Homebuyers allege builder swindled Rs 11 cr, EOW starts probe

new delhi: The Economic and Offences Wing (EOW) of Delhi Police has started their probe against a realty firm for not giving flats to homebuyers.

According to police, the case was registered on the complaint of one KG Verma (a homebuyer). "It is alleged that Parsvnath Developers Ltd, having its office at Barakhamba Road, New Delhi and Metro Tower, Shahdara, is a real estate developer and launched a project in the name of Parsvnath EXOTICA-Ghaziabad and invited buyers to book their flats in the year 2007," the complainant said.

Joint Commissioner of Police (EOW) OP Mishra said that the complainant and 28 others invested around

Rs 11,38,86,719 but project work was never completed.

"In 2011, Parsvnath Buildwell (P) Ltd. (a wholly-owned subsidiary of Parsvnath) came to the market and invited further booking. In their advertisement they assured the buyers that the company has tied up for funds to the tune of Rs 100 crores from Sun-Apollo and there would be no dearth of funds," he said.

Police said that some construction activity was started in 2011 but the same was stopped after February 14, 2012 when the validity of the building plans expired.

According to a senior official, for the last 7 years, there has been no construction activity and the project is lying idle. "As per the promise, units were to be delivered within 36 months but till date, they failed to fulfil their promise," the official said.

Joint CP further stated that they are investigating the case.

It was not the first time such type of case has come to the fore — in February, the EOW, Delhi Police had 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 around Rs 400 crores were collected from 3,997 investors in the name of providing housing.