There is a ray of hope for over 2,000 allottees of Sectors 100 and 104 of Pearls Group as the Greater Mohali Area Development Authority (GMADA) has decided to approach Supreme Court against the Central Bureau of Investigation (CBI) move to attach the two sectors.
With the arrest of Pearls Group chairman-cum managing director (CMD) Nirmal Singh Bhangoo in the `45,000-crore Pearls ponzi scam, the CBI decided to attach all properties owned by the group and auction the same to repay the investors who are victims of the ponzi scam.
Following Bhangoo’s arrest, GMADA had also refused to take over and develop Sectors 100 and 104. With this, around Rs 1,500 crore of over 2,000 allottees has been put at stake. Of the 2,000 allottees, 700 have already registered their plots with GMADA and over 100 allottees have constructed houses in these sectors.
On Thursday, some allottees held a protest at the GMADA office asking the authority to take over and develop the sectors. Though the project was floated in 2005, both these sectors don’t have sewerage connections, internal roads and streetlights. Moreover, there is no electricity in Sector 100.
The CBI had frozen the maintenance account of the group and the staff of Pearls Group has also left the venue as workers have not been paid salaries for the past five months.
Pearl City Mohali Residents’ Welfare Association president Kulbeer Singh Sidhu said: “We met GMADA officials today who assured us that they would file a petition in the Supreme Court seeking direction to the CBI not to attach the two sectors. We hope of relief from the apex court.”
“When GMADA has taken Rs 700 crore as licence fee and external development charges from Pearls Group, why is it not developing the sectors? We don’t know where to go? Most of the allottees have taken loans from banks and are paying instalments for the past 10 years. GMADA should take over these sectors and complete the development works,” said general secretary of the Pearl City Mohali Residents’ Welfare Association Jaspal Singh.
Although Pearls Group launched these sectors in 2005, the area has seen no development to date.
Initially, the group decided to allot the plots in these two sectors at Rs12,000 per square yard, but the rate was later increased to Rs 30,000 per square yard. Both these sectors have 700 plots ranging between 150 and 500 square yard.