Voicing his doubts
over the completion of his flat and the entire Greater Noida (West) project,
Sen Gupta, an investor from Delhi said, “I had invested in the studio apartment
of the project but till now nothing has happened. They had given me an
allotment number but when I cross-checked it, I found out it was not a
legitimate allotment number.”
Gupta has been
travelling back and forth to the developer’s office and project site and says
that the developer is non-committal about giving him his unit number or the
final date of possession. “I once saw some documents from the Noida authority
which states that the developer has not received building plan approvals for
the studio apartment,” Gupta further added. While raising an important
question, Gupta asked that how could the developer sell studio apartments
without the proper building approvals?
In order to understand
whether a developer is actually allowed to sell apartments in their projects
without a building approval from the authorities, The Pioneer approached
Confederation of Real Estate Developers’ Associations of India (Credai). While
responding to the question, Getamber Anand, President Elect of Credai and
Chairman & Managing Director of ATS Infrastructure said, “No developer can
sell flats or any other units in the project without getting a building
approval from the authority.”
Another Delhi based
customer, requesting anonymity, said, “No one knows when the project will be
completed and also what is the status of the land that is being used. I have
approached the developers through various means but till now haven’t received
any reply. Now I am worried if at all they would finish the project?”
To find the answers to
these customer complaints, The Pioneer tried to approach Tarun Shienh, Chairman
and Managing Director of the Premia Group through various means. When we tried
to call the numbers given on the websites of the projects, the promoter was
either not available or the staff had no clue about how to reach him. We even
sent a request for an interview of Shienh on his personal website but till the
time of filing the story, neither did the Group respond nor anyone from
Shienh’s office.
While investigating
the customer complains, many interesting facts came up. With almost two years
gone, it is quite alarming to know that the construction work on the project is
far from the start while the Group launched its commercial project Crown of
Noida, Premia Corporate City 2 in Noida Sector 62. Just like its predecessor,
the commercial project site is also barren with no signs of construction.
As per an insider from
the real estate industry, “Till now Premia Group has raised almost Rs 1,750
crore as booking amounts from brokers and investors for two of its projects.”
Even after ample money has been raised, the construction sites still remain
barren. The biggest question at this point is, why hasn’t the construction
started even after two year from its launch?
As per the insider, it
seems the money is going everywhere except in the place which should have been
the top most priority. While the Group has been spending heavily to erect
hoarding across the capital and running advertisement campaigns on leading
radio stations, they have not invested anything towards actually building the
proposed project.
“Tarun Shienh has
spent a good amount of money on himself. He got a Lamborghini for himself and
almost daily travels in a convoy of expensive luxury cars. He is spending more
money on his image than on the projects,” the insider further added.
As we dug deeper,
another fascinating factor came up about the project. Premia Corporate City 2
on paper looks quite lucrative to customers as the group is offering assured
returns on their investments. As per the project brochure, customers are
promised a return of 12.5 per cent on their investments but with construction
not even started, it is not clear how the Group would keep its promise.
Currently, home loans
given by major banks lie in a range of 10.10 per cent to 10.50 per cent. So
basically, Premia Group is offering customers an avenue of investment wherein
they can take a home loan and repay it through the assured return which is
almost 2 per cent higher. Normally, returns start to come once the customer has
his house or shop which he then can put out on rent. With the construction not
even started, customers investing in Premia Corporate City 2, might have to
wait for a long time to even see if the project reaches delivery stage.
Normally, credibility of
a real estate developer lies in the number of years he has been in the industry
and how strong has been his delivery line. It seems on the front of experience,
there are a lot of discrepancies on the side of Premia Group. While the
broachers prominently highlight 21 years of experience in the industry, Tarun
Shienh himself only has nearly four years of experience in the real estate
sector.
As per Shienh’s profile
on a leading professional networking site, he has a total work experience of
almost 15 years that too mostly in sales and services. As far as delivery line
is concerned, there is not much that can be talked about. Since the projects
are far away from construction, completion and delivery seems a farfetched
dream.
On paper and in front of
public, Premia Group is quite vocal about transparency. Be it CMD’s profile or
the group’s website, transparency has been given a lot of importance. But on
the other side, The Pioneer has documents taken out from the Ministry of
Corporate Affairs (MCA), which points out that Tarun Shienh is holding top
positions in most of the 40 companies.
What is more interesting
is that all these companies have the same registered office. As per the MCA,
registered address of all these companies is a flat on the third floor in a
residential colony of Patel Nagar, Delhi. One would wonder that this small flat
would be jam packed with officials from all these companies but in reality,
just like the construction sites, the registered office is almost always
closed. We inquired by neighbours around this address, it turns out that in
every few days someone comes and collects all the letters left on the front door.
This, real estate
industry experts say, not just puts a question mark on overall credibility of
Premia Group’s promoters but also highlights a leak in the monitoring of MCA on
companies.
In the span of just
three years, Tarun Shienh, now the Chairman and Managing Director of the Premia
Group has created a lot of buzz in the real estate sector of Noida. Coming from
a desk managing operations of the National Capital Region for HDFC Standard
Life Insurance, Shienh now sits with a crown of “Property Guru” on his head.
But the facts when investigated, raises multiple questions on this young
business man’s credibility and transparency.
Source:- Dailypioneer.com
For More Updates:- Horizonconcept.com
Source:- Dailypioneer.com
For More Updates:- Horizonconcept.com
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