Marvel realtor CEO’s arrest has Pune real estate sector shocked into silence

Pune,Vishwajeet Jhavar,CEO of Marvel Realtors

Vishwajeet Jhavar, CEO of Marvel Realtors, was arrested on January 13.(HT/PHOTO)

Vishwajeet Jhavar, CEO of Marvel Realtors, was arrested on January 13, and eight others were booked over a complaint by a Dubai-based customer, alleging delay and wrongful representation of facts in the ‘Marvel Kyra’ project in Hadapsar.

Judicial Magistrate First Class (JMFC) V B Patil remanded Jhavar in police custody till January 16. He is booked under sections 3,4,5,8 and 11 of the Maharashtra Ownership Flat Act (Mofa) and other sections of the Indian Penal Code (IPC), for forgery, criminal breach of trust, cheating and criminal conspiracy.

Ranjit Naiknavare, secretary, Credai (Confederation of real estate developers association of India), Pune Metro, said, “The developer has been arrested in the middle of the night. We are not yet aware of the facts and while the law will take it’s own course, arrest of developers who are faced with unprecedented slowdown will not help in any way in their primary duties of handing over the ongoing projects.”

The real estate community in the city preferred not to speak at this point in time on the arrest. No less than seven prominent developers in the city refused to issue HT a comment on the arrest or its impact on the realty sector.

Jhavar, an engineer from COEP, specialising in instrumentation and controls, worked on design and development and made his foray into construction in 2002 under a company by the name Marvel Realtors. His passion for technology and super luxurious homes became his calling card.

From pre-engineered technology to getting a platinum rating under the green building rating system, his residential projects Marvel Arco and Marvel Aurum, and commercial project Edge, created ripples in the real estate sector in Pune. After Panchsheel Developers, Marvel was the next developer to offer apartments costing Rs 1 crore.

The idea then was to have a globe-trotting clientele.Till date he has finished 30 projects and has 21 under development in the residential and commercial sectors.