Mohali: Half-constructed high rises, rusting signboards and ripped hoardings denote the tattered dreams of Pearls City in Mohali. Spread over two sectors in Mohali, 800 plots have been sold till date in the housing scheme.
The booking for the flats in the Pearls City began in 2008. The company had promised that the flats would to be ready by 2012. But with group CMD Nirmal Bhangoo and four top officials behind bars for allegedly running a Rs 45,000 crore ponzi scheme, the company accounts are frozen and the work is at a standstill.
Pearls City RWA Secretary Jaspal Singh says 95% people have paid and are not getting possession of their properties.
Those who took loans to build houses and purchased property are now stuck paying instalments and also rent of the place where they are staying[name]Jaspal Singh [/name]
Lured by the promise of a 'Manhattan-like city' close to Chandigarh, 800 buyers were allotted plots. But even mandatory infrastructure like a sewage treatment plant is missing. The home buyers claim they paid more for facilities like a clubhouse, which hasn't materialised.
They allege company officials are complicit in selling off construction material, secure in the knowledge that the project will never be complete.
"Security is a major concern for us . In addition there are water problems. Pearls officials have all run away from duty. Who should we complain to? If there is a motor pump issue who will replace it? No one person can buy a motor. There are no employees here, they have either been terminated or have run away. They should fulfil their commitment. We will protest against this," buyer Iqbal Randhawa says.
With the entire project abandoned by the developers, the Greater Mohali administration says its hands are tied until it gets permission from the Central Bureau of Investigation (CBI). The skeletal office staff did not comment on the developments.
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