In another set back to home buyers of Value Infra Build Private Limited, the Greater Noida authority has pulled back their hands and denied to provide any assistance to the investors in recovering their money from the builder. The authority has said it clearly that they will not interfere between the buyers and the builder and if there is any recovery made, it should be done by the buyers only.
The aggrieved buyers alleged that the builder seems to have fled as the offices are locked and all the phone numbers are switched off. The buyers said that they have Rs 20 crore remaining on the builder.
In 2010, the authority allotted five acre land to Value Infra Build Private Limited. The builder started booking the flats and collected Rs 20 crore from the home buyers. The authority was given just Rs 5 crore 25 lakhs by the builder. After getting several reminders from the authority to clear dues, the plot allotment of the realty firm was cancelled. This shattered the dreams of flat buyers which led to their investment getting stuck.
The aggrieved buyers requested the officials of the authority to help them in recovering their money from the builder. The officials said that the authority has forfeited Rs 4 crore of what was given by the builder previously. They just have Rs 1 crore 25 lakh and it is impossible to refund their money from such a small amount. It seems like the home buyers will now have to fight a court battle to get their refund.
"This decision of the authority has left around 176 home buyers with no hopes as the builder is already in a deep crisis and it is very hard for them to recover their money without any support," said Indrish Gupta, founder of Noida Extension Flat Owner's Welfare Association (NEFOWA).