Bibek Mishra

From Builder of the Year (2018) to Arrest (2026): The Rise and Fall of Mr. Punit BeriwalaIt is a story of mismanagement, missed opportunities, poor personal choices, unfaithful associates, arrogance, and betrayal. timesofindia.indiatimes.com/… The Odisha Chapter of M/s Vipul Limited: After the resounding success of landmark projects such as Tatvam Villas, Vipul Belmonte, Vipul Greens, and several others in Gurugram, Vipul Limited entered Odisha in 2009 with its maiden residential project, Vipul Gardens. In 2011, the company launched the state’s first Public-Private-Partnership (PPP) real estate project, named Vipul Greens, Bhubaneswar in collaboration with the Odisha State Housing Board (OSHB). At a time when a ₹1-crore apartment was virtually unheard of in Bhubaneswar, the project’s prime location i.e. directly opposite the proposed AIIMS, combined with the credibility of a government partner, created an instant sensation. Units sold rapidly. But success soon bred complacency. The Managing Director gradually stopped monitoring the Odisha projects. Rumors of shifting personal priorities began to circulate. The architect assumed de-facto control, the local General Manager began behaving arrogantly, and construction quality and timelines suffered. Buyers started getting calls from the local staff not to disclose details of the agency fee etc. to the Delhi office if such an inquiry is initiated by their Head office. The situation deteriorated further after the 2015 launch of the ultra luxury project Arohan in Gurugram. Work on the Bhubaneswar PPP project came to a virtual standstill. Even today, the Occupancy Certificate for the 2009 Vipul Gardens project remains unissued, yet more than 540 families have already moved in. In 2018, a determined group of homebuyers in the Vipul Greens project refused to accept possession without the mandatory Occupancy Certificate, a decision that marked the beginning of a prolonged legal battle. The years since have been nothing short of a nightmare for the company and its management: 1⃣123 cases filed across multiple forums, including Odisha RERA, the RERA Tribunal, SDJM Court, High Court, and the Supreme Court. 2⃣Over ₹17 crore paid as compensation to aggrieved buyers. 3⃣Bank accounts and remaining properties in Odisha attached by the Honorable Supreme Court, the attachment continues to this day. 4⃣A critical case concerning the lack of Occupancy Certificate is still pending before the Apex Court, with the Bhubaneswar Development Authority (BDA) now impleaded as a party. 5⃣Between 2020 and 2022, the company sold off land parcels originally acquired for its proposed third (Lavanya) and fourth projects, effectively ending any dream of establishing a major presence in Odisha. The recent arrest of CEO Mr. Punit Beriwala is widely seen as the culmination of years of frustration endured by thousands of trusting homebuyers who felt cheated by a once revered brand. This is more than one man’s downfall. It is a stark wake up call for every unscrupulous builder in the state. Shortcuts, arrogance, and broken promises will eventually catch up no matter how high you once flew, no matter how close you are to the powerful politicians/Bureaucrats today. @DeoKalikesh @bijaypatnaikinc