Viridian Red — a promising start to a new decade or an opportunity to fleece?

All over india, the second decade of the millennium held some great promises for realtors, builders and property buyers. While most of mumbai’s capital prices rose in double digits, regardless of the already high base prices, up north, golf course road in gurgaon yielded the best returns for property investors across the nation.

2010, a promising year in real estate
The positive trend in real estate across the nation was witnessed with exciting trends cropping up across delhi ncr, gurgaon, mumbai, bangalore and a host of other cities around the nation. The largest quarter on quarter appreciation, for instance, happened in north delhi where investors were able to get a 28% return within a single quarter between 2010 – q4 and 2011-q1.

Taking advantage of the boom
Such positive trends are bound to attract a few bad apples who are happy to take advantage of this boom. Enter ashish bhalla, of sphereinvest viridian india property fund ltd, a foreign fund company, also known as millinneumspire who signed (A rather one sided) deal with an buildwell to invest in spire edge, a project taken up by the latter.

Bhalla is accused of taking over control of all the financial and administrative rights of the companies only to swindle the money for personal gain and for expenses to be made in other private projects that had nothing to do with an buildwell.

It is no surprise that property buyers, realtors and agents today get increasingly wary of dealing with builders, because of the break in trust by a few members of the industry.