Trapped in realty labyrinth - Real Estate India

??|?? August 27, 2012 ?? 09:42am ??|Contributed by manoja

MOHALI: Sudhir Singla of Sector 8 Panchkula had invested Rs 60 lakh as advance money for a flat in an upcoming residential colony near Zirakpur in 2008 and the construction company had assured him that he would be given possession of his flat by December 2011. But Singla came to know that even the foundation of the building had not been laid yet. Besides there were around 60 others, who too had given advance money to the construction company, the total amount adding up to around Rs 10 crore. Singla and others lodged an FIR at the Zirakpur police station last month in this regard.

The scenario in the periphery of Chandigarh comprising areas like Zirakpur, Derabassi and Mullanpur in Mohali is no different. As land prices are shooting up and private investors and colonizers are constructing private colonies, people are investing their hard-earned money in flats but many are falling prey to the designs of cheat colonizers.

Apart from fraud cases relating to private colonies, there are over 50 cases as well as complaints related to property frauds in the last two-and-a half years, wherein land owners have ?sold? the same plot to as many as three buyers. These cases too are being investigated by Mohali district police. The modus operandi of these colonizers is the same ? they take advance money from people interested in buying flats and start construction work with that money. However, in most cases, colonizers fail to complete the construction work due to shortage of funds, a senior police official said.

A case was registered against a leading construction company in Zirakpur recently, wherein more than 500 people from Tricity and other cities of Haryana and Punjab had invested crores of rupees but the company failed to give possession of flats to investors in the promised time. The prime suspect, Jeevan Garg, is absconding, while some of the persons who were booked have been arrested.

Inspector Tarlochan Singh, SHO of the police station in Zirakpur said, ?Other than the cases against private colonizers, there are around 50 FIRs that have been registered during the period of last two years, in which the plot owner sold the same piece of land to three persons, taking advance money from each of them.?

Sudhir Bansal of Phase-VIII in Mohali, purchased a plot near Derabassi, but he had no idea that it had been ?sold? to two more people.?Though an FIR was lodged with the district police, I was advised to approach the district court because the matter had become a property dispute,? Bansal said.

SP, Mohali, Swarandeep Singh said, ?Three police stations including Derabassi, Zirakpur and Nayagaon are investigating a lot of property related crime cases and some of the FIRs have been transferred to the economic offences wing of the district police.?

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