Pune, 29 November 2025: More than 131 buyers in Pune have raised serious allegations of a ₹300-crore housing fraud linked to the Spectrum Vertillas project in Kharadi.
The buyers claim that the project developers, Armaan Sunil Kothari and Siddhant Sanjay Kothari, collected almost 90–95% of the flat cost from each buyer by early 2024, but left the construction stalled.
For many families, this has turned their dream of owning a home in Pune into a nightmare. Buyers say they invested their life savings, only to now face uncertainty, financial stress, and emotional exhaustion. Several residents expressed that they are being pushed from one authority to another without anyone taking responsibility.
According to the homebuyers, the developers have misused project funds and diverted money, causing the entire construction to halt. Complaints have been filed with the Economic Offences Wing under Mr. Mashal, the Pune Police Commissioner Mr. Amitesh Kumar, and officials at Kharadi Police Station.
Despite complaints pending since February 2024, no FIR has been registered. A financial audit that the Commissioner verbally suggested in June 2025 has also not been carried out.
Buyers further state that MahaRERA Chairman Manoj Saunik has been repeatedly informed, yet the builders continue to ignore directives. Even scheduled hearings before MahaRERA were skipped by the developers, worsening the situation. With no progress on the ground, homebuyers are left paying both rent and EMIs, an unbearable burden for most families.
Buyers has appealed to government authorities to step in immediately and ensure strong action against the accused. They emphasize that ordinary citizens who trusted Pune’s housing system now feel abandoned and hope the government takes urgent steps to secure justice.
