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600 NRIs see gap between realty and reality

Tue, Jun 21, 2016, 12:56 PM
Realtors make people dream big. But when the dream is sought to be turned to reality, nothing is transparent as in the dream which turns sour.

This had happened in the case of 1274 investors, 600 of whom are NRIs. All of them were taken in by hi-fi advertising about dream houses at Manesar, hardly 50 km from Delhi, in Haryana.

They invested over Rs 50 lakh each in the Spire Edge project, which was to deliver houses for them. It was a company of Buildwell which diverted funds to other companies intent on buying more and more lands.

Betting on their luck, the directors of Buildwell siphoned off the funds to the tune of Rs 42 crore. The company faced such a situation that it was sought to be liquidated for not furnishing a paltry sum of Rs 75 lakh.

Now the NRI investors have a bitter dream about a Manesar house.

`PM Modi urges NRIs to invest in India, but with situations like this, no one will invest in India,' one investor said.

`I will now think several times before finally returning to India and make any investments in the country,' another said.

That was the picture of 2008, but the investors were still doing the rounds of courts in 2016. The Manesar dream was projected in 2008.

The government must show the whip to the realty sector with the introduction of the strengthened laws for credibility.
Agency: Ap7am Desk

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