MVL Coral is a residential project in Bhiwadi by MVL Limited, located on the Alwar Bypass Road. While some units appear to be completed and occupied, the project has faced significant legal and construction issues, including major delays and changes to the original plan.
Project overview
- Developer: MVL Limited
- Location: Alwar Bypass Road, Bhiwadi, near V-Square Mall
- Status: Ready-to-move for some units, though construction issues remain unresolved for others.
- Apartment types: 1, 2, and 3 BHK flats.
- Amenities: The society offers amenities like power backup, security with CCTV, parks for children, a departmental store, and a clubhouse with a gym.
Buyer complaints and legal issues
The project has a history of serious problems and complaints from homebuyers, including:
- Significant delays: The project was launched around 2007–2011 with a promised possession date of 2013, but construction stalled, leaving over 500 buyers waiting for their homes as of 2019.
- Plan violations: The builder is accused of changing floor plans, increasing the number of floors, and altering zoning plans without consent from the allottees.
- Illegal construction: Some towers were allegedly built without proper authorization from authorities.
- Financial irregularities: There are allegations that MVL diverted funds meant for the project, and banks approved loans even after construction had stopped.
- Court action: Indian courts and the Securities and Exchange Board of India (SEBI) have issued orders against MVL Limited regarding the non-delivery of projects and financial misconduct.
- Escrow account ruling: A court has directed the company to hand over completed units to allottees, but buyers must deposit any remaining dues into an escrow account first.
Resale and rental market
- Resale: Many units are available for resale through property websites like 99acres.com and Housing.com.
- Rentals: Flats are also available for rent in the society.
- Maintenance issues: Resident reviews mention issues with maintenance, particularly concerning the swimming pool, high maintenance charges, and the poor condition of common areas.
