NCDRC issues notice to Gurugram’s MVR builder for delay in housing project

NCDRC issues notice to Gurugram’s MVR builder for delay in housing project
06/11/2017 , by , in News/Views

The National Consumer Disputes Redressal Commission (NCDRC) has issued a notice to Gurugram-based developer MVL Limited after a group of buyers approached the top consumer court with complaints of delay in construction of The Palms housing project in Bhiwadi, barely 50 km from Gurgaon.

A total of 400 buyers have invested in the project, which was launched by MVL five years ago with a promise of possession by 2016 that was later revised to 2018. But till now, investors say, the construction work has not even started at the project site.

The NCDRC admitted the petition of a group of 35 homebuyers against the developer on November 2. The next date of hearing in the case is on March 2, 2018.

The developer has had trouble with its other projects as well and multiple parallel cases are going on. Around 250 buyers are also stuck in its commercial project, called IBC in Gurgaon, which was sold under the ‘assured returns’ scheme.

In the same case, SEBI had in 2015 asked MVL to return the money to the investors as the scheme was itself illegal. However the developer hasn’t yet complied with the order. A case is also going on against the developer in Delhi high court after a petition for winding up of business was filed in 2015.

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