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Complaint filed against Pacific Builders MD in Rs 8 cr fraud case
Planned on seven bighas of land in Khoraj, but did not pay the full amount
Gandhinagar, 10 July 2023
A complaint of fraud of Rs 18 crore against the Managing Director and Manager of Pacific Developers Pvt Ltd, which has been working for 18 years, has been registered on 30 July 2023 at the police station located at Adalaj, Gandhinagar. The developers planned 480 houses in Khoraj after the deal for seven bighas of land for Rs 61 crore. Under this land, Rs 33 crore was paid to the plaintiff. And later made an MoU to give 40 percent share in the profits.
A crime was registered at Adalaj police station for not giving two shares out of the remaining profit of Rs 28 crore 21 lakh after selling all the houses.
According to the complaint of Tarunkumar Dineshchandra Patel, a resident of Science City Road, he had sold seven bighas of land in Gandhinagar’s Kharoj to Prahlad Gopal Patel and others. The car was sold in 2011. In which it was said to give the documents after fifteen months.
Meanwhile, land brokers Kutta Desai and Ullas Chacko met Pacific Developers Ltd. Manager Parmesh Rameshchandra Sharma and company’s MD Rakesh Motilal Israni, (Rest. Sigma – 1, Beside Rajpath Club, Bodakdev) and said that the party Ready to buy land. Kaushik Ghanshyam Patel and Amit Israni were also present when the complainant met Rakesh.
It was decided to sell the survey number 530 purchased from farmers for Rs 61 crore 21 lakh. Later Rakesh Motilal Israni as Managing Director of Pacific Developers entered into an agreement with Mahendra Patel and others as the seller of the land by paying 33 crores. Tarun Kumar Dinesh Chandra Patel was nominated as the Kannamarga party in this agreement.
Documentation of this land was not done by Tarunbhai. And the land was originally in the name of the farmer. That’s why a development agreement was made in the name of farmers.
After the plaintiff got the land NA, Rakesh Israni asked for the possession to start the construction work. Parmesh Sharma, Rakesh Israni and Dwarkesh Israni offered 40 per cent participation in the flat plan, while Tarunkamar asked Tarunkamar to complete the balance payment.
In 2011, a notarized partnership memorandum was signed. Thereafter, a development agreement was executed by the plaintiff with farmer Mahendrabhai Keshavlal Patel etc. in the name of Pacific Developers as underwriters. Ultimately Rs.28. A case has been registered against Rakesh Motilal Israni and Parmesh Rameshchandra Sharma at Adalaj police station for cheating them by not paying the principal amount of Rs 21 crore and profit.
one more case
In Gandhinagar, the builder sold dozens of flats in violation of the RERA order, the court punished four including the developer.
In 2022, RERA slapped civil penalty for 30 days on Pacifica Developers Pvt Ltd’s Managing Director Rakesh Israni, Manager Darpan Tarwani, Kaushik Patel and Jai Chandani for not properly executing the sale deed despite RERA’s order ordered to be kept in custody.
In November 2012, Flats Pacific Developers Pvt Ltd booked a flat in ‘Reflections’ scheme in Khoraj, Gandhinagar by Rachna Sharma, a resident of Gandhinagar. In which Rs. 15.24 lakh in cash and Rs. 41.43 lakh was paid through the bank. However, the rule was to give the possession of the flat by October 2015. The possession of the flat was not handed over. That’s why complained in RERA. The court then directed handing over the possession of the flat on payment of dues and other charges. However, instead of giving the books, the developer paid the amount to Rachanaben and canceled his booking. Not only this, the developer sold this flat to a person named Lalita Patel.
RERA ordered the developer to hand over the possession of the flat to Rachna Sharma. RERA prosecuted Pacific Developers Pvt Ltd MD Rakesh Isra and sentenced three employees Darpan Tarwani, Kaushik Patel and Jai Chandani to 30 days civil jail.
A scheme of residential flat-apartments named Reflection was launched by Pacific Developers Pvt Ltd in Khoraj village of Gandhinagar. An agreement was also reached in 2014. However, instead of selling the flat, the promoters of Pacific sold it to someone else. Hence, in a complaint filed by the complainant customer before the RERA authority, the RERA ordered the custody of the promoters of Pacific Developers Pvt Ltd for 30 days.
Against which the promoters went to the Gujarat High Court. The High Court ordered the petitioner promoters to deposit Rs 24 lakh with the High Court Registry towards the dues of the complainant in the case. The High Court issued notices to all the parties including RERA and till then suspended the custody order of the promoters.
Office Address – Pacific House 4, 5, Sigma – I, Behind Rajpath Club, Near Main Party Plot, Bodakdev, Ahmedabad. is 3800
Total 31+ projects completed. Operates in Vadodara, Chennai, Ahmedabad, Bangalore, Hyderabad, Gurgaon.
The company in its project promotion claims that its project is built on the foundation of trust, ethics and quality. Pacific Reflections offers world-class 2, 3 and 4 BHK luxurious apartments with the best of amenities, lifestyle options, specifications. Reflections Apartments in Vaishnodevi, Ahmedabad are available in affordable budget range.
814-926 W
The price of a two-bed flat of square feet was between 55 to 79 lakh rupees.
3 bed 960-1650 feet was up to Rs 67 lakh 99 lakh.
The cost of the 2284 ft 4 bed flat was Rs 1 crore 11 lakh.
How is the company?
Pacifica Developers Private Limited,
Committed
As per the details of 2022, Pacific Developers is a private company as on 07 November 2006. Registered at Registrar of Companies, Ahmedabad. Its authorized share capital is Rs. 2.0 lakhs and its paid-up capital is Rs. 17 lakhs. He is involved in real estate activities with his own or leased properties. Apartment buildings and residential, non-residential buildings, developments etc.
Pacific Developers Pvt Ltd – The Directors of Pacific Developers Pvt Ltd are Amit Prem Israni, Rakesh Motilal Israni. The registered address is 33, Amrapalash Bungalow, B/h Fun Republic, Ramdevnagar, Ahmedabad GJ 380015.
other company
Another company was established in 1978. It was moderated by Chairman Aish Israni. The company currently has more than 150 executives at its San Diego California headquarters and approximately 9,000 employees in the Americas and Asia.
Pacific Companies is a privately held, vertically integrated real estate developer, owner, investor and investment manager. The company has grown rapidly over three decades. Pacific has used this skill set to successfully partner with pension funds, institutional banks, investors and real estate funds for strategic real estate investment ventures.
Pacifica Companies has a large real estate portfolio. These include hotels, mixed-use projects, development projects, master-planned communities, offices, industrial buildings, retail shopping centers, senior housing properties, single-tenant leases, rental and sale projects, and single-family. throughout the United States, Mexico and India. (Google translation from Gujarati language from this website)
