Viridian Red — taking a reality check at times

Gurgaon and the ncr region is in the favorite books of real estate developer as well as investors.

Why?

Because the city has emerged as a preferred destination due to the availability of superior buildings, malls, a multi-cultural and diverse population looking to work in and settle for hordes of multinational operating in the ncr.

While the erstwhile central business district of connaught place was preferred by mostly indian outfits, gurgaon has grown to be a major corporate hub for international business, with more than 500 mncs stationed there with even a higher number of indian corporate giant.in addition, the choice of luxury housing is unending here, and so is with educational institutions and healthcare facilities.

In the year 2008, ashish bhalla announced ‘spire edge’ at maesar at a press conference promising that he and his team will invest 20 million dollars in the rs 400 crore spire edge project and play an important role in the city’s growing importance of real estate investment.

What the investors didn’t know that he clandestinely started diverting the real funds from sfvipfl (Sphereinvest viridian india property fund ltd, a foreign fund company in partnership) and started to splurge huge resources of an buildwell on marketing and brand building of his own development platform, spire world. He also allotted various flats in spire woods projects to his own employees and their family members at heavily discounted price and terms. This implies that ashish bhalla had taken over the an buildwell which was registered in the name of “spire world” with false means.

As on 31.03.2016, mr. Ashish bhalla held 99.99% equity shares of viridian holdings private limited, which were all channeled fraudently by misuse of funds and making use of investors trust.

While drivers like economic and social proximity will continue to attract investors to ncr regions, they need to be aware of other issues including fleecing their hard earned money by people like ashish bhalla.