CBI slaps cheating and criminal conspiracy cases against Jaipur-based realtor PACL Ltd

Jaipur-based PACL Ltd, also known under the brand name of ‘Pearls’ and its sister concern PGF Ltd were the two real estate companies whose offices were raided on Saturday by the Central Bureau of Investigation. A case was registered by the agency based on a directive issued by the Supreme Court. The allegations include accumulation of money collected from the public on the pretext of offering good plots and also duping investors with a scheme that could guarantee them agricultural land based on an initial deposit made by the investors.

Cheating and criminal conspiracy cases have been slapped on the realtors that lead to the searching of their offices located in Delhi, Jaipur, Mohali, Ropar and Chandigarh. The CBI reportedly has obtained a huge tranche of documents that could provide further insight into the fraudulent scheme run by the company.

The details of the case go way back to 2002 when Sebi had first cautioned the company against not following the proper rules pertaining to their investment schemes launched during that period. The company had then filed a petition with the Rajasthan High Court which granted relief by repealing Sebi’s earlier order. Sebi had then moved the SC requesting an expedited hearing for the same.

PACL Ltd is a diversified group with a presence in sectors like agriculture, tourism apart from hospitality and media.

Noida: Home buyers are facing Serious Construction Delays

According to JLL property report on Noida real estate, over 40% of new residential projects in and around the city are falling behind the construction schedule of over 4 years. The agitated home buyers are going to the consumer courts of Uttar Pradesh for the possession of their homes.

Current Status in Noida

Middle class home buyers from Noida, Greater Noida and Ghaziabad have booked around 4 lakh residential apartments, out of which almost half (40%) of these projects are under delayed construction. The projects have crossed the possession date by almost 4 years, yet under construction which causes the purchasers to pay EMI and rent for a long period. According to the JLL survey on current residential projects in and around Noida, there are a total of 2.3 lakh homes under construction (Noida & Noida expressway- 1.1 lakh; Noida extension- 94,500; Greater Noida & Yamuna expressway – 24,600) where 95,859 homes lagging behind the schedule and this accounts for 40% of total units. Experts say that at this point, flat owners have lost faith in the developers regarding the delivery of their homes.

Reason for the Delay

The Greater Noida West (Noida expressway) has faced construction delays due to the land acquisition issues that happened recently. According to industry experts, the misuse of funds like investing the project money on expansion spree instead of construction process also caused delays in project delivery. Although there are surplus projects available under big banners, most of them are under construction.

However, the builders are subjected to pay a construction delay penalty of Rs. 5 to Rs.10 per sq ft which is usually evaded by them. Instead of money, the builders claim to give extra sq ft space for the home buyer which is only the public area (stairs, common area etc.) and not carpet area.

Is there a Solution?

As of now buyers hit the consumer courts to settle the issue where they get reasonable compensation for the delay in possession but builders challenge them through high court appeals. Thus a buyer is helpless with the prolonged delay which leads to dharnas and public strikes in front of the builders’ offices sometimes. Still there is no permanent solution for such issues due to the lack of a governing body.

The real estate regulatory bill is the only hope for these home buyers at present since it can protect the middle class home buyers from property related issues. It is always advisable to buy a property after construction or nearing completion so that one can avoid such hassles in buying a property. You can also the builder reputation and previous project tracks even if they are established in the industry. This way, you can get an idea before investing your money in under constructed projects.

Looking for Affordable Flats In Noida? Enquire With Us!

Flats In Noida

1 Bhk Flat In Noida

2 Bhk Flats In Noida

3 Bhk Flats In Noida

4 Bhk Flats In Noida

Mahagun Meadows – Golf Centric Sky Villas in Noida Expressway

The leading real estate development firm in Delhi NCR, Mahagun group has launched their new residential villa project called Mahagun Meadows in the Sector – 150, Noida Expressway. This project includes mixed range of flats and individual villa units for the people who prefer luxurious amenities.

Project Development

The developers wanted to break the trend of congested residential projects in Noida and came up with the Sky villa project, Mahagun Meadows with the lowest flat density. This project is expected to be a landmark gateway community in the Noida Expressway with high end apartments and limited villas. The Meadows is located amidst of luxury projects in the sector 150 near the Noida expressway. The Project is planned according to the standards of India Green Building Concept (IGBC) and designed by Hafeez contractor, the leading architect firm and Sanju Bose took care of the landscaping designs.

Project Specification

The Mahagun Meadows spread to 7 acres of land that include 2 + studies, 3 and 4 BHK apartments along with limited number of villas. The apartments vary in size from 1425 sq ft to 3400 sq ft in area and the price range starts from Rs. 55 lakh onwards. The project has incorporated a unique summer & winter landscaping concept with over 70% of the area allocated for the landscaped parks, Sculpture Lake, water fountain, a yoga pavilion etc. which offers a relaxed and a comfortable life style.

Golf Centric Life Style

A golf course is designed in the project to promote a greener lifestyle which also acts as a recreational activity inside the residential complex. The Golf themed apartments imply a luxury life and these days many projects offer such amenities. Situated in a sought out area of Noida, Mahagun Meadows will be a true example of contemporary life style.

Other Amenities

The other amenities include luxury club house,theme gardens, kids play zone, lobbies and jogging tracks, swimming pool, gymnasium, amphitheatre, palm court, Zen garden etc.

2 Bhk Flats For Sale In Noida

3 Bhk Flats In Greater Noida

3 Bhk Flats For Sale In Noida