What was to be Greater Noida’s first corporate city has now become a site of despair for investors with nothing but tall grass and big, dry trenches. Buyers fear the builder and his associates might flee.
Several buyers of Premia Corporate City, a commercial project in Greater Noida (West), lodged a complaint against the builder on April 22 at Sector 20 police station.
An FIR was lodged against Tarun Shienh, chief managing director of Premia Projects Limited, and Luxmy Rajput, its executive director.
The investors then left for the SSP’s office in Greater Noida.
In the letter, the complainants said that the builder had launched this commercial project promising investors a first-its-kind corporate city in Greater Noida. It was to have a five star hotel, serviced studio apartments, villas, a retail mall, an amusement park and office spaces.
But investors don’t see any development at Knowledge Park V, Greater Noida, the site of the project. The builder hasn’t even levelled the ground yet, as the land has still not been allotted to them.
Buyers had invested in the project with the expectation that they would be given possession by 2016. But even the foundation stone hasn't been laid. Moreover, it has also stopped giving assured returns to the investors.
Furthermore, the builder stopped responding to investor queries as well. This, finally prompted buyers to lodge a police complaint against the builder.
Buyer Kamlesh Gupta, who invested Rs 7.5 lakh for an office space in the project, said that she had received assured returns till last year. “But the builder stopped paying Rs 4,000 every month soon after,” she added.
Gupta’s son-in-law, Munish Dhwan, had visited the site to find nothing but big dry trenches and wild grass. He said, “We have lost our trust in the project and now want our money back.”
Jitendra Guleria, another investor, said, “We want immediate action against them. The builders might just flee to foreign shores.”
Some of investors present were Brijesh Gupta, Jitendra Guleria, Vidrendra Kumar and MP Tyagi.