‘Fly by night’ real-estate firms on the prowl in city, Mohali | punjab$chandigarh | Hindustan Times
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‘Fly by night’ real-estate firms on the prowl in city, Mohali

Beware of “fly by night” realty firms, which have duped a large number of gullible investors of their hard earned money in the tricity, especially SAS Nagar.

punjab Updated: Oct 09, 2015 13:58 IST
Shailee Dogra

Beware of “fly by night” realty firms, which have duped a large number of gullible investors of their hard earned money in the tricity, especially SAS Nagar.

If the statistics are an indicator of the extent of the fraud in the last five years, about 284 cases related to property frauds were registered in SAS Nagar, 59 this year and 66 last year.

Most of the cases are reported from the periphery, especially from the areas under development in Mullanpur, Dera Bassi and Zirakpur.

The investors are now moving from pillar to post to get refund of their money.

Sources in the police said that most of the so-called realtors did not even have possession of land and other permissions. Sources added that the realty firms set up their lavish offices in and around SAS Nagar, accept the booking amount and then fly by night leaving no trace behind.

Lalit Kumar of Kharar said, “I had paid `60 lakh for a flat in 2010 and suddenly the seller stopped taking calls and even closed down the office. No construction took place on the site shown to me. Three years later, I came to know that the realtor did not even have possession of the land where he planned the housing project. I lodged a police complaint, but he is not traceable.”

NK Aggarwal hailing from Delhi is also awaiting refund of `Rs 7.5 lakh he had paid for a plot way back in 2007. “The developer sold the plots which did not even have the ‘change of land use’ permission. He had a housing project and we did not suspect such a thing and ended up paying money”.

CONSUMER COURTS FLOODED WITH PLAINTS

Data from two consumer forums reveal that the number of complaints against real estate companies. Such cases were only 127 till 2006 and shot up to 2,000 by May 2015. This means that till 2006, only nine cases were filed against real estate developers in a year as against 185 cases per year after that.

As per the statistics, about 200 cases are filed in Chandigarh district consumer forum every month of which 15% complaints pertain to disputes with real estate developers.