Noida Realtor Detained for Fraudulent Booking
August 4, 2014
The MD of a real estate corporation has been in jail for supposedly taking booking advances of Rs 12 crore for a mega accommodation project in Noida extension without having land for it. He had bought land for the project from a Samajwadi Party MLA but could not begin work as he wasn't given ownership of the land.
The project, New Rajnigandha Greens, was worth Rs 500 crore and the firm, Rajput Developers, had collected booking advances from around 400 investors. Its top official, Sunil Kumar Rajput, was arrested by the crime branch after a probe that followed a complaint lodged at Sector 58 police station in March by 200 cheated investors. They alleged that they had booked flats in the project in 2011, when it was launched, and the company had refused to return the money despite no construction having taken place 3 years on.
The developer had planned the project, New Rajnigandha Greens in Sector 1 of Greater Noida West (also known as Noida Extension) with a venture of Rs 500 crore.
Rajput was picked up from a housing compound in Crossings Republik in Ghaziabad. Throughout the whole analysis, we found the developer did not have any land in Noida Extension but kept raising money from the community. The project was launched in 2011 and no edifice has taken place.
The company operated from an office under the name of Rajput Properties and Developers at C block of Sector 62 in Noida. Rajput worked as a contractor and property dealer before opening this business. With extra investors approaching the police on the similar matter, the complaints of 200 investors were clubbed mutually in FIR.
New Rajnigandha Greens was sold as a lavishness living project topped up with finest amenities. It offered semi-furnished 2/3 BHK apartments with window air conditioners in all rooms besides woodwork and a modular kitchen. Asked about the alleged participation of the Samajwadi men, Rajput could not make papers to show that he had certainly bought land. The developer has unsuccessful to show any paper establishing the contract with the MLA's corporation.