[Resolved]  Vardhman Technobuild Private Limited (Vardhman SNG Plaza Gr Noida) — Delay in assured return cheques and delay in possession

Address:

Gautam Buddh Nagar, Uttar Pradesh

I along with my wife invested in Commercial Space no. 214 on
2nd Floor, Vardhman SNG Plaza, Pari
Chowk, Greater Noida launched by above said company having regd. Office at-

112, Indraprakash Building,
21, Barakhamba Road,
New Delhi-110001.

Under ‘Assured Return’ scheme @ 12%. As per clause no. 1.9 of the Builder Buyer
Agreement, the company had undertaken to complete the construction of the unit
in question on or before March 2014 in all respects and to render the unit fit
for occupation and possession by the said period. Inspite of the fact that the
installments due have been paid by me punctually except the payment to be made
at the time of handing over the possession, the construction has not so far
been completed. I came to know informally that there are some approval issues
relating to parking etc.

Apart from this, it has stopped to pay assured return cheque from Jan, 14
onward. There is short payments of Rs.
35000 approx for the month of Jan and Feb 2014. In the past they issued the
cheques for assured returns which got bounced and then they repaid it by cash
with gap of month or so.

My submission is that there should be some regulation on ‘Assured Return’
because such type of companies are attracting investors under ‘Assured return’
inspite of incomplete approval and proper construction plan. These companies
are cheating to the investor like Chit Fund or similar scheme.

I request you to kindly take action against this company to get back my hard
money with the current market price of commercial shops in that area.


Wasim Usmani

[protected]