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Chandigarh Citi Center: Rift among partners leaves investors in lurch
Over 200 investors claim that they were assured in 2017 that possession of the properties would be handed over in one-and-a-half years, but so far it has not happened.
A rift among the partners of the Chandigarh Citi Center (CCC), a commercial property project in Zirakpur, Mohali, has left over 200 investors in the lurch, who allege that the builders cheated them by not fulfilling the promises made at the time of investment.
There were around eight partners when the project started in 2011 but most of them left, alleging fund misappropriation by the main partners. Currently, there are only two partners left in the project.
Around 25 investors said that on June 8, they had given a written complaint to the additional chief secretary of the local bodies department, deputy commissioner and additional deputy commissioner of Mohali, but no action has been taken yet.
‘TALL CLAIMS FELL FLAT’
They further stated that the builder had made tall claims of providing facilities such as open-air gym, amphitheatre, parking for more than 2,000 cars, maintenance agency and assured return of 12 % per annum on the deposited amount and possession of the project within one-and-a-half years. “Initially, the construction work was started at full swing so as to attract maximum investors but soon after that, work slowed down and ultimately stopped,” they alleged.
Mohali deputy commissioner Girish Dayalan said instructions have already been given to the officers concerned, who are looking into the matter. Once the report is submitted, action will be taken accordingly, he added.
Alka Kapoor, who is one of the investors and had bought office space here, said, “I have paid the full amount of Rs.25,60,000, excluding taxes and was issued the allotment letter on September 22, 2018. As per the agreement, possession was to be given in December 2018, but till date, they have not given me the possession as work has still not been completed,” she said, adding that she has lodged a complaint with the real estate regulatory authority (RERA).
Another investor, Amit Nagpal, said, “They promised me 12 % assured return every month and last year, they promised physical possession of the office space, but so far, neither have they given any possession nor any return.”
When contacted, CCC managing director Tejpal Gupta said, “There are some issues and are in my knowledge. We are sorting it out and hopefully, it will be sorted out within a week.”
