A police case has been registered after homebuyers and members of a housing society alleged that construction of a MHADA redevelopment project in Chikanghar, Kalyan, stalled in 2022 despite payments of more than Rs 176 crore by 184 existing members and hundreds of other flat purchasers.
The complaint at Khadakpada police station concerns the redevelopment of Shantidoot Cooperative Housing Society Ltd in Survey No. 22 under the MHADA Middle Income Group scheme. The project was entrusted to Tycoon Avanti Projects LLP, a joint venture of Tycoon Realty LLP and Seacom Realty Ltd, according to the complaint.
Complainant Nanda Prabhakar Mhatre alleged that she paid Rs 39.36 lakh in 2021 for a flat on the 11th floor of the project’s A wing. Possession was expected by July 2025, but the flat has not been handed over, she alleged. Construction had reached only the 10th floor of the sanctioned 29-floor building before work stopped, according to the complaint.
The alleged delay has left existing society members and new buyers waiting for possession. The complaint also alleges that the society’s land was mortgaged to a bank through the alleged misuse of a power of attorney granted to the developer. Police said allegations relating to financial transactions, project documents, the mortgage and money collected from buyers would be examined during the investigation.
The FIR names Shrikant Shitole, Chetan Sharaf, Mahesh Gosavi and others. Police Inspector Premnath Shete Dhole is supervising the probe. Registration of the case records the allegations for investigation and does not establish the claims against the accused.
The developer has denied the allegations. In a clarification, the Tycoons Group described the claim of a Rs 176-crore scam as “false and baseless”. The group said the FIR followed a complaint by a customer who had entered into a deal worth around Rs 40 lakh for a residential apartment.
The group attributed delays in MHADA redevelopment projects in Chikanghar to policy-level issues, saying these had caused financial difficulties and delayed possession. It said the project was registered with RERA and that buyers could pursue remedies through the regulatory mechanism. The developer also claimed that the project had received final approval for funding from a Central government fund, but that protests and complaints were creating obstacles and pressure on the company.
The dispute places the investigation alongside the unresolved delivery question for residents and purchasers: whether the stalled project can resume, under what financing and regulatory arrangements, and when promised homes can be handed over. Police said they would examine the allegations as part of the ongoing probe.