GMADA cancels allotment of 2 mega projects: Stumped investors seek answers
GMADA’s action came after developers of World Trade Center Chandigarh and Beverly Golf Avenue defaulted on payments worth ₹103 crore and ₹80 crore, respectively
GMADA’s decision to cancel the site allotment of two mega projects — World Trade Center Chandigarh and Beverly Golf Avenue — over non-payment of dues has left hundreds of investors in the lurch.
“Our life’s savings are gone with GMADA’s one order,” lamented investors, who on Friday lined up outside the offices of the builders for answers. Residents also lashed out at GMADA for remaining quiet over the issue for years while the projects were being developed since 2015.
GMADA’s action came after developers of World Trade Center Chandigarh and Beverly Golf Avenue defaulted on payments worth ₹103 crore and ₹80 crore, respectively. However, the developers can appeal the order before the GMADA chief administrator.
Located in Block D, Aerocity, Mohali, World Trade Center was touted as a mega commercial project, offering eight multiplex screens, retail showrooms, offices, food court and serviced apartments.
Beverly Golf Avenue, coming up near the Mohali Golf Range in Sector 65, comprises luxury housing, penthouse apartments, club house and sports centre. Some 10 families are already living in these flats.
Harish Choudhary, an advocate, a resident of Beverly Golf Avenue, said, “I invested my hard-earned money after checking that the project fulfilled all parameters laid down by the Real Estate Regulatory Authority (RERA). But why did GMADA not alert investors about the payment violation by the builder? The authorities have woken up suddenly after eight years and branded our properties as disputed.”
Harpreet Singh Dadwal, president, Mohali Property Consultants’ Association (MPCA), said, “Instead of being a regulatory authority, GMADA is performing the role of a property promoter. Majority of GMADA projects have failed and even developers of private projects are defaulting on one parameter or another. While no official or developer has been held accountable, the public is suffering.”
In its circular issued on Thursday, GMADA had cautioned the public not to indulge in any sale/purchase/transaction in respect of any property in these two projects, adding that it will not be responsible in any manner for these dealings.
Meanwhile, Amarjit Singh, manager, World Trade Center, maintained that the issue will be resolved by April 18.
