Investors Claim Builder Committed Fraud in Two Gurgaon Projects, Lead Protests

Investors in two projects have accused the builder of fraud and protested outside the developer’s office on Wednesday. The properties, Prism Portico in Sector 89 and Prism Suites in Gwalpahari by Ninaniya Estates Limited, have been left incomplete for the last 10 years according to the aggrieved investors. The group, which includes mostly senior citizens, alleges that the developer has defaulted on multiple accounts and has failed to provide refunds. Despite complaints to authorities, including DTCP and the police, the government has not taken any action on the matter. Prism Suites was launched in 2008, while Prism Portico in Sector 89 was launched in 2011. The Gwalpahari project has already been rented out for a hotel and office space, while Prism Portico is only 40 percent complete. One 91-year-old investor, Vidya Sharma, claimed that she had invested all of her retirement money in the Prism Portico project, and had not yet received possession of the property. At this age, I have to protest and this shows the state of the government system, she said. Another investor, Mansi, alleged that the developer had no fear of the law and that senior citizens had been duped out of their hard-earned money. KL Kalra, an 80-year-old Dwarka resident, said he invested Rs 30 lakh and initially the developer gave him assured returns but stopped providing them around three years ago. While the company collected crores from investors, they did not deliver on promised possession of apartments, shops, and offices within three years. The protestors demanded a forensic audit of Ninaniya Estates Ltd, as it has also been found that the service apartments they sold in both the projects are not authorized and the space was meant for some other purposes. In addition, both projects have not been registered with RERA and the administration has not taken any action in this regard.