Buyers of Skywalk, a residential project in Greater Noida West, are in dire straits, as Greater Noida Authority has cancelled the allotment of the plot for the project.
The Authority was forced to take the step after Value Infrabuild India, the developer, failed to pay the instalments of the lease money for the land. Officials confirmed that the builder owed Rs 16 crore to the Authority. Hence, he was declared a defaulter, the land allotment was cancelled and the security amount was forfeited.
The builder has simply vanished from the scene with crores of money charged as advance payments from the homebuyers. Surprisingly, nobody knows the builder’s whereabouts.
And, the hard-earned money — almost Rs 30 crore — of 176 buyers is gone!
The 15,000-sq-m plot was allotted to the builder in 2011-12, following which the residential project, Skywalk, was launched. It was to have three 33-storied towers.
Although bookings began in 2013, and 176 buyers had already invested their money in it, there was no sign of any construction work.
Deepak Agarwal, CEO of Greater Noida Authority, said that the builder had deposited only Rs 5,19,00,000 and defaulted on a payment of Rs 16 crore.
The builder was issued three notices from time to time, but there was no response.
The Authority seized Rs 4 crore of the deposited amount, and will release the remaining Rs 1,19,00,000 only after the builder clears the amount invested by the buyers.
Under the given circumstances, there is little hope for the buyers to get back their money.
PK Agarwal, a buyer, said that over 35 homeowners have filed cases against the builder in various courts of Delhi and the NCR. Ramesh Chand, another buyer, said they would approach the Greater Noida Development Authority for justice. He added, “If we do not receive appropriate response, we will approach the court against both — the builder and the development authority.”