8 Booked in ₹100 Crore Powai Property Fraud Case
Mumbai Police have registered a case against eight parties in connection with an alleged ₹100 crore property fraud involving land in Powai.
The case concerns allegations that certain individuals and companies used false ownership claims and fabricated documents to enter into transactions involving land belonging to another party.
The disputed property measures approximately 1.33 acres, or 5,388 sq m, and forms part of a larger landholding with ownership and lease records dating back several decades.
The Economic Offences Wing of the Mumbai Crime Branch is investigating the allegations.
Property Ownership Records Under Examination
The complaint was filed by Narottam Chittaranjan Sharma, who has claimed that the disputed land belongs to Smit Properties Pvt Ltd.
According to the complaint, the property's history includes a lease agreement executed in 1948 and subsequent sale deeds registered in 1964.
The complainant alleges that parties who held leasehold or sub-lease interests subsequently represented themselves as legal owners.
These alleged ownership claims were then used to execute property transactions and grant development rights.
Investigators are examining the documents and transactions cited in the complaint.
₹13 Crore Property Transfer Questioned
One transaction under investigation concerns approximately 1,112 sq m of land transferred for ₹13 crore in April 2021.
The complaint alleges that members of the Khandelwal family claimed ownership through adverse possession and transferred the property to Renis Electronics Pvt Ltd.
Another disputed transaction dates to May 2007, when The Master Clock and Watch Works Pvt Ltd allegedly entered into a development agreement with Powai Vihar Developers Pvt Ltd.
That agreement reportedly involved approximately 81,000 sq ft of construction rights.
The validity of the underlying ownership claims is being questioned.
What This Means for Property Buyers
Although the case concerns land and development agreements rather than an individual apartment sale, it highlights a broader issue affecting Mumbai's real estate market.
Property buyers must consider not only the physical condition and price of a property but also its legal ownership history.
A property's chain of title, existing mortgages, leasehold restrictions, litigation and development agreements can influence whether a transaction proceeds without complications.
For under-construction projects, buyers should also verify the applicable MahaRERA registration and sanctioned project details.
However, a RERA registration or registered agreement should not be treated as a substitute for independent legal title verification.
EOW Investigation Remains Ongoing
Police are investigating the alleged use of forged documents, disputed property transfers and the involvement of the named parties.
The estimated ₹100 crore figure represents the alleged loss described in the complaint, not a judicially established amount.
No finding of guilt has been reported, and the allegations remain subject to investigation and legal proceedings.
SANDEEP SADH'S TAKE: Buyers should never rely solely on a property's location, price or registered paperwork. Independent title verification is particularly important when land has passed through multiple leases, transfers or development agreements.
