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Gurugram was witness to a dramatic protest last week as a group of investors, primarily comprising senior citizens, gathered outside the office of Ninaniya Estates Limited, alleging fraud and non-completion of two long-delayed projects: Prism Portico in Sector 89 and Prism Suites in Gwalpahari. The disgruntled investors expressed their frustration, stating that the developer had defaulted on multiple accounts and was refusing to issue refunds.
The Prism Suites project in Gwalpahari was initially launched back in 2008, while Prism Portico in Sector 89 had its beginnings in 2011. Regrettably, both projects have been plagued by extensive delays. Despite being partially rented out to a hotel and office spaces, Prism Suites remains incomplete after 10 years. Similarly, Prism Portico lags far behind at a mere 40 percent completion.
According to the protestors, Ninaniya Estates collected crores of rupees from unsuspecting investors, guaranteeing them assured returns alongside the timely possession of apartments, shops, and offices. However, upon investigation, it was discovered that the service apartments sold in both projects lacked proper authorization, with the space intended for other purposes. Consequently, the investors unitedly demanded a forensic audit of Ninaniya Estates Ltd.
Adding fuel to the fire, the protestors revealed that neither of the projects had been registered with the Real Estate Regulatory Authority (RERA), leaving the administration seemingly apathetic to their plight. Complaints to various authorities, including the Deputy Commissioner of Police (DCP), have gone unanswered, amplifying the investors' sense of injustice and neglect.
The protestors, caught in a web of broken promises and alleged fraud, continue their fight for justice and demand swift action from the government and law enforcement agencies. The investors' plight serves as a stark reminder of the challenges faced by those who entrust their savings and dreams to the real estate sector. It is imperative that authorities address their grievances promptly and ensure the necessary accountability within the industry.
In conclusion, investors of the Prism Portico and Prism Suites projects in Gurugram have accused Ninaniya Estates Limited of fraudulent practices and non-completion of the projects, leaving them without possession of their units and refunds. The investors demand a forensic audit of the company and criticize the absence of RERA registration for the projects. The ongoing protest highlights the struggles faced by investors in the real estate sector and emphasizes the need for accountability and swift resolution of grievances.
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