Another trouble for Parsvnath Developers, Delhi Police registers case

New Delhi: On the complaint of a home buyer, Delhi Police has registered a case started investigations against Parsvnath Developers Ltd (PDL) for taking money but delivering the property, according to a news report by Millennium Post.

The Economic Offences Wing (EOW) of Delhi Police has regsited th case against PDL on the complaint of KG Verma. The complaint is against the developer for accepting money for ‘Parsvnath EXOTICA project in Ghaziabad in Uttar Pradesh but not delivering the property at all. 

OP Mishra, Joint Commissioner of Delhi Police, said that the complainant and 28 other homebuyers had invested Rs 11,38,86,719 but the housing project by PDL was never completed, according to the news report. 

"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," Misra said, according to the news report.

The police also said that construction was started in 2011 but was stopped on 14 February 2012 as the validity of the building plans had expired. According to an unnamed “senior official”,  there has been no construction in the project and the site is lying idle for the past seven years. "As per the promise, units were to be delivered within 36 months but till date, they failed to fulfill their promise," the unnamed official has been quoted as saying.