Chandigarh resident accuses realtors of Rs 80 lakh fraud

In what seems to be a classic case of a builder promising a flat to the buyer only to end up not delivering it, a Chandigarh resident has accused some Gurgaon- based developers of duping him of Rs 80 lakh in exchange for a flat he never got.
Rishi Aggarwal, the complainant, has filed an FIR with the Economic Offences Wing (EOW) of Delhi police against M/S Vipul Infrastructure Developers Ltd and Orchid Infrastructure Developers for allegedly cheating him of Rs 80 lakh between 2004 and 2007 after the former booked a flat costing Rs 2.58 crore in their residential project on Aurobindo Marg.

As per the FIR, Rs 80 lakh was the advance payment which Aggarwal made in three instalments through cheques and drafts. The balance was to be paid upon getting possession of the flat.
"I was assured that the project was free from any encumbrances and was on free-hold land," Aggarwal said in his complaint.
Aggarwal said he had paid Rs 10 lakh as earnest money when he booked the flat on Dec. 23, 2004. The realtors assured him that the flat would be handed over to him within 27 months from the date of signing of the agreement.
He later paid a further Rs 10 lakh on Dec. 16, 2005 and another Rs 60 lakh on March 2, 2007 to the realtors.

The complainant said that even after passage of eight years, he has not been given possession of the flat. The flat was not booked in his name and the two companies had allegedly cheated him, Aggarwal said.

"A case under Sections 406/420/120B of Indian Penal Code has been registered. We are now investigating the case," said a senior EOW official.
Meanwhile, a spokesperson for Vipul Developers said that ther company had parted ways with Orchid Infrastructure Developers Ltd in 2005 itself with the said project having gone to the latter. Therefore, all liabilities in the case lay with Orchid Infrastructure Developers Ltd.

Several calls made to Orchid Infrastructure Developers Ltd for their reaction went unanswered.
Police sources said there have been a number of such cases in the recent past.
According to a recent report by property consultant Jones Lang LaSalle (JLL) India, real estate companies have not been able to deliver over 25 per cent of housing projects on time with developers in the national capital region being among the worst performers.