GURUGRAM: A group of homebuyers of ATS Marigold project in Sector 89A has been in a limbo for years as the developer is investigated for diverting funds and faces allegations of defaulting on pre-EMI payments.
The project, initially licensed to three developers in 2013, was later transferred to ATS.
Homebuyers approached the National Consumer Disputes Redressal Commission/Economic Offences Wing in 2021, seeking a refund of the amount they had paid along with interest.
Four of the initial 24 complainants are still continuing with their case before NCDRC. One of them filed a complaint before Rera and after getting a favourable order on refund, withdrew from the NCDRC case. Six others withdrew as well, filing complaints before the real estate regulatory authority, and 11 complaints settled with the developer.
Two others are in the process of settling in return for immediate possession of flats.
According to the complaints, the developer collected funds from homebuyers even before a licence was granted to it. “Accused persons transferred the funds of the investors into their other accounts, creating layering of transactions. This shows the malafide intention of diversion of the funds of the investors. The complainant had also alleged the diversion of their funds by the alleged persons for some other purposes. In view of the above, IPC Section 409 (criminal breach of trust) in the case has been invoked and is being investigated accordingly,” the economic offences wing said in its status report submitted to Patiala House court on July 29.
The next date of hearing is in Sept.
Homebuyers told TOI on Sunday that they have still not gotten possession of their flats while they have been paying EMIs for years.
Sudhanshu Kanungo, one of the complainants, said he booked a flat in 2013 and paid Rs 1.1 crore with an expected possession date in 2018.
Janardhan Nair, another complainant, said he bought a flat in the project in 2018 under a subvention scheme, and was promised that he won’t have to pay EMIs till possession.
“Possession of the flat was expected in Sept 2019, and the occupancy certificate was received in June 2023. But the developer has demanded Rs 19.5 lakh, ignoring its delayed possession penalty of Rs 34 lakh. I have been paying Rs 50,000 monthly EMIs for four years,” Nair said.
Parul Bansal and Anirudh Bansal, who booked their flat in 2013, are among the homebuyers who have demanded that the developer pay their investment along with interest.
Two of six towers at the society are yet to be completed.
Asked about the allegations, an ATS spokesperson said that the project was delayed due to construction of Dwarka Expressway, pandemic restrictions and the ban on construction across NCR as air pollution levels rose.
The spokesperson added that 167 homebuyers have already taken possession of their flats across four towers in the society.
On the EOW probe, the developer said that the allegations were “unfounded”.
“Contrary to these claims, the project is funded by the SWAMIH Investment Fund after comprehensive due diligence, and it oversees the project’s monitoring. The company adheres to the RERA Act, which mandates that consumer payments are deposited into an account monitored by the RERA Authority. Furthermore, all accounts related to the project are maintained and controlled by SWAMIH Investment Fund; therefore, the possibility of fund misappropriation or layering of transactions is null,” the spokesperson added.
