While victims of an alleged housing scam are unhappy with probe into the fraud developers role, fresh documents raise a serious question: how did authorities in Noida, Faridabad and other cities allow main accused Y S Rana to acquire land?
Rana was arrested following more than 400 complaints regarding sale of plots in housing projects undertaken by PSG Developers — Rana is the companys managing director. Other directors of PSG, and several other companies, are also mentioned in the complaints. More than 700 complaints have been received so far; over 1,200 investors are suspected to have been conned in the pre-launch housing scam.
Investors say Rana claimed land was yet to be acquired. If that was so, why were permits issued by the authorities without verification? asked Vipin Mehra, who had put money in the purported housing project.
More : expressindia.com
Send an E-Mail for Noida Property Enquiry!
Related News from Noida
What happens to acquired land in Greater Noida? Authority has little to say
The farmers of Greater Noidas Bisrakh village have received fresh ammunition in their movement against the Greater Noida Authoritys decision to acquire their ancestral land. The new lead has come from the Right To Information Act: an application has revealed that the planners do not know of what is to come up on the farmers land. Applicant Rampal Bhati, a resident of Bisrakh, had filed the RTI on April 16, asking the Authority about its plans for his land which it had wanted to acquire. The Authority has notified the land as illegal without knowing that this is our ancestral
Performance guarantee likely for builders
Realty Bill seeks its forfeiture in case of project delay. To provide a safety net to buyers and investors, the Union urban development ministry has drafted a proposal in the Real Estate Regulatory and Management Bill that will require developers to submit a performance bank guarantee. The guarantee will be a certain percentage of the project value and will have to be deposited with authorities like the proposed real estate regulator. If the proposal is accepted, private builders will no longer be able to delay project completion and delivery indefinitely and without consequences. More : business-standard.com
Performance guarantee likely for at the builders
Realty Bill seeks its forfeiture in case of project delay. To provide a safety net to buyers and investors, the Union urban development ministry has drafted a proposal in the Real Estate Regulatory and Management Bill that will require developers to submit a performance bank guarantee. The guarantee will be a certain percentage of the project value and will have to be deposited with authorities like the proposed real estate regulator. If the proposal is accepted, private builders will no longer be able to delay project completion and delivery indefinitely and without consequences. More : business-standard.com
US hospitality group acquires 26 per cent in JV with Unitech
US hospitality group Carlson will acquire a 26 per cent stake in a fresh venture with the Unitech group for introducing the Regent hospitality brand in India. Carlson will acquire the stake with a nominal investment of Rs2.6 crore in the paid-up capital of the joint venture company - Elbrus Builders. This amount will be used for the working capital of the project. Currently, the Unitech group companies hold 100 per cent stake, including 34 per cent equity holding through Unitech Hospitality, a wholly-owned subsidiary of the groups listed arm, Unitech Ltd. Elbrus had in the past got an approval
Noida, Ghaziabad deals under I-T scanner
Business transactions of a large number of builders, operating in Ghaziabad, Noida and Greater Noida, are under the scrutiny of the Income Tax Department. According to sources, the Department has sent a circular to the Ghaziabad Development Authority (GDA), Noida and Greater Noida authorities, seeking lists of builders allotted land for construction of apartments and colonies. The exercise has been warranted by large transactions taking place even before the approval of the building plan, resulting in massive tax evasion. The authorities have been asked to provide the lists by December 20, the sources said. "A number of builders of housing colonies