Gurgaon: 432 investors seek probe into alleged multi-crore housing fraud
An investigation is being demanded by 432 investors from Delhi and NCR into what they allege is a multi-crore fraud involving a residential project in Gurgaon.
The project in question is the Cosmos City complex in Sector 103, Gurgaon, on Dwarka Expressway. It was launched in 2011 by Adel Landmarks, a developer firm which was earlier called Era Landmarks.
The 432 investors demanding investigation had booked apartments in the Cosmos City housing project had deposited 25 percent of the apartment’s cost upfront; with the remaining 75 percent to be paid during possession.
According to the allegations of these investors, a total amount of Rs 55 crore was collected by the developer, and the land area where the project’s second phase was to be constructed was sold off, in early 2013, to Ansal Housing which launched its flagship Highland Park project on the plot. Ansal has now completed 20 percent of the construction, and has opened the bookings of the apartments.
The 432 investors are now demanding a refund from Adel, but the company has not yet given any satisfactory reply. The investors claim that, even after paying the initial booking amount for apartments in Cosmos City, they neither have any builder-buyer agreement nor any relevant documents. There is also no timeline for completion of the project.
Source – The Times of India
432 investors from Delhi and NCR, Cosmos City complex in Sector 103, flagship Highland Park project, multi-crore housing fraud, residential project in Gurgaon
