Real estate builder absconding
A real estate builder in Punjab disappeared after taking crores from home buyers. The builder, named Jeewan Garg, sold apartments in their proposed Royal Empire and Royal Apartments in Zikarpur.
The people who have invested in those projects, approached police complaining that they were cheated by the builder.
The police are trying to find out the scammer, but still there is no trace of the person. A lookout notice has been issued for Jeevan Garg and raids are being conducted, but not much has come of it.
As of now, police plan to investigate Jeevan Garg’s relatives in whose names he bought property.
Police have confiscated six luxury cars which belong to Jeevan Garg and his associates. The combined value of the cars is around Rs 4 crore.
Many people have booked flats in Jeevan Garg’s Royal Empire and Royal Apartments housing projects.
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Source: Dayand nightnews
Apartments in Zikarpur, cheated by builder, home buyers, housing projects in Punjab, real estate builder in Punjab, real estate fraud, Royal Empire
Not only the pre-launch but there are other reasons as well. Today the day has come when nobody can trust on others especially in real estate sector where huge amount of money is involved. Before hiding he made settlement with other responsible people of our society. Even limited media coverage is done by few of the responsible media people. Such a big fraud happened but no body came forward to take any action. It is not a 50 crore fraud but more than 600 crore involved here. There are approx. 1200 houses that are under construction and sold to people. One of the Project Royale Minaar is sold on the papers as there is no land for that project. This project is supposed to be on 4.32 acres of land whereas builder purchased only 1 acre and that too is mortgaged to bank for some other builder’s grantee. Total 228 flats are projected under this project and maximum sold but there is no land. See the fraud done by this brave man and people like us who doesn’t have courage to deliver what we are supposed to………. Sorry
any one can tell what can be done in case of builder absonding. what is the government policy to safegaurd common man interest who had invested his harderned money to buy a flat/dream home.
In most of the cases the builder takes 95% cost of the flat upto making structure only as per the agreement between the buyer of the flat and builder,whereas 60% cost of costustuction is involved in finishing work of the flat. i donot say that all the builders are of froudent nature but what is the garantee the the builder will not be fraudent. To safegaurd the buyers of flats why buyers should not goin for ready to shift in flats.
what precaution should be taken that one flat is not sold to twi parties.