DTCP asks buyers to refrain from investing in 15 projects in Gurugram with cancelled licenses
The department of town and country planning (DTCP), which has cancelled at least 15 real estate project licences in the last five years in Gurugram, on Tuesday prepared an advisory asking home buyers and investors not to invest their money in these projects
The department of town and country planning (DTCP), which has cancelled at least 15 real estate project licences in the last five years in Gurugram, on Tuesday prepared an advisory asking home buyers and investors not to invest their money in these projects.
DTCP officials refused to share the name of the projects, and said that they will issue the list next week.
“If someone has already bought units in these projects then they should submit details of the property documents and receipts of the payments made to these entities at the earliest,” the department said in the advisory.
Officials said the decision to issue an advisory was taken after it came to light earlier this month that over 1,500 buyers were stuck after the licence of an affordable project in Sector 68, which was being developed by Mahira Infratech, had been cancelled.
DTCP officials said that several buyers of other projects soon came forward and complained that they had invested their hard-earned money to buy flats but the projects were going nowhere and their investment was in limbo.
Sanjeev Mann, senior town planner, said that buyers should refrain from investing in the projects listed in the advisory as their licences have been cancelled and investments in these projects will get stuck. “Fresh investments should not be made as these projects are stuck due to multiple legal issues and getting into these projects will make things difficult for investors,” he said.
DTCP officials said that licences of these projects were cancelled due to multiple reasons such as failing to meet conditions of the licence agreement, not fulfilling contractual agreements, legal issues over land ownership, differences among promoters, and other violations of rules.