• Buyers Beware – Hidden Scandal Behind Mirai Avinya Group Revealed
• Mumbai’s Biggest Redevelopment Scam Exposed
Unmesh Gujarathi
Sprouts News Exclusive
The explosive revelation in Sprouts Newspaper dated March 14, 2025 (Episode 1) shocked many. As promised, we now present Episode 2, reopening the investigation into the large-scale redevelopment project (MAHARERA NO. P51900023229) known as “Krishvi Escape” at Thakurdwar Road/Fanaswadi, near Vinay Health Home.
Shockingly, the developer, originally operating under “Shagun Realty” / “Shagun Blue Realty,” has now adopted a new fictitious identity—“Mirai Avinya Group.” However, the Sprouts Special Investigation Team has discovered that neither “Krishvi Escape” nor “Mirai Avinya Group” is registered with any official authority, raising serious legal and ethical concerns.
• The Deep Roots of a Fraudulent Redevelopment Project
The Sprouts Special Investigation Team has uncovered an elaborate scam dating back to 2008. This fraudulent operation began when Shagun Realty registered its partnership under No. BA102834 in Mumbai in May 2008. However, even before its official registration, the company had already acquired its first property, C.S. No. 2255, from the Nayak family in March-April 2008, allegedly using forged documents. This property was later transferred in 2016 through misrepresentation, raising further red flags.
The Sprouts Special Investigation Team has verified that Shagun Realty systematically acquired 19 properties/lands from three different vendors. In this episode, we will focus only on C.S. No. 2255, with details of the other properties to be revealed in future episodes as part of our ongoing investigation.
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• A Trail of Bureaucratic Corruption
Since its inception in 2008, every stage of this redevelopment project has been riddled with legal violations, facilitated by corrupt bureaucrats from various government departments, including:
• MHADA (Bandra & Chandanwadi C-Ward Office)
• MCGM Building Proposal Department – C-Ward
• Property Tax Department – C-Ward
• Sub-Registrar of Co-operative Housing Societies – C-Ward
• Collector’s Office – Transfer of Property Department (Old Custom House)
• Charity Commissioner’s Office (Worli, Mumbai)
• Environmental Authority (Mumbai)
• Nationalized and Scheduled Banks
Despite changing its name from “Shagun Realty” to “Shagun Bluekey Realty” on September 5, 2018, this alteration was only recorded with the Registrar of Firms (ROF) and MAHARERA. However, other key government offices—including Income Tax, MHADA, and MCGM—were not informed. No official newspaper notification was issued regarding the name change, proving that the developers intentionally concealed critical information to obtain illegal approvals.
• Blatant Violations and Legal Manipulations
The Sprouts Special Investigation Team has gathered undeniable evidence proving that this entire project is built on a foundation of fraud:
1. Bogus MAHARERA Registration – The MAHARERA registration (P51900023229) is based on 100% fraudulent documentation.
2. Illegal Possession Without Occupation Certificate (OC) – Many commercial tenants/occupiers have already moved in without an OC, yet authorities have turned a blind eye for the last two years.
3. Fraudulent Permanent Alternate Accommodation (P.A.A.) Agreements – These agreements, signed between tenants and the developer, fail to mention the MAHARERA registration number or an officially registered project name. Instead, a dummy project name, “Krishvi Towers,” was used—an entity that does not exist in any official records.
4. Forgery of Ownership Documents – The power of attorney for this project was signed by Shrenik Suresh Seth in 2012. However, official ROF records confirm that he was not a registered partner until 2016.
5. Financial Irregularities – The developer has failed to pay property taxes, electricity bills, water charges, and sewerage fees for this project.
• A Dangerous Investment for Buyers and Investors
The Sprouts Special Investigation Team warns that this redevelopment project is one of Mumbai’s biggest real estate scams. The illegally constructed 40-floor building (Wing A & Wing B) on C.S. No. 2255 has been developed without legal approvals and without informing rightful tenants or authorities about name changes and structural plans.
Potential buyers should be particularly cautious:
• The building houses both vegetarian and non-vegetarian residents, which may lead to disputes among buyers with dietary preferences.
• Old tenants will be shifted into Wing A, while new buyers will be accommodated elsewhere, raising concerns about transparency.
• Renaming the project from “Krishvi Escape” to “Mirai Avinya Group” does not erase its fraudulent history.
Final Warning: A Scam Exceeding Rs. 2000 Crores
The Sprouts Special Investigation Team estimates that the total value of this redevelopment scam exceeds ₹2000 crores, making it one of the biggest real estate frauds in Indian history.
Our investigation will continue in Episode 3, where we will expose further irregularities, uncover the masterminds behind this project, and bring additional evidence to light.
Potential buyers and investors must not only think twice but thrice before investing in this project. Always consult a legal advisor and tax consultant before making any financial commitments.
• Truth Cannot Be Hidden Forever
A name change or deceptive advertisements cannot alter reality. The Sprouts Special Investigation Team remains committed to uncovering the truth, ensuring justice is served, and holding those responsible for this massive scam accountable.
Many complaints have been filed by Bhupendra Doshi, a social worker and whistleblower. Through this correspondence, the Sprouts Team was able to investigate the mega scam more effectively.