Millennium Post

3 held for duping homebuyers of `400 cr on pretext of DDA Land Pooling Policy

3 held for duping homebuyers of `400 cr on pretext of DDA Land Pooling Policy

New Delhi: Economic Offence Wing (EOW) of Delhi Police on Friday arrested three people including president and secretary of real estate firm for cheating of home buyers under the garb of Land Pooling Policy of Delhi Development Authority (DDA). Investigators said that a total amount of approx Rs 400 crore was collected from 3,997 investors in the name of providing housing.

According to police, their investigation has revealed that lands were purchased at very high rates of up to Rs 10 crores per acre against the circle rate of Rs 53 lakh only. The land facilitation agencies were incorporated and direct deals of land with farmers were avoided to siphon off the funds to the tune of approx Rs 115 crores."

"We have arrested three persons– the office bearers of Revanta Multi State CGHS Ltd- Satender Maan (Ex-President), Pradeep Shehrawat (Ex Treasurer and present President) and Subhash Chand (present Secretary)," police said. They were arrested under sections 420, 409, 120-B of IPC.

Joint Commissioner of Police (EOW) OP Mishra said that DDA envisaged a policy in the name of Land Pooling Policy for ensuring availability of sufficient houses under planned development of Delhi and in anticipation of this scheme, various builders and promoters grabbed it as an opportunity to exploit the situation by showing rosy pictures to innocent flat buyers and raised huge amounts from them for advance bookings in the name of registration, allotment.

"As per the report procured from DDA, it has not issued any license or approval to Revanta Multi state CGHS Ltd and no one is authorized to advertise, market, book, sell, or invite persons to purchase any plot, or flat in any project under the land pooling area without any prior registration of the project under RERA," said OP Mishra.

He told Millennium Post that their initial investigation revealed that there were 3,997 members in the society and 1,461 members in the project - Smart Residency of this society who made total payments of approx Rs. 400 crore. "More facts are likely to emerge in detailed investigation," Mishra said.

According to police, out of this money of investors, the amount of more than approx Rs 115 crores was spent on member facilitation agencies.

Most of the land was purchased at very high rates - from Rs 8 crore to up to Rs 10 crore per acre against the circle rate of Rs 53 lakh for an acre. 16 more such criminal cases are registered against various builders, societies with regard to cheating of public in the name of Land Pooling Policy.

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