready to act as per the court order, but today it is not possible, as the basic existence of the Society is under question, and yet to be determined. Hence, we believe that unless the HC decides the issue, ancillary issues raised by the Society would not be decided by any other authority.”
Sunteck Realty is a listed real estate company which has constructed several ultra luxury projects in prime areas of Mumbai and MMR. Signia Pearl is a high end project of the developer and the homebuyers paid around Rs 30 crore each to purchase a flat in the 20-storeyed project.
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