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Immobilier Vallauris Golfejuan

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Home›Real estate agency›Karnataka: ED ties up 16 properties worth Rs 137 crore to Bengaluru-based property company

Karnataka: ED ties up 16 properties worth Rs 137 crore to Bengaluru-based property company

By Brandon Brown
July 5, 2022
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The Enforcement Directorate (ED) said on Monday that it has provisionally seized 16 real estate properties worth Rs 137.60 crore from Bengaluru-based real estate company Dreamz Infra India Ltd.

Notably, the Dreamz Infra India Limited scam came to light in 2017 after Bengaluru city police discovered that at least 5,000 people had been cheated out of Rs 1,500 crore. The main defendants in the case, Disha Choudary, Sachin Naik and Sumanth, have been arrested. The CID, which was investigating the case, submitted a report to the revenue department after seizing 17 properties from Naik. The properties were then auctioned off, but apartment buyers have yet to get any relief.

On Monday, ED said, “ED has provisionally tied 16 real estate properties worth Rs. 137.60 Crore, in Dreamz Infra India Ltd. and others, under the PMLA, 2002.”

Recently, the National Consumer Disputes Redressal Commission (NCDRC) ordered Dreamz Infra India Pvt Ltd to complete the construction of its long-awaited construction project within a year, hand over possession of apartments to 18 aggrieved apartment buyers and to pay them compensation.

In the order, NCDRC Chairman, Justice RK Agarwal, and NCDRC Member, SM Kantikar, said: “The opposing party’s developer is required to complete the construction of the project within one year. , to obtain a certificate of occupancy and to provide possession of the respective apartments to the plaintiffs.”

He further stated that the promoter is “responsible to pay late payment compensation of 9% per annum from the promised delivery date until the plaintiffs actually take possession”. The commission also asked the promoter to pay Rs 50,000 as legal fees to each plaintiff.

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