Investors, buyers demand takeover of company to complete Gurugram projects

Homebuyers and investors in projects launched by Vigneshwara Developers in Gurugram and Manesar between 2007 and 2009, which are yet to be delivered, demanded on Thursday that the assets of the company be taken over by the government so that the projects can be completed.

Homebuyers and investors in projects launched by Vigneshwara Developers in Gurugram and Manesar between 2007 and 2009, which are yet to be delivered, demanded on Thursday that the assets of the company be taken over by the government so that the projects can be completed.

Investors alleged that over ₹1,000 crore had been taken from them and buyers, but the projects are far from being delivered.(Photo for representation)

The buyers, who had invested, at an average of ₹50 to 60 lakh in the assured return scheme launched by the company, also demanded strict action against the developer for siphoning off the money paid by homebuyers and not completing the projects.

In a press conference held in Delhi under the aegis of Vigneshwara Victim Welfare Association, the investors alleged that over ₹1,000 crore had been taken from the investors and buyers, but the projects are far from being delivered.

The promotors of Vigneshwara developers, Sunil Dahiya and Sanjay Dahiya, are in jail since 2014 after multiple cases were registered against them on the complaint of investors. The company had launched two IT parks — one in Manesar and the other in Sector 74, Gurugram. However, neither of these projects were completed and investors didn’t get the assured returns, the association said.

“The project was launched on the basis of the assured return plan and the buyers’ money received for this project was not used for construction, but diverted to launch 15 new companies in which other assets were created,” Nipun Kapur, president of the victims’ association, said.

The association also said that majority of the investors in the project are either army veterans, senior citizens or those who had retired from service and wanted a steady income after working hard all their lives. “There are buyers, who sold their properties or property to invest in these projects, and are in dire straits today. Action must be taken against the developer and our money should be returned,” said Col (retd) Kulwant Singh, who had invested his entire pension in a property, said.

Representatives for the developer were not available for a comment despite calls and messages.