Tycoons Group Rejects ₹176 Crore Scam Allegations Linked to Kalyan MHADA Redevelopment Project

The Tycoons Group has denied allegations of a ₹176 crore scam linked to the Tycoons Square project in Chikanghar, Kalyan, following a police complaint filed by a homebuyer.

The redevelopment project is part of the MHADA colony in Chikanghar. According to the complaint reported by the Times of India, a homebuyer alleged that she had paid around ₹39.36 lakh for a flat but had not received possession. The complaint also alleged that more than ₹176 crore had been collected from multiple members and homebuyers.

Tycoons Group Calls ₹176 Crore Scam Claim False

In its response, the Tycoons Group strongly rejected the allegation of a ₹176 crore scam. The group said the police case arose from a transaction of around ₹40 lakh involving a customer who had booked a residential flat in the project.

The developer said the larger ₹176 crore figure being described as a scam is incorrect and does not represent the facts of the matter. The allegations remain part of the ongoing investigation.

Project Delays Linked to Policy Issues, Says Developer

The Tycoons Group said several redevelopment projects in the Chikanghar MHADA colony have faced delays because of policy-related issues.

According to the group, these delays affected the project's financial position and contributed to delays in handing over homes to customers. The company said it remains committed to addressing the project-related issues.

The Times of India reported that the complaint alleges construction of the concerned building had stopped after reaching around the 10th floor of a sanctioned 29-floor structure, with the project reportedly stalled since 2022.

Tycoons Says Buyers Can Approach RERA

The developer has also pointed out that the project is registered with the real estate regulatory authority. It said customers with grievances can use the RERA mechanism to seek appropriate relief.

Publicly available project information also identifies Tycoons Square Avenue I Tower A in Chikanghar as a MahaRERA-registered project under registration number P51700029986.

Developer Makes Claims About Pressure on Project

The Tycoons Group has further alleged that some local opponents and political figures are using the project's difficulties to put pressure on the developer.

The group specifically made allegations involving Girish Pawar and individuals it linked to the project dispute. It claimed that attempts were being made to take control of the project by creating pressure on the developers.

These claims have been made by the developer and have not been established as facts.

Group Says It Will Cooperate With Police Investigation

The Tycoons Group said it has documents and other evidence relating to the allegations it has raised. The company said it is prepared to submit the material to the police and fully cooperate with the investigation.

The police investigation is expected to examine the allegations concerning payments, project documents, the redevelopment arrangement and other issues raised in the complaint. The case is being investigated by the Khadakpada police, according to the Times of India.

Kalyan MHADA Project Dispute Under Investigation

The dispute highlights the challenges surrounding delayed redevelopment projects and the concerns of both existing residents and new homebuyers awaiting possession.

While the complainant has raised allegations involving substantial payments and project delays, the Tycoons Group has rejected the ₹176 crore scam claim and provided its own explanation for the delays. The facts and allegations will now be examined through the ongoing investigation and relevant regulatory processes.