CHANDIGARH: The property of controversial housing project “Royal Empire” at Peer Machuula in Zirakpur has been attached and an auction of the site was held on the premises of Royal Empire, Zirakpur, on Thursday. Royal Empire is a housing project worth crores of builders, Jeevan Garg, and his son, Prince Garg, who are cooling their heels behind the bars at Model Burail Jail. The auction was postponed as not many bidders came for the auction.
Sources told media, “Gargs, the proprietors of Royal Empire project, failed to pay Rs 50 lakh to Paragon Avenues Pvt Ltd, which filed a case at a local court in Derabassi. The local court issued orders of attachment of property and allowed auction of housing project for the recovery of amount. There are about eight towers in the housing project. Though flats were constructed in five towers, flats in three towers are still under construction and incomplete.”
Manpreet Raj, a real estate expert, said, “The real estate industry is actually in the crisis especially in the periphery. There are so many giant housing projects, which failed to deliver the possession of flats and even failed to construct houses on sites. The decision of a local court to auction the housing project is among several other such decisions, which were issued in the recent past.”
The court of Civil Judge Senior Division, Derabassi, Barjinder Kaur, had issued orders of auction of Royal Empire on August 9, 2016. A team comprising revenue officers including Patwari, Santosh Kumar, and Kanongo, Madan Lal, advocate Assem Gupta along with representatives of the local court were present on the spot.
The proprietors of Royal Estate and Royal Apartments, Jeevan Garg and Prince Garg, are not new to the controversies. On March 1, the permanent Lok Adalat, Mohali, had ordered Jeevan Garg, to refund earnest money of Rs 15.30 lakh along with 9% interest to one of his investors among hundreds, Jayshal Sood, who invested money in his mega project in Peer Machuula, Zirakpur. More than three dozen FIRs have been registered against the builders under charges of forgery, cheating in the last five years.
On February 22, Jeevan Garg was booked and his son Prince Garg was arrested for duping a Manimajra resident of Rs 22.50 lakh on the pretext of providing him a flat in Royal Empire. In April 2013, Prince was arrested for duping Mohali resident Jaideep Ghai of Rs 60 lakh on the pretext of selling him a flat in Royal Empire. According to member of auction team, Amit Arora, owner of Paragon Avenues Pvt Ltd, was advised to select flats constructed in the five towers for the auction on Thursday. The selected flats will be auctioned and money of complainant party, which is around Rs 75 lakh including interest, will be recovered.
Credits ET Realty