Cosmos City project sale illegal, says DTCP
Adel Landmarks violated norms by selling off the Cosmos City project on Dwarka Expressway to another developer
Mar 14, 2015
Source : The Times of India


GURGAON: After TOI reported that around 400 investors were allegedly duped by a developer in a multi-crore housing scam in Sector 103, a government probe has revealed that Adel Landmarks violated norms by selling off the Cosmos City project on Dwarka Expressway to another developer after taking 25% of the cost for each flat.

The report by the department of town and country planning (DTCP) has recommended strict action, including filing of FIRs, against Adel Landmarks for selling off its subsidiary company, Identity Buildtech Limited, which was developing the Cosmos City project, to another builder - Ansal Housing and Construction Limited - without the department's knowledge and allegedly cheating 432 investors.

The report, prepared by the then senior town planner Kamal Kumar has come to the fore, thanks to a response to an RTI query by one of the investors, K K Khurana.

According to the probe report, Adel Landmarks Limited sold off Identity Buildtech Limited, along with all its assets, by entering into a share purchase agreement with Ansal Housing and Construction Limited. The whole process - which amounts to transfer of license - had taken place without the knowledge of DTCP, the licensing authority.

In fact, the probe was ordered by the then principal secretary of town and country planning, TC Gupta, after TOI had exposed the scam in July last year and reported that a project by the second builder was coming up on that land. The then senior town planner, Kamal Kumar, carried out the inquiry.

Kumar has recommended action against the developer for breach of terms and conditions of license. "DTP (enforcement), Gurgaon, has sent a complaint to the commissioner of police, Gurgaon, for lodging an FIR against the offenders," he said in the reports.

When contacted, the additional chief secretary to DTCP, P Raghvendra Rao, told TOI, "After the case came to light, the department had even initiated action against the developer and a show-cause notice as to why the builder's licence should not be cancelled was issued to the builder."

He added, "During a hearing, Adel's representatives had said that the claims of all investors would be settled by refund of their money along with interest. Another notice was issued on January 22 this year. The report is being compiled and further action will be taken after the compilation of the report."

A spokesperson for Adel Landmarks said, "We have already replied to the notice issued by the DTCP on February 6 and apprised him of the progress of the refunds to investors. We assure that all the dues of the investors will be settled."


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