Pune: Spectrum Vertillas Homebuyers Protest At Kharadi Police Station Over Years-Long Possession Delays

Pune: Homebuyers of the Spectrum Vertillas project in Kharadi staged a protest at the Kharadi Police Station on Saturday over the prolonged delay in receiving possession of their homes. Residents alleged that despite multiple complaints to relevant departments, the administration continues to neglect their issue. “We are being forced to bear the burden of EMIs and room rent,” they said.

CA Kalyani Bhaskare, a Vertillas flat owner, told The Free Press Journal, “We are being tossed from one authority to another, but no one is willing to take responsibility. A total of 131 homebuyers are stranded after investing nearly ₹300 crore in the Vertillas project. The builder has already extracted 90–95% of the total payment from buyers by framing the agreements strategically, and the project funds have been misappropriated. Construction remains completely stalled.”

She added that it has become a nightmare for families who poured their life savings into their dream homes.

The distressed buyers have approached RERA, Kharadi Police Station, the Deputy Commissioner of Police (DCP) office, and the Commissioner’s office. Complaints are also ongoing with the EOW and RERA. Despite these efforts, no concrete action has been taken to safeguard the interests of the homebuyers.

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Sweta Mishra, another victim, said, “Vertillas, developed by Spectrum in Kharadi, has been under construction since 2013, initially under the name ‘Le Rêve’. It was sold to 130 people in 2023 with a promise of possession by June 2024. The builder assured us that rent would be provided in case of delay. He collected 90% of the flat value by January 2024 but still slowed down the construction. In the past year, barely any work has progressed. Many owners have filed cases in RERA, but the process is slow. Currently, the builder is untraceable, the office has shut down, and only a few workers remain on-site. Buyers are facing the severe brunt of this fraud, paying high EMIs and rent with no compensation or possession.”

She added that the homebuyers are organising a peaceful protest on January 25, from Kharadi Police Station to the Vertillas site, urging authorities to take note of the fraud and deliver justice.

Dr Supriya Pendke, also a Vertillas flat owner, expressed her frustration: “The majority of owners paid 90% of the amount by January 2024, yet only about 70% of the work is completed. The builder has misappropriated our funds, and though a complaint is underway with the Economic Offences Wing, they have neither registered an FIR nor conducted a forensic audit. We have also explained the situation to the RERA chairman, but strict intervention is still missing. Construction at the site has come to a complete halt. Common people are under tremendous pressure due to rent and EMI.”

The Free Press Journal tried to reach out to the concerned builder for his comments, but he wasn't available for a response.