In feud within apex body of realtors, president’s firm accused of ₹100-crore fraud

It is alleged that NAREDCO President Kamlesh Thakur’s firm, Powai Vihar Developers, and others fraudulently claimed ownership over parts of a 3 acre 20 guntha plot and entered into a development agreement based on forged documents, resulting in fraud worth ₹100 crore

Mumbai: A feud has erupted within the Maharashtra unit of the National Real Estate Development Council (NAREDCO), the apex body of developers under the union ministry of housing and urban affairs, with one of the directors of a firm associated with NAREDCO vice-chairman Prashant Sharma accusing the NAREDCO president Kamlesh Thakur’s firm of forgery.

In feud within apex body of realtors, president’s firm accused of ₹100-crore fraud

It is alleged that Thakur’s firm, Powai Vihar Developers, and others fraudulently claimed ownership over parts of a 3 acre 20 guntha plot owned by the Sharmas and entered into a development agreement based on forged documents, resulting in fraud worth ₹100 crore

On October 6, the Powai police registered a First Information Report (FIR) registered against Powai Vihar Developers, and Master Clock and Watch Works and Renis Electronics – both associated with Suresh Patel and Nirmal Patel, based on a complaint from Narrottam Chittaranjan Sharma, the first cousin of Prashant Sharma.

Both Narottam and Prashant Sharma are directors of Smit Properties.

The FIR also names five individual accused – Chandrakant Ramakant Khandelwal, Ramakant Jagannath Khandelwal, Savita Chandrakant Khandelwal, Kamladevi Ramakant Khandelwal, and Durga Prasad Ramcharan.

According to the FIR, Narrottam Chittaranjan Sharma’s grandfather, Chandrabhan Bhuramal Sharma, had acquired leasehold rights over the disputed plot in 1948, and subsequently purchased land in the surrounding areas through registered documents.

On June 8, 2005, Narrottam Sharma’s father leased out a portion of the 3 acre 20 guntha plot to Smit Properties via a registered document. Later, Sharma discovered that Master Clock and Watch Works had claimed ownership over 4,276.50 square metres of the disputed plot and in May 2007, entered into a development agreement for the land parcel with Powai Vihar Developers Private Limited.

Under the agreement, Powai Vihar Developers allegedly received ₹60 lakh and development rights linked to approximately 81,000 square feet of construction area.

Another transaction under scrutiny relates to a 1,112-square metre portion of the disputed plot which was leased out to the Khandelwal family. According to Narrottam Chittaranjan Sharma, members of the Khandelwal family fraudulently claimed ownership over the land parcel and transferred it to Renis Electronics Private Limited for ₹13 crore via a registered document dated April 12, 2021.

According to Sharma, Renis Electronics and The Master Clock and Watch Works are sister concerns, with Suresh Patel and Nirmal Patel allegedly serving as directors of both companies. They and the other accused projected themselves as owners of the disputed property despite allegedly holding only lease rights, and used false and fabricated to facilitate transactions of land belonging to Smit Properties, Sharma alleged.

The case has been transferred to the economic offences wing under the Mumbai police.

Thakur did not respond to questions from Hindustan Times regarding the allegations. .

Rajan Bandelkar, NAREDCO Maharashtra’s former president and founder and managing director of the Raunak Group said that the dispute was a personal and business-related issue between the two parties.

“They will either contest or settle it,” he said.

Niranjan Hiranandani, Chairman, NAREDCO and Managing Director of the Hiranandani Group, said, “I am unaware of the issue. NAREDCO Maharashtra must discuss this, as I am at the national level. Let the court decide on the case.”

Sources in NAREDCO Maharashtra said that some members were of the opinion that Thakur should resign as president in light of the allegations against his firm, like Sunil Mantri from Mantri Realty had done in October 2015.

Mantri had stepped down as NAREDCO president after lenders moved the Bombay High Court to recover dues worth ₹300 crore from his firm.

“Mantri was gracious enough to resign of his own accord on moral grounds. His resignation was accepted by the governing council after six months,” Bandelkar said.