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Time of India
5 days ago
- Business
- Time of India
‘Comply with orders': Rera serves notice to developer after ED money laundering case in Haryana
Gurgaon: Real Estate Regulatory Authority (HRera) has issued a show-cause notice to Ramprastha Promoters & Developers Pvt Ltd, warning them to comply with pending orders or face civil imprisonment. The move came just days after Enforcement Directorate (ED) arrested the company's directors, Arvind Walia and Sandeep Yadav, in a Rs 1,100-crore money laundering case involving over 2,000 duped homebuyers. "Show cause as to why you, being promoters, should not be detained in civil prison — under Section 40(1) of the Real Estate (Regulation and Development) Act, 2016 — for a term not exceeding three months for failing to comply with the Authority's orders," reads the strongly-worded notice issued by HRera on Tuesday. You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon The next date of hearing is fixed for Aug 8. HRera Gurgaon bench earlier passed several orders — starting as far back as 2020 — directing to refund approximately Rs 3 crore to complainants who were denied possession despite booking homes over a decade ago. However, the promoters repeatedly failed to comply with these rulings. As per ED investigations, Ramprastha collected approximately Rs 1,100 crore from over 2,000 homebuyers across projects such as Edge, Skyz, Rise and Ramprastha City located in Sectors 37D, 92 and 95 in Gurgaon. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like How Much Does It Cost to Rent a Private Jet - The Prices May Surprise You! Private Jet I Search Ads Learn More Undo Possessions were promised within three to four years of the project launches (2008–2011), but even after 14 years, most buyers have seen no delivery. Following prolonged non-compliance, HRera court, on July 29, issued a production warrant to Bhondsi Jail authorities for the two directors directing they be produced before the Authority on Aug 5. Since both are already in ED custody following their arrest on July 21, the production order adds legal weight to parallel proceedings now unfolding in the money laundering case. ED also uncovered that around Rs 140 crore was illegally diverted to group companies under the guise of land advances and other internal transactions as well. During search operations, authorities seized Rs 18 lakh in unaccounted cash, six luxury cars, froze 34 bank accounts and locked down assets worth Rs 681.54 crore.
Hindustan Times
30-04-2025
- Business
- Hindustan Times
Supreme Court orders probe into builder-bank nexus in Gurugram
For thousands of homebuyers in Gurugram, the Supreme Court's Monday order directing a CBI probe into the builder-bank nexus offered a long-awaited glimmer of hope. After years of broken promises, stalled projects and institutional apathy, many hailed the verdict as a landmark step toward justice. 'This verdict reignites our faith in the system,' said Ritu Bhariok, vice-president of the Federation of Apartment Owners Associations of Gurugram. 'Builders collected full payments and vanished, while banks and authorities looked the other way. The nexus has been an open secret. It's time this collusion is exposed, punished, and homebuyers get back their dignity.' The ruling has renewed focus on multiple long-stalled housing projects in Gurugram. Two such developments by Ramprastha Developers — Skyz and Rise in Gurugram — were promised for delivery in 2014. A decade later, Skyz has left 600 families stranded, and Rise another 300. Despite years of waiting, construction remains incomplete and legal battles continue at the National Consumer Disputes Redressal Commission (NCDRC). Amit Jindal, a resident of Gurugram's Sector 48, said the problem runs deeper than just rogue builders. 'The State, the Town and Country Planning (TCP) department, and banks all facilitated this mess. How can a builder take the money, the buyer pay the money, and the product simply disappear? No politician has ever seriously raised this concern. It's systemic betrayal.' Yashesh Yadav, president of the Dwarka Expressway Welfare Association, echoed the sentiment. 'This is not just a builder-buyer problem. It's a complete failure of governance. For 10 years, we've been running from one office to another. Now, finally, the Supreme Court has intervened. We hope it shakes the system.' Buyers from Mahira Homes, an affordable housing project under the Pradhan Mantri Awas Yojana (PMAY), called the betrayal even more painful. 'We've lost trust in PMAY. Licenses were cancelled after builders collected 100% payment. No one is helping us,' said Gaurav Gupta, a Mahira buyer. Another affected project is OSB Expressway Towers, launched under PMAY in 2016 at Sector 109, Gurugram. Construction began in 2017, with possession promised by early 2022. After COVID-19, the builder slowed work, despite collecting 92% of payments. Buyers appealed to authorities, but progress was sluggish. In February 2023, the DTCP suspended the builder's license for six months. Yet again, the builder cited a lack of funds. Col Naveen Hooda, a representative of the OSB Expressway Towers Buyers' Association, said more than 350 complaints are pending at HRERA, but no concrete action has followed. 'The RERA chairman himself said he couldn't force the builder to complete the project. Now, the builder wants to sell commercial space to raise funds, not to finish the homes. We've requested DTCP and HRERA to demand a strict resolution plan before granting any further permissions.' As calls for criminal accountability grow louder, homebuyers say the crisis won't end without deep reform. 'We've waited long enough,' said Jindal. 'It's time the people who shattered our dreams are finally held accountable.'
