Shagun Realty Faces Major Legal Scrutiny
Unmesh Gujarathi
Sprouts News Exclusive
Contact: +91 9322755098
In a sweeping investigation by Sprouts News, serious irregularities have been uncovered in a controversial redevelopment project at Fanaswadi/Thakurdwar, South Mumbai, under C.S. No. 2255. The project, listed under MahaRERA No. P51900023229, involves entities operating under various questionable names, including “Shagun Realty” (registered under PAN No. ABLFS1536K), “Shagun Bluekeyrealty” (registered with reportedly invalid documents), and “Mirai Avinya” (an unregistered name used for deceptive marketing).
Contents
- Shagun Realty Faces Major Legal Scrutiny
- • South Mumbai Redevelopment Scam: Regulatory Breaches and Dubious Ownership History
- • Illegal Permissions and Unauthorized Construction in Redevelopment Project
- • Mastermind Behind the Fraud: Who Is Suresh Ghewarchand Seth?
- Also Read: Murder or Suicide? Dark Truth Behind Mumbai Woman’s Death.
- • Authorities Urged to Act Swiftly
The Sprouts News investigation team, through a detailed forensic audit, discovered forged documents and violations across multiple regulatory frameworks. The violations span across MOFA, MRTP, MHADA, MCGM Property Tax, Building Proposal Department, DCPR 2034, environmental and pollution norms, Income Tax, GST (formerly VAT and Service Tax), the Registrar of Firms (ROF), Registrar of Companies (ROC), and the Public Trust Act under the Charity Commissioner’s jurisdiction.
• South Mumbai Redevelopment Scam: Regulatory Breaches and Dubious Ownership History
The project received its first NOC from MHADA in 2009. At that time, the firm was not even registered, raising serious questions about the legality of the land acquisition and subsequent permissions. The firm’s entry in the Register of Firms (ROF No. BA102834) was only recorded on October 12, 2010, though the land was purchased in March–April 2008.
Initial partners included:
1.Suresh Ghewarchand Seth – PAN not found; DIN No. 09278370
2.Dimar Construction Pvt. Ltd. – PAN unavailable; Directors:
•Chetan Ramanlal Shah – PAN: AAJPS7227C
•Shailesh Kumar Jivalal Jogani – PAN: AEBPJ3548M
3.Gambhirmal Ramanlal Shah – PAN: AAIPS9091D
4.Lalit Tilokchand Shah – PAN: AAIPS9085K
These names were formally listed only in the ROF records dated March 8, 2016, years after the project was initiated.
• Illegal Permissions and Unauthorized Construction in Redevelopment Project
Sprouts News has verified that Mr. Shrenik Suresh Seth, who was not a partner until 2016, signed and authorized multiple redevelopment permissions through a Power of Attorney granted to an architect. These actions are deemed entirely unauthorized under MHADA and MCGM redevelopment norms.
The building under construction, reaching up to 42 floors, is now under legal review for being built on a foundation of forged documents and unauthorized approvals. Evidence suggests heavy bribery involving civic and planning authorities to facilitate this “blind redevelopment,” which targets unwary buyers, including NRIs and investors from across India.
• Mastermind Behind the Fraud: Who Is Suresh Ghewarchand Seth?
At the center of this massive redevelopment scam is Suresh Ghewarchand Seth, originally from Bhilmal, Rajasthan. A former wristwatch businessman, Seth allegedly masterminded this operation by manipulating public systems and officials through unethical practices. He is accused of creating a web of deceit and leveraging fake documentation to push through illegal project approvals.
According to Sprouts News’ ongoing inquiry, Seth did not disclose his PAN in the property’s purchase deed, and “Shagun Realty” was capitalized at just ₹1 lakh. This raises a crucial question for the Income Tax Department: How did a firm with such minimum capital acquire land now as per saleable market value of this buildingworth over ₹2,000 crore in one of Mumbai’s most expensive localities?
Also Read: Murder or Suicide? Dark Truth Behind Mumbai Woman’s Death.
• Authorities Urged to Act Swiftly
Given the widespread violations, Sprouts News urges relevant regulatory bodies—including MHADA, MCGM, MahaRERA, Income Tax, and the Charity Commissioner—to investigate and prosecute those responsible. This redevelopment case highlights systemic corruption and the urgent need for transparency and due diligence in Mumbai’s booming real estate sector.
The role of JJ hospital staff must be inquired.
The whole real estate Industry is mired in controversy. There are allegations of bribery demands, fraudulent contracts, unfulfilled contracts, illegal construction, illegal occupation ad infinitum. Urgently needed a joint Ministry task force to come up with new laws and corporate governance models to clean up and strengthen this indispensable industry.
I need to talk to Mr Unmesh