Realtor held for bookings sans land – (Times of India – Link: epaperbeta.timesofindia/Article.aspx?eid=31804&articlexml=Realtor-held-for-bookings-sans-land-04082014007042) The managing director of a real estate company has been arrested for allegedly taking booking advances of Rs 12 crore for a mega housing project in Noida extension without having land for it. The arrested official, Sunil Kumar Rajput, told the police he had bought land for the project from an MLA belonging to the Samajwadi Party but could not start work as he wasnt given possession of the land. The project, New Rajneegandha Greens, was worth Rs 500 crore and the firm, Rajput Developers, had collected booking advances from around 400 investors, police said. Rajput Developers MD Sunil Kumar Rajput was arrested by the crime branch after a probe that followed a complaint lodged at Sector 58 police station in March by 200 cheated investors. They alleged that they had booked flats in the project in 2011, when it was launched, and the company had refused to return the money despite no construction having taken place three years on. “The developer had proposed the project, New Rajneegandha Greens in Sector 1 of Greater Noida West (better known as Noida Extension) with an investment of Rs 500 crore. Around 400 people invested in his project,“ said deputy superintendent of police Vishwajeet Srivastav. The arrest, Srivastav added, came after a thorough probe. Rajput was picked up from a residential complex in Crossings Republik in Ghaziabad on Saturday night. “During the investigation, we found the developer did not have any land in Noida Extension but kept raising money from the public. The project was launched in 2011 and no construction has taken place.“ The company operated from an office under the name of Rajput Properties and Developers at C block of Sector 62 in Noida. Rajput, the police said, worked as a contractor and property dealer before starting this company.
Posted on: Mon, 04 Aug 2014 06:44:38 +0000
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