Cheated by Shriram
This is the story of how 199 people got cheated by Shiram. Hope it helps people to make wise decision
We purchased a plot in Shriram Land in 2019, but registration has still not happened. The situation has turned out to be extremely complicated, with new issues emerging every year.
- Initially, we discovered that there was an ongoing legal dispute against them by the agricultural landowners who originally sold the property. Which took 3 years to settle.
- Later, we found out that the DC letter they obtained was forged, which led to STRR canceling the layout approval.
- Because of which they had to start getting approval right from scratch
- We then learned that Shriram Land had acquired this land from another builder.
- To our surprise, we also found out that they are not affiliated with Shriram Properties.
- Suddenly, an investor entered the picture, claiming that the developers had defaulted on payments. He placed a board on the property, stating that he was taking over the land as per a High Court order.
- Out of the blue, we received an email informing us that the company had been taken over under NCLT-IRP proceedings.
- It turns out that the investor has the first right over the assets, and as buyers, we have no choice but to wait.
When we approached the bank to stop our EMIs, they refused, stating that it was our responsibility to verify the documents beforehand. As per them, we are still liable to continue payments.
In RERA court, the builder never appeared for hearings, and the court passed an order for a refund. However, the burden is on us to identify which property or bank account should be attached for recovery. To make matters worse, the director had not listed any assets, making enforcement nearly impossible.
Not found a solution still.