Mumbai: Green Garden Apartments CHS Ltd, Deonar, has moved the Bombay High Court against its former chairman and several real estate developers, alleging a large-scale fraud involving Transferable Development Rights (TDR).
The housing society, which consists of several bungalows in a 26,883 sq mtr plot has sought a declaration that the agreements for the sale of TDR, purportedly executed by certain members without general body approval, are illegal and void. Additionally, it has demanded a refund of Rs 16.51 crore allegedly paid unlawfully to two consultancy firms.
According to the suit, the Brihanmumbai Municipal Corporation (BMC) acquired 7,284.10 sq. mtrs of the society’s land in 1986 for road construction. As compensation, the society became entitled to TDR, which was formally granted in August 2023 through a Development Rights Certificate (DRC).
The society alleges that its former chairman, Nitin Chaudhari, and secretary, Jayshree Visvanathan, were initially authorised to handle the TDR process. However, they, along with another member, Gaurav Chopra, and two consultancy firms allegedly colluded to siphon off funds and illegally transfer TDR to multiple developers.
The suit states that agreements for the sale of TDR were executed between August and September 2023 with at least 14 real estate firms and individuals without proper authorization. Furthermore, a deed of mortgage was allegedly executed in July 2023, creating a lien on 6,000 sq. meters of TDR without the society’s consent.
In December 2024, after uncovering the alleged irregularities, the society issued legal notices to the TDR purchasers and subsequently formed a fact-finding committee. The committee’s January 2025 report identified Gaurav Chopra as the “alleged mastermind behind the fraud played on the society” and accused him of obstructing investigations, the plea alleged.
After failed attempts at negotiating a settlement, the society decided to initiate legal proceedings. It has now sought court intervention to declare the TDR sale agreements as null and void. The plea has also sought a restrain the developers from utilising the TDR and direction the BMC to halt any recognition or processing of the disputed transactions.
Moreover, the society has urged the court to direct the return of the Rs 16.51 crore to the society, with 24% annual interest.
The case names 21 defendants, including real estate firms such as K. Raheja Corp Pvt Ltd, Kanakia Future Realty Pvt Ltd, and others. It also implicates the BMC, urging the court to prevent any further transfers or use of the contested TDR. The suit is expected to come up for hearing on Tuesday.
