Builders Arrested For Cheating Cases

June 9 2013
Kochi

2 Promoters of Parthsaaradhy Properties Pvt Ltd were arrested by Kochi police for cheatin the apartments buyers in Kerala and Abroad. The firm had collected Rs 24 crore from apartment buyers, mainly those working in the Gulf countries, promising to sell them premium flats in apartment complexes to be built in various parts of Ernakulam and Idukki districts, police said.

Gireesha Kumar of Idukki and Shanil of Kollam, directors of the firm, were arrested over the weekend following complaints by several buyers. The firm had heavily advertised its projects, which included Riverine Mist, claimed to be a luxury multi-storey complex facing the River Periyar at Aluva; Signet Arc at Chembarakky; Vaishnavam at Maradu; Park View at Kakkanad; and Agasthya at Trippunithura. It had also conducted `property exhibitions’ in the Gulf to woo non-resident Keralites.

Parthasaradhy Properties is among the series of apartment projects that have gone bust in the recent times. The promoters of these projects, very often dubious ones, collected several crores of rupees from the apartment buyers as advances, down payments and part-payments. In many cases, buyers have paid out the entire cost of the flats.

Source– http://www.thehindubusinessline.com/industry-and-economy/real-estate/2-builders-held-for-cheating-in-kerala/article4797635.ece

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