Real Estate

2 builders held for cheating in Kerala

Our Bureau Kochi | Updated on June 09, 2013

Kochi police have arrested two promoters of Parthsaaradhy Properties Pvt Ltd who had allegedly cheated scores of apartment buyers.

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.

The firm, which was set up in 2010 in Kochi, had announced seven projects. Of them, only one has been completed so far. The directors had allegedly sold the same flat to two or more people.

When the firm failed to deliver flats even after several deadlines, the buyers got organised and lodged a batch of complaints with the police. However, the two directors, after securing bail, had disappeared. Kochi police’s crime detachment cell launched a manhunt for them on a fresh batch of complaints.

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.

All these projects have been heavily advertised in the print and visual media as well as on the Internet. Their prime targets have been overseas Malayalis, particularly those in the Gulf.

Published on June 09, 2013

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