Spire Edge investors say developer cheated them

  • Gulam Jeelani, Hindustan Times, Gurgaon
  • Updated: Jun 18, 2016 23:46 IST
The buyers, who gathered on Saturday, accused the developer of siphoning off Rs 42crore from the investment. (Parveen Kumar/HT Photo)

As many as 85 investors, including Non- Resident Indians (NRIs), have alleged that they have been cheated by private developer AN Buildwell in its IT Park project, Spire Edge, in Manesar.

The aggrieved buyers, who gathered at a city hotel on Saturday, accused that the developer allegedly siphoned off Rs 42 crore from the sum they had invested in the project and used it for other projects.

Spire Edge is a plush 10-acre commercial project at IMT Manesar, 30 kilometres from Gurgaon. The project comprises five towers that include a service apartment, commercial and office space. As of now, 70% of the project has been completed.

After the company stopped paying monthly returns to buyers, three officials of the company were booked for cheating and criminal breach of trust by the Economic Offences Wing (EOW) in Delhi last month.

“My wife invested Rs 55 lakh for a 1,000 sq feet commercial space as a retirement plan once we return to India. We got the returns for the first 18 months but it has stopped now. The construction of the project has also stopped at the site,” Virender Jain, a businessman settled in New Jersey, said.

Jain said he had also registered a complaint against the developer with the Prime Minister’s Office (PMO).

One of the aggrieved buyers Vikash Sethi said that there are as many as 1,274 buyers, including 400 NRIs, who have been allegedly cheated by the builder in the mixed-use commercial project. Among other allegations, some buyers said that the developer even blackmailed them into signing the possession letters without proving that they received the pre-requisite occupation certificate from the government.

In 2013, Spire Edge was also designated as the ‘World Trade Centre’, making it the third operational WTC in the country.

“They even charged us for the name change. I have paid Rs 55 lakh apart from registration charges and extra charges and I can’t see my space being handed over to me. The work has been stopped for years now,” Dr Nikita Kamal, a Delhi-based eye surgeon, said.

AN Buildwell, meanwhile, acknowledged that the monthly returns are not being paid to investors, but claimed that they are looking into a composite solution for the entire project -- Spire Edge and Spire Woods .

Maninder Singh, the lawyer who represents one of the promoters Major (retd) SK Hooda, said, “We couldn’t approach the court due to holidays. Our talks are at very advanced levels and we are most likely moving a revival scheme for the entire project in the high court on July 7. As for Spire Edge, they (buyers) have the buildings, possessions and the sale deed. But, they are asking for monthly returns. We are conscious of the fact that once we revive the entire project, we will look for a composite solution for Spire Woods and Spire Edge customers.”

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