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file photoGURUGRAM: A group of investors from two projects – Prism Portico More in Sector 89 prism suite In Gwalpahari A protest was held at the developer’s office on Wednesday over non-completion of projects by Ninaniya Estates Limited – for the last 10 years.
The aggrieved investors, mostly senior citizens, alleged that the developer had defaulted on several accounts and was not giving refunds. He further added that despite several complaints including officials DTCPPolice and others, the government has failed to take any action in this matter.
The developer did not respond to queries sent by TOI on the status of the projects and refunds.
The Gwalpahari project – Prism Suites – was launched in 2008, while Prism Portico in Sector 89 was launched in 2011. The developer has leased out Prism Suites to a hotel and offices. Prism Portico is 40% complete.
Vidya Sharma, a 91-year-old investor, said she has invested all her retirement money in the project and has not received the possession till date. “At this age, I have to protest and it shows the state of the government system,” he said.
Mansi, one of the investors, said that the developer has no fear of law. Senior citizens have been cheated of their hard earned money and are wandering from door to door for their units. He said, even the police are taking the side of the developer and making a mockery of the system.
KL Kalra, 80, a Dwarka resident, said he invested Rs 30 lakh and initially the developer offered assured returns but pulled out about three years ago. We have lost all hope, the authorities have failed to act, he said.
He said the company collected crores of rupees from gullible investors and promised them assured returns along with possession of apartments, shops and offices within three years.
“Investigation has also found that the service apartments sold by them in both the projects were not authorized and the space was meant for some other purpose. We demand a forensic audit of the investor Ninaniya Estates Limited. the protesters said.
Investors allege that both the projects are not even registered with RERA and the administration is not taking any action in this regard.
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