Maharashtra realty developers complain of extortion threats

Property dealers and developers in Maharashtra have complained of extortion threats.

A delegation of the Maharashtra Chamber of Housing Industry led by Sunil Mantri, president, met state home minister R R Patil and asked for revolver licences to its members and a strengthening of security.

Patil told Business Standard: “The representatives of builders and developers cited at least three incidents of extortion threats recently in Mumbai, Navi Mumbai and Nashik. I have accepted their demand to issue revolver licences and also assured all possible security.”

Patil said his ministry would do what was needed to ensure builders and developers were able to work in a fear-free atmosphere.

A leading developer, who did not want to be named, said this was the latest problem for the realty sector, in addition to the shortage of sand, procedural delays, tight finances and loan approvals. “Now, the extortion threats. We are soft targets for several gangs. We have told the home minister we will not succumb but also requested him to tighten security.”