Hundreds of irate homebuyers reached the unfinished Spire Woods society in Sector 103, Gurgaon, to protest against the delay in possession of flats. The buyers alleged that a private developer, AN Buildcon Pvt Ltd, had failed to complete the project within the scheduled time even when they had paid more than 90 per cent of the total cost of the flats.
“We had booked flats in the residential apartment, situated on the Dwarka expressway, in 2012," said Avtar Singh Sandhu, one of the buyers. "The builder had promised to complete the project in 36 months. But for the past 18 months, the company has stopped construction, leading to panic among the 400 homebuyers who have invested in the project.”
"Company officials do not answer our calls despite repeated attempts to find out why construction has come to a halt," laments Babu Lal, another buyer. "Every buyer has invested Rs 40 lakh to Rs 50 lakh in the flats and now no one has any idea why the project has been stalled. The overall figure that all of us have invested in this project — and that we can say the builder has duped us of — is more than Rs 300 crore."
The company had started construction of the 11.5-acre project in November 20, 2012, with a completion time of 36 months. The construction went smoothly for a year or so, before coming to a complete standstill.
Homebuyers met senior officials of Gurgaon Police a week ago and demanded an FIR against the builder. They also threatened to go ahead with legal proceedings if the police do not address their grievances by next week.
Cherrian Dogra, another dejected homebuyer, said that most buyers had taken loans from different banks and were now facing the financial burden of paying both EMIs and rents for the flats they were currently living in. "We came to know that the project was initially funded through different channels of FDI and domestic investors, and now things had turned sour among them. Ultimately, it is us who are suffering,” said Dogra.
The company is said to have nine stakeholders, which include individuals, relatives of prominent political leaders and private firms.
Gurgaon Police claimed that it had constituted a special investigation team for the matter after receiving about 70 complaints from homebuyers.