Submit :
News                      Photos                     Just In                     Debate Topic                     Latest News                    Articles                    Local News                    Blog Posts                     Pictures                    Reviews                    Recipes                    
  
Read all Latest News and Updates from Gurgaon
Gurgaon builder sells off project land and dupe 400 investors
The investors in Gurgaon are having a rough time as the project land, they invested in, has already been sold to some unknown people. More than 400 investors from Delhi and NCR, who had booked the flats in one of the housing project, turned pale when they came to know about the fraud that the developer had committed. The investors, had already paid about 25 per cent of the cost upfront.

The investors now, demand the multi-crore fraud to be investigated.The Adel Landmarks (formerly Era Landmarks) launched the Cosmo City project in Sector 103 on Dwarka Expressway in 2011. The investors claim that the developer collected a sum total of Rs. 55 crore before selling the plot, where the project's second phase was to come up to Ansal Housing in early 2013.

As reported by the timesofindia.com, the Ansal has already launched its flagship Highland Park project on that land and has completed 20 per cent of the construction besides starting bookings. All the 432 investors said that they had deposited 25 per cent of the apartment cost while the rest 75 per cent had to be paid during possession. The investors also allege that Adel did not given any satisfactory replies to their demands for a refund.

The investors are now, asking back for their money. The investors had already paid 25 per cent as an advance for booking flats in Adel Landmarks' Cosmos City project in sector 103, Gurgaon. The investors were in a great shock as they saw the advertisements about the launch of Ansal's project at the site where their flats were supposed to come up.

On of the investors, B P Gautam said, ''But since 2011, there has been no movement on the project. We visited the company's office several times but they are not willing to share any information with us. They refused to provide us the builder-buyer agreement as well.'' He also said that after the investors paid 25 per cent of the amount, the company gave them receipts and allotment letters.

The investors claim that the, Vikrant Gupta, company's general manager ( marketing ), told them that Adel no longer owned the land on which the project was launched three years ago. The company sold the land, along with the development license to Ansal through one of their subsidiary companies.

Last Saturday, more than 50 of the investors managed to meet Arun Singh, Adel's vice president (marketing) at its Noida office after a protest. Singh gave them a letter addressing all allottees (a copy of which is with TOI) which read, "The company is equally serious to sort out the pending issues. It is proposed and agreed by the representatives that a meeting will be held by July 31, 2014 in which all issues shall be addressed by a competent team from the company with practical and possible options to provide a meaningful solution".

More than 50 investors managed to meet, Adel's vice president (marketing), Arun Singh, this Saturday at its Noida office after a protest. Singh, then gave them all a letter addressing all the allottees which read, ''Last Saturday, more than 50 of the investors managed to meet Arun Singh, Adel's vice president (marketing) at its Noida office after a protest. Singh gave them a letter addressing all allottees (a copy of which is with TOI) which read, "The company is equally serious to sort out the pending issues. It is proposed and agreed by the representatives that a meeting will be held by July 31, 2014 in which all issues shall be addressed by a competent team from the company with practical and possible options to provide a meaningful solution.''

COMMENTS (1)
Guest
Name
Email Id
Verification Code
Email me on reply to my comment
Email me when other CJs comment on this article
}
Sign in to set your preference
Advertisement

Interesting content

merinews for RTI activists

Create email alerts

Total subscribers: 208716
Advertisement
Vibhav Kant Upadhyay
ISL - Indian Super League 2014
Indian Super League Fixtures
Not finding what you are looking for? Search here.