A massive protest has swept through Gurgaon as frustrated homebuyers of the stalled Expressway Towers project have taken to the streets, alleging a significant Gurgaon housing fraud by the developer, Ocean Seven Buildtech Pvt Ltd. More than 100 people, representing over 3,000 investors, gathered to demand answers for the project’s nearly decade-long delay. Launched in 2016, the project was intended to provide affordable housing, but after years of financial contributions from buyers, construction has inexplicably halted. This has left the investors in a precarious position, grappling with the dual burden of paying both their home loan EMIs and rent for their current residences. The public demonstration, marked by placards and chants, was a powerful display of collective anger against the developer, Swaraj Singh Yadav. The homebuyers feel that their trust has been betrayed and their life savings jeopardized.
The core of the dispute revolves around serious allegations of financial mismanagement and fund diversion. The aggrieved homebuyers claim that the developer and his co-director, Sunita Swaraj Yadav, diverted funds collected from the Expressway Towers project to finance other business ventures. This act, they contend, constitutes a deliberate and fraudulent scheme, an egregious Gurgaon housing fraud that has directly led to the project’s incompletion. Despite collecting full payments from the buyers, the construction stands at a disappointing 65% completion. The homebuyers have expressed their profound distress, highlighting that the promises of possession by 2020 were never fulfilled, and they have been left in a state of limbo for years. Their struggle has been exacerbated by the company’s alleged non-cooperation with investigative agencies, which has further fueled the conflict.
The legal dimension of this case is gaining momentum. The homebuyers have already filed a formal complaint with the Economic Offences Wing, suspecting violations under the Prevention of Money Laundering Act. This legal action underscores the gravity of the accusations and moves the dispute from a civil matter to a serious criminal investigation. The homebuyers’ association has made it clear that they will not rest until justice is served. They have vowed to take their case to the highest levels of state and central government, ensuring that this instance of Gurgaon housing fraud receives the attention it deserves. They believe that only through persistent public pressure and legal action can they hold the powerful builder accountable for the financial and emotional distress inflicted upon thousands of families.
The company, Ocean Seven Buildtech Pvt Ltd, has offered a rebuttal to these grave allegations. A spokesperson for the developer claims that the project’s delay was not a result of any Gurgaon housing fraud but was caused by external factors, including buyer protests and a subsequent halt in payments. They further state that these issues led to the temporary suspension of their license and the freezing of their accounts. The spokesperson maintains that despite these hurdles, the company has completed over 90% of the work, a figure that is significantly higher than what the homebuyers and other sources have reported. In an attempt to de-escalate the situation, the promoter has given an assurance that the project will be completed and possession will be handed over by March 2026. However, this promise has been met with considerable skepticism by the homebuyers, who have grown weary of empty words and unfulfilled deadlines over the past nine years.
This escalating dispute serves as a cautionary tale for all prospective homebuyers. The case of the Expressway Towers project highlights the vulnerabilities of investors and the urgent need for more robust regulations and consumer protection laws. The allegations of Gurgaon housing fraud have not only damaged the reputation of the developer but have also brought into focus the broader challenges plaguing the real estate sector. As the legal proceedings unfold and the protests continue, the outcome will be closely watched by many, as it has the potential to influence how similar disputes are addressed in the future. The resilience of the homebuyers in their quest for justice is a testament to their determination to reclaim their investments and their dreams of owning a home.
Source: TOI
