Hero Homes Realty officials booked after Ludhiana resident alleges failure to deliver flats; company denies charges

The FIR has been registered under sections of the Bharatiya Nyaya Sanhita pertaining to cheating, criminal breach of trust, and criminal conspiracy. Police officials said that further investigation was underway.

Complaint vague, frivolous, devoid of merits: Hero Homes Reality

However, Hero Homes Reality said in a statement released late on Saturday evening that Jain’s allegations did not make out any offence against the company, its directors, or any of its other officials. The dispute relates to the allotment of four units in Hero Homes’ Ludhiana project in the names of Falitash Jain, Praveen Jain, and Suman Jain that were cancelled in October, 2021, pursuant to the consistent defaults on the part of Falitash Jain to make payments to the company, the statement said, adding that since three out of the four units were funded by a bank, the balance amount after forfeiture was refunded to the bank.

The statement further said that, contrary to the allegation in the FIR, approximately Rs 2.08 crore–as against the total sale consideration of approximately Rs 3.25 crore–was received by the company and that approximately Rs 1.75 crore was remitted by the bank, with Falitash Jain and his family paying only approximately Rs 32 lakh.

“It is also important to note that the bank finance was availed by Falitash Jain and his family basis their own income statements wherein Company assumed the liability to pay the Pre-Emi amount for certain defined period (which liability was discharged and it is a matter of record) and any subsequent default on the part of the allottee, which has adversely impacted their respective CIBIL score and Company is not at all responsible for such defaults,” the statement added.

‘Default in making balance payment’

The statement adds,” As far as allegation of non-completion of the project is concerned, the allegation is baseless as the construction of the project was completed in 2021 itself and pursuant to the receipt of the occupancy certificate, the possession of the units were offered to Falitash Jain and his family in July, 2021, however on account of their default in making the balance payment, the units could not be handed over to them. The Project was successfully delivered to the allottees and as of now, more than 210 families are living in the Project,” the statement added.

The company claimed that the dispute was purely of civil nature, to which Falitash Jain had falsely given a criminal angle, which “carries no weight and merit”. Moreover, Sunil Kant Munjal’s name has been deliberately included by the complainant to arm-twist and exert unwarranted pressure on the company, Hero Homes Realty alleged.
The real estate firm further said the complainant was very well aware that Munjal was neither part of its executive team nor involved in its day-to-day operations or management. It further alleged that the complaint was completely vague, frivolous, devoid of merits and an attempt to misuse police machinery.

Falitash Jain and his family members have also filed a consumer complaint against the company and sought a refund of the amount paid with interest and the complaint is currently pending adjudication, the company said in its statement.