Bengaluru-based Mantri Developers promoter and director Sushil Mantri was recently arrested by the Crime Investigation Department (CID). His son Prateek Mantri, a partner in the company, was also taken into custody following complaints from some buyers. Both were produced before a magistrate after their arrest late last Friday night and later, were sent to judicial custody. The latest arrests were made based on two cheating cases filed against them in March 2020 and August 2020 at Cubbon Park police station. Later, these cases were transferred to the CID who took up investigation under under Section 420 of the IPC along with the The Banning of Unregulated Deposit Schemes (BUDS) Act.
Mantri Developers reminds many people about high-rise buildings, luxury villas and commercial complexes. The company has undertaken many constructions in Bengaluru and Hyderabad as well. But this is only one side of the coin. On the other side, the same Mantri Developers Group has duped many buyers with attractive flat offers, misleading brochures and fake schemes since last few years. The company did not delivering the dream home of many people as per schedule and troubled them. This company got greedy, took up many projects simultaneously, introduced fraudulent schemes to pool the money required to complete them, collected crores of rupees from the people and grossly defrauded them. Hence, the construction empire that was built for several years, collapsed suddenly within no time. This developer who hogged the limelight until yesterday, has now ended up in jail, due to his greed and fraudulent methods. It is time that Hyderabad-based developers learn a lesson from Mantri Developers and their mistakes, to avoid meeting a similar fate. They should not forget their means, get greedy or think that they will do something miraculous, and do not take any wrong step in any situation.
* One should not try to ape others, as every individual is different and so are the businesses. In the construction sector, each company has a speciality of its own and each one follows different methods which are unique to themselves. One should not consider another realtor as a competition and must run their business without losing the reputation which is crucial. There are lot of issues to deal with including mental anxiety, construction and manpower problems, coordination with vendors and buyers, and also pay everyone on time, on a daily basis. It is not an easy job. But is it worth to end up in jail or run around the police stations and courts, apart from losing one’s reputation and getting branded as a fraud? So, Hyderabad-based developers must remain smart and change their methods at least after witnessing the fate of some builders in Noida, Gurgaon, Mumbai, and Bengaluru. To avoid a miserable life, one should learn to live with dignity in what they can afford.
To progress in the business, one should not get greedy, build castles in the air, and collect money from the buyers luring them with attractive or fraudulent schemes. If there are some adverse conditions in the market, those who build castles in the air will disappear from the market. Those who bought houses from these builders also would face trouble. But, it should be remembered that those who undertake constructions with commitment will never fail in executing their projects. Developers should not forget that only those who take up the construction as per the law and established norms, can withstand the turbulances in the realty market, unlike the Mantri Developers which crumbled down.
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