Dear All,

The investors of Spire Central project in sector 106 have been made to suffer badly by the promoters. The company after holding the investor's monies for more than 2 years, unilaterally cancelled the project and has refunded the money of the investors back into their accounts. This was done without any formal communication to the investors about the project license being cancelled or any explanation or reason for it. Phone calls to the company office just say that the license is cancelled since there is some case going on some of their other land in amritsar.. even this is a new communication since till a month back they were saying approvals have not been received on the plan..

today those investors are all stranded and left with no where to go with the rate having increased more than almost 200% ...and the plight of those who bought it in resale is even worse since the company has only refunded the amount which was paid to them and not the premium which these investors paid to the sellers in resale..that premium amount as of date stands lost with normal buyers stranded with loans and leveraged assets...

i appeal to all forum members to help the investors of spire central get justice by restraining from investing in their other projects and guiding us with whatever information and support we can get on next steps to get justice...

i wud also request the moderators to make this a sticky thread so that we can gather as much public support in our fight for justice...

if we allow builders to get away like this, none of us can be sure of our monies as to when a builder decides to cancel the project and refund the money...resale of projects will become very risky if a precedent like this gets set and the builder gets away scot free...
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  • you all should do dharna oppositeto thier exisitng project spire spouth
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  • bad news..all chore builders
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  • Very bad, it seems building your own society is going to be the only sustainable solution to our home need.
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  • Originally Posted by chetani3
    Dear All,

    The investors of Spire Central project in sector 106 have been made to suffer badly by the promoters. The company after holding the investor's monies for more than 2 years, unilaterally cancelled the project and has refunded the money of the investors back into their accounts. This was done without any formal communication to the investors about the project license being cancelled or any explanation or reason for it. Phone calls to the company office just say that the license is cancelled since there is some case going on some of their other land in amritsar.. even this is a new communication since till a month back they were saying approvals have not been received on the plan..

    today those investors are all stranded and left with no where to go with the rate having increased more than almost 200% ...and the plight of those who bought it in resale is even worse since the company has only refunded the amount which was paid to them and not the premium which these investors paid to the sellers in resale..that premium amount as of date stands lost with normal buyers stranded with loans and leveraged assets...

    i appeal to all forum members to help the investors of spire central get justice by restraining from investing in their other projects and guiding us with whatever information and support we can get on next steps to get justice...

    i wud also request the moderators to make this a sticky thread so that we can gather as much public support in our fight for justice...

    if we allow builders to get away like this, none of us can be sure of our monies as to when a builder decides to cancel the project and refund the money...resale of projects will become very risky if a precedent like this gets set and the builder gets away scot free...


    Is the studio apartment project is also cancelled..
    Please inform us..
    CommentQuote
  • Hi
    Greetings

    We have an existing thread to discuss issues pertaining to the project in question. The recent developments have been discussed and I have personally tried to share my own experience regarding reneging of contract by a builder to offer refunds along with relevant Honble High Court Judgements.

    Starting a new thread will sacrifice valuable inputs in the existing thread therefore the current thread is being closed (not deleted).

    Please continue discussion on existing thread.
    https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/gurgaon-real-estate/10733-millennium-spire-central-millennium-spire-limited-sector-106-gurgaon/page33?t=13070&page=33

    Cheers
    CommentQuote