The Key Risk

So, like millions of citizens, Yashpal Arora, who lives in Gurgaon, a New Delhi suburb, wanted to benefit from rising property prices. He invested in plots advertised by Vian Infrastructure, a real estate company launched in 2006 with several projects across the country. Impressed by the company's advertisements, Arora invested in multiple plots in gurgaon, Jaipur and Haridwar in 2006. Around 80 of his friends and relatives also invested in the company's projects.

"The total investment of our group was Rs 2.5 crore. Each one of the 80-odd people in our group booked plots in these projects in 2006 with whatever disposable money they had, from a few lakhs to much more," says Arora.Office space in gurgaon

In 2007, Arora visited Neemrana on business. While there, he tried to locate his plot. There was no sign of the project. He sought information from sub-registrars, tehsildars and town planners at Neemrana, Jaipur and Haridwar.

 The projects, it turned out, had never existed. After queries sent to the company went unanswered, Arora lodged a complaint with the Economic Offences Wing of Delhi Police. The subsequent litigation dragged on for years, after which the court ordered the company be liquidated.

According to Arora, who is now spearheading agitation against developers through an association, around 6,000 people who have invested in gurgaon projects by Vian will receive their money after secured creditors are paid their dues.Flats in faridabad ia available for sale

Source:http://businesstoday.intoday.in/story/buying-property-here-are-risks-that-you-must-avoid/1/187425.html