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Friday, August 5, 2016

The case of A G Constructions' Gracia at Kharadi - whodunit mystery

Bhushan Saraf, the sales manager of A G Constructions' Gracia at Kharadi, ran away with Rs. 2.5 cores - 20 per cent agreement value paid by some 15 IT Professionals!

Bhushan Saraf, absconding sales manager of A G Constructions' Gracia at Kharadi

Unusual crime in east Pune real estate market:

East Pune real estate market is famous for property frauds.

Pre launch offers is the most popular way of robbing naive IT engineers.

Second popular way of duping first time young home buyers working in Kharadi & Kalyani Nagar is selling flats in Wagholi - which are not suitable to live for urban human beings on this planet.

Third popular scam in east Pune is launching affordable housing with - O per cent interest or 100 per cent interest free - schemes for economically & as well as intellectually weaker section of the population.

Fourth popular way of looting the property buyers is launching luxurious high end housing projects in and around Kharadi - and stalling the construction & abandoning the project after the flat buyers have paid 85 - 90 per cent of the property price.

Do you notice?

I haven't mentioned the names of the projects.

You know why?

Because, this blog is about whodunit - real estate criminal mystery - unusual criminal case in east Pune real estate market - the case of A G Constructions' Gracia at Kharadi.

I am only going to give a clue.

You have to solve the mystery.


Real estate is a criminal enterprise:

The case of A G Constructions' Gracia at Kharadi - whodunit mystery

Investors love real estate because they know that behind every great financial success there is a crime. And real estate is a complete criminal enterprise. So, investors assume, financial success is assured.

Whereas, to avoid being cheated by the builders - the smart home buyers - avoid booking in under construction projects. They go for ready to move in flats. Like these 15 guys who purchased ready possession flats in A G Constructions' Gracia at Kharadi.

Between October and December 2015, they paid 20 per cent of the agreement value to Bhushan Saraf - the sales cum project manager of Gracia.

But around mid January 2016, these guys came to know that Bhushan Saraf has absconded with their 20 per cent own contribution - nearly Rs. 2.5 crores paid by them and the builder has registered an FIR against him.

In his FIR the builder of Gracia Kharadi claimed that Bhushan Saraf was not an employee but the broker. Gracia at Kharadi was sold out. No flats were available for sale in Gracia.

The builder of Gracia claimed that Bhushan had collected money by selling the flats which were not available for sale - which were already sold.

Not only that!

Instead of taking the cheques on Gaikwad Tupe Associates - the legal name of the developer of the project - Bhushan took the cheques in the name of A G Constructions. Opened fictitious account by that name. Deposited all those cheques in that account. And one fine day, withdrew all 2.5 cores and vanished with his family.

In short, the builder of Gracia claimed that he is the victim of Bhushan Saraf. Bhushan Saraf has committed the crime against him. Catch absconding Bhushan Saraf.

No! We are the victims!! Bhushan Saraf has committed crime against us. Catch Bhushan Saraf. Give our money back. Claim the 15 flat buyers.

How can Bhushan Saraf commit the crime alone? The builder may be involved in it.

At least, the builder is responsible for the crime. The crime was committed under the builder's nose - committed by the builder's employee - in the builder's office - in the name of builder's company - A G Constructions - the only name associated with the project in all advertising & sales literature - the builder's employee Bhushan Saraf has absconded with our money. File a case against both. Catch Bhushan Saraf. Give our money back. Claim the 15 flat buyers.

What say you? Who has committed the crime?

Has absconding Bhushan Saraf committed the crime?

Is the builder of Gracia involved in this crime?

Who has done it?

What say you?

Elementary, my dear....in real estate market everybody commits a crime!

The 15 flat buyers of A G Constructions' Gracia at Kharadi were so sure about the builder's involvement that when the police refused to register an FIR against the builder they went to court. After the court's order, police registered their FIR and forwarded their case to Economic Offence Wing. Result is for the last 7 months, these guys are running from pillar to post!

(In the above YouTube video interview, these guys have shared their complete story in Hindi. View it. If you want you can download it on your mobile.)

Sorry. I didn't get you. Why are you considering yourself victims of Bhushan Saraf? Why are all of you waiting for the police to catch Bhushan Saraf and get your money back?

You have paid money to the builder. Why aren't you asking the builder of Gracia to complete the transaction - register the agreement - collect the balance amount from the bank - handover the possession of your flats?

If the builder of Gracia Kharadi can not complete the transaction & give possession of your flats - why aren't you demanding refund of your own contribution with interest from the builder?

Instead of focusing on getting flat or getting your money back from the builder - why are you all wasting your time in waiting police to catch absconding Bhushan Saraf? Why are you so much obsessed with - who has done it?

Don't you see that you are being mislead? Your attention is diverted in the wrong direction!

Don't you know that the builders are experts in येडा बनून पेढा खाण्यात?

If the flat possession is delayed - there is God's hand in it.
If the under construction building collapses & 13 people are dead - the contractor is responsible for it.

For every bad thing in real estate someone else is responsible.
The builder is always innocent.

We face crime once in awhile. But those who run the criminal enterprise think about covering the crime before they commit it.

And in real estate crime is committed at every step by everybody. Fake documents are made while buying land. Bribes are given & taken for sanctions & approvals. Development rules are broken while planning the project. Construction contractors and site engineers commit frauds and loot builders. Purchase managers & accountants of builders embezzle money. Builders cheat flat buyers by misleading ads & false commitments. Builders extorts money from the property buyers as infrastructure charges and by delaying possession. Gundas, politicians, bureaucrats rob money from the builders.

It's elementary, my dear....in real estate market everybody commits a crime. Where everyone is expert & busy in committing crime against flat buyers as well as each other - trying to find out who is the criminal is fruitless. Only those who do not know anything about real estate do this.

Stop wasting your time on whodunit. Instead of that, better, focus your efforts on getting your money back from the builder of Gracia at Kharadi.

What say you? Please, share your views in the comments.

Related Stories:

1) Required - Builder's Credit Report & Credit Score Rating

2) Shanti Homes 1 BHK Row House for Rs. 6 Lakhs Scam

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  1. Mr. Ravi

    It seems media effect on you. Any specific reason to say IT professionals specifically? Why this specific categorization?

    1. Let me answer :
      There are 2 types of buyers who are cheated by builder -

      1. Those who do all the paperwork, lawyer verification for property etc. & then buys flat. But later builder offers them sub-standard, poor quality flat, doesn't give all amenities as promised, delays flat possession, doesn't handover maintenance amount etc. These are genuine cases where buyers are cheated & I have 100% sympathy for them & would like them to fight & emerge victorious in their rights.

      2. Those who give money to builder without doing any legal check of the project, buys where there is no water, roads etc. & then blames builder for fooling them. They don't deserve any sympathy.

      In this case too, these IT Yedatech buyers fit in type 2 & all the buyers interviewed are from IT. Reasons for the same is written in my post below.

  2. Read your blog & saw the video. Another case of buyers working for IT Yedatech being made ulloo. Is there any training given in IT companies to it's employees about how to become yedas or is it a pre-requisite for getting job in IT ?
    See this :

    1. Good that they looked for ready possession flat but what about legal documents ? No one appointed any lawyer before giving booking amount. How many times it's mentioned on this blog to check the documents from lawyer before proceeding for any deal ?

    2. They gave 20% of the money without even registering the agreement ? Why ? Was the flat going to run away (in anycase there was no flat available for sale at first place) ? They could have given token amount of 20k & said that 20% would be paid by DD or bankers cheque on same day of agreement. If builder would have refused, they could easily sense something is wrong then itself. This way their risk would have been restricted to 20k.

    3. One guy in video said that he saw 7/12 document on insistence of his friend (this means his friend is more wise than him) & clearly saw that the name on it is different than the name on which sales person was demanding cheque. He kept quiet after getting mere oral assurance. Who deals monetary issues on oral assurances ? Atleast at this point, they should have taken service of property lawyer.

    4. Some IT yedas paid even 40L without agreement !! He/they should first get admitted to Yerwada mental hospital. How can people be soooo careless with amount of 40L ?

    After reading several of your blogs, I am sure that if someone puts even Shaniwarwada for sale, he will get buyer from IT Yedatech.

    My sympathies are there with all flat buyers who are cheated by builders but then if someone is acting as world class idiot, what can the system do to prevent it ?
    Prevention is better than cure - hearing from school days or not ?

    Hint to these flat buyers : Find out the ownership of the firm AG Constructions. You know in which bank cheques were encashed at. Get account holder details, authorised signatory of this account from bank. Once you get ownership details of this firm, file case in court under IPC 420. Once warrant is issued by court against the owners of the firm, the Police will have not option but to track them. Even if owner not Bhushan Saraf but someone else, then that person will be forced to reveal details of Bhushan Saraf. And yes, atleast while doing this, hire a good lawyer. Also speak with Grahak Panchayat about what can be done in this case.

  3. Sir, i want to sell my flat in aditya garden city to my friend. without any broker involved iam not sure of the price to charge as we both dont want to loose. I suggested net 70 lacs for me. Do you think this price is fair. The flat is 1140 sq ft built up plus a separate car park. And is located in phase 2.

    1. Why do you want 70, Sada? How much have you paid for it?

    2. Aditya Garden City shares common compound wall with SRA project (slum rehabilitation authority). The builder made fool of buyers by not informing slum rehabilitation project & charged premium for hill view flats. Now what you see is all slum rehab project !
      My colleague's brother had a flat there which he had purchased for Rs.1850 per sq ft.

    3. Thank you Ravi Sir for your quick reply.

      i bought it back in 2009 for roughly around 38 lacs. i am overseas and for me to come down to sell the flat is a cost of another 1 lacs in tickets. Since i am selling it to a friend who is in mumbai i dont want him or me to loose. when i searched for similar properties for sale in AGC i saw that the price advertised varies from 65 lacs to 75 lacs as the area is different. so at the back of my mind i was happy getting 70 lacs and hence the price.

      i am not sure sir if i can rely on the advertised price in magic bricks or 99 acers or common floor. i remembered reading your blog long back on AGC (might be around 2009-2010) so thought of just checking with you that is 70 lacs too less or appropriate or too low.

      Thanks again and Kind Regards,

  4. a Logical IT employee becomes IT Yeda when wife enters in his life. when all in in-laws nag him to buy a flat (swathach ghar).. :)

    1. few become yedas and buy flats just to become eligible for wedding.