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Adarsh Housing Society Scam

10/5/2011 3:07:38 PM
By - Prakash
Could this be the biggest ever scam in housing?

Realty and politics together may end up looting public of hard earned money also their future income. The largest ever development of housing in NOIDA and greater NOIDA may be a scam in the making. Every known builder is involved and with a bare minimum investment of 10% of land value they have started booking flats and propose to hand over in 3 yrs, collecting substantial amounts in full.

But they themselves have to pay the authorities the land cost in 10 years. That means no investor is likely to get the flats registered in his name till ten yrs. The authorities have not taken any precaution to ensure that the builders complete the project in a strict time schedule, make enough own investment and also pay the full cost of land before full completion of project and ensure timely transfer of titles to the flat owners.

Even some private Banks may be involved in this scam as they are financing without apprising the legal position to the clients. Somebody needs to do a thorough study into this booming but shady business and if investors are at risk, bring out the malafides into public domain.

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