9 years on, Housing Project stuck : Gurgaon Housing Fraud

A grim tale of unfulfilled promises and financial distress is unfolding in Gurgaon, where over 3,000 homebuyers are caught in a protracted dispute with a real estate developer. For nearly a decade, these investors in the Expressway Towers project have been waiting for their homes, a wait now marked by allegations of a major Gurgaon housing fraud.

The project, launched in November 2016 under the government’s Affordable Housing Scheme, was meant to be a beacon of hope for middle-class families. Instead, it has become a symbol of a systemic failure, with construction stalled at a mere 65% completion. The homebuyers, who have collectively invested their life savings and are burdened with both rent and EMIs, recently staged a protest to voice their frustration and demand justice against the alleged developer’s misconduct.

The homebuyers’ association points to a blatant diversion of funds as the primary cause of the project’s stagnation. They allege that the builder, Swaraj Singh Yadav, and his wife, Sunita Swaraj Yadav, who is also a co-director of Ocean Seven Buildtech Pvt Ltd, funneled the collected funds into other ventures, leaving the Expressway Towers project in limbo. This alleged Gurgaon housing fraud has left thousands in a state of financial and emotional turmoil, their dreams of homeownership shattered.

A protesting homebuyer emotionally stated that they were promised possession by 2020, but almost five years later, they are still waiting, a sentiment that resonates with countless others in similar situations across the National Capital Region. The company’s refusal to share financial records with investigating authorities further fueled the homebuyers’ suspicions and strengthened their resolve to fight for accountability.

Legal Escalation on Gurgaon Housing Fraud

In a legal escalation, a complaint has been lodged with the Economic Offences Wing (EOW-2, Manesar), which suspects violations under the Prevention of Money Laundering Act (PMLA), 2002. This move signals the serious nature of the allegations and the potential for a wider investigation into the financial dealings of Ocean Seven Buildtech Pvt Ltd. The homebuyers’ association has pledged to continue their public protests and escalate the matter to higher state and central agencies to ensure that the individuals responsible for this widespread Gurgaon housing fraud are held accountable.

They are determined to see the legal process through, hoping for a resolution that will either lead to the completion of the project or a full refund of their investments. The legal action adds a significant layer to the conflict, transforming a local protest into a formal legal battle against a powerful real estate entity.

Meanwhile, the developer has presented a counter-narrative, painting a different picture of the situation. According to a company spokesperson, the project’s delay was not due to a deliberate Gurgaon housing fraud but was a consequence of buyer protests and non-payment of dues, which they claim led to the suspension of their license and the freezing of their accounts.

The spokesperson asserted that despite these challenges, the company has completed over 90% of the work, a claim that starkly contrasts with the homebuyers’ assessment of 65% completion. In a recent meeting with the buyers’ association, the promoter reportedly assured them that possession would be delivered by March 2026. However, this assurance seems to have done little to quell the skepticism and anger of the homebuyers, who view the ongoing protests as a necessary measure to pressure the company and secure their future. The conflicting claims highlight the deep-seated mistrust between the two parties.

The situation in Gurgaon is a stark reminder of the risks involved in real estate investments and the need for stronger regulatory oversight. The allegations of this Gurgaon housing fraud have not only impacted the financial well-being of thousands but have also eroded public trust in the real estate sector. The outcome of this case could set a significant precedent for how such disputes are handled in the future.

As the legal and public battles continue, the fate of the Expressway Towers project and its long-suffering homebuyers hangs in the balance. The ongoing protests serve as a powerful testament to the collective power of citizens and their demand for transparency and justice in a market where they often feel vulnerable and unprotected.

Source: TOI