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Hassled buyers of Vigneshwara seek projects completed by another developer

Press Trust of India  |  New Delhi 

of realty firm of Companies Thursday accused the company of committing Rs 1,000 crore fraud and sought the government's intervention to rope in a new developer for completing the housing projects.

They also demanded that the ongoing case against the company promoters in the Delhi need to be fast-tracked and completed in six months.

The company had launched three housing and commerical projects at Gurugram and Manesar in

"Over a decade in the making, Vigneshwara Developers have not delivered upon their promise. ...many families are suffering," (VVWA) said in a statement.

The fraud is of Rs 1,000 crore and about 1,200 buyers have been affected, he alleged.

"All the buyers demand that the government should take action and the entire project should be given to another developer for the completion of the project."

According to the association, the company allegedly "misused" home buyers' hard earned money and used it for "acquiring other assets and for investing in other companies."

The Delhi has ordered liquidation of two of the group companies -- Vighneshwara Developers and Vighneshwara Developwell -- as the company's promoter did not submit the details of assets and liabilities, it said.

Kapur further said that the the court case is taking a lot of time. Now the buyers are again in the lurch as long dates of about three months are given at the and it will take years to come to some conclusion.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 13 2018. 21:10 IST