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Realty group investors allege fraud

Comments Off on Realty group investors allege fraud   |   March 20, 2014    09:49am   |Contributed by manoja

CHANDIGARH: TDI Investors Association, which includes 70 member investors from Chandigarh, on Wednesday created a row, alleging that the owners had cheated them of Rs 150 crore.

The association, in a press conference, alleged that a legal agreement was signed between the company and the members in 2005 after which they paid 80% of the cost for showrooms in the mall and were promised possession by 2008. The members blamed the company of not giving them possession till date and neither paying them the returns.

The project includes 70 shops varying from 400 sq ft to 1,000 sq ft.

TDI chairman Ravinder Taneja, however, trashed the allegations, blaming the authorities for the delay in the work. “We have completed the construction work. There were few objections from the administration which have been removed. We would give them the possession within a month or two when we get the green signal by the administration to start the mall,” he said.


News Published Under:   Chandigarh, Real Estate Developers | Comments Off on Realty group investors allege fraud