Investors protest against ABW for delay in Manesar project

Abhishek Behl, Gurgaon: Irked by the delay of a township project in Manesar for over four years, more than 100

investors held a demonstration at Civil Lines in Gurgaon on Sunday afternoon.
The buyers, who have invested several lakh rupees on the plots being developed by ABW Infrastructure Ltd, also submitted a memorandum to Haryana PWD minister Rao Narbir Singh demanding action over the prolonged delay in delivery.
The investors marched from John Hall to Rajiv Chowk carrying placards and shouting slogans .
ABW had launched the 105-acre project in 2009, comprising plots, low-rise apartments, commercial towers and offices.
Buyers said the company received more than Rs 800 crore from over 2,000 investors who were caught in a bind as there was no progress in the project.
Naresh Jindal, who led the investors’ protest, said that despite putting the matter before the district administration and top officials of the department of town and country planning (DTCP), the developer was not ready to do anything. “I have invested Rs 30 lakh in an apartment, but the money is stuck. I am paying EMIs and rent and it appears that I will lose my money if the government does not act,” Jindal said.
The investors are now demanding that the government take over the project and complete the remaining work. They also said the developer violated building plans and sanctions, and sold more than the stipulated number of plots, floors and shops. Vipul Agarwal, a buyer, said an exit route should be given to investors who want to leave the project. “The department of town planning had recommended steps that could resolve the matter and same should be executed,” he said.
Earlier, a report by the DTCP, Gurgaon, had recommended an FIR against the developer for collecting money without executing builder-buyer agreement, collection of money for different floors without approved building plans and similar violations.

However, on the DTCP issue, ABW representatives maintained that the project delays were due to litigation and the company was committed to complete and deliver the projects.

Posted by on October 3, 2016. Filed under State. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.