PAL group dupes investors in Gurgaon and Faridabad building projects, dugs only a hole on a construction site in five years
PAL group dupes investors in Gurgaon and Faridabad building projects, dugs only a hole on a construction site in five years
It was their investment for a lifetime, but now in waste.u00a0
Five years back when the eager investors put in their money to get the possession of their dream home with the PAL group that came up with two projects at Faridabad and Gurgaon, they didn't had the inkling that their future will be marred by the company's mean interests. 
Dug out: A huge pit lies at the site of a proposed apartment complex
in Gurgaon
Even after waiting for so long, the builders have not moved an inch and have just dug a hole on the construction site, leaving behind hapless and furious investors.
"I was thinking of investing in real estate and I came across PAL group through newspaper advertisement. I bought a 1,575 square feet plot at Rs 1,400 per square feet in the year 2005. I have made payment of Rs 9, 19,000 for the apartment and was expecting the possession of the house by 2008. But even after five years, there was sign of construction on the site," said Kunal Puri, Daryaganj resident who invested more than Rs 12 lakh in PAL group.
"I made a second mistake by investing in another PAL property that was coming up in Gurgaon. I paid Rs 3 lakh for it as I wanted to invest in property, but the group has just cheated me and many other investors like me," Puri added.
According to the property buyers, two property PAL Gardens at Sector 89 Faridabad and PAL aqua polis at Sector 70A Gurgaon was started by PAL group, but at the moment there it is nothing more than a barren land. There are not even signboards of the builder which was supposed to be installed. Now, the investors are planning to take legal action and move the matter to court and have filed an FIR regarding the case.
"I have written more than 100 mails and have visited PAL office for innumerable times in these five years, but all went in vain. They have said it on my face that they are bankrupt and they could not repay us and you can do what ever you want. I have filed a criminal case against them and have moved consumer court against the builder," explains Puri.
Another investor, who too was expecting the possession of his luxurious apartment, shared the same plight. Mohd Nadeem, resident of Noida, had invested Rs 7.5 lakh and is now running from pillar to post to get update about the builder. "I have already paid Rs 7.5 lakh for the PAL Green Faridabad house, but could see nothing happening there. Earlier, they had opened an office at the plush Bristol hotel, but now they have moved to Sikander Pur," he said.
"I have booked a flat and invested my hard earned money of Rs 7.20 lakh in Pal Sector - 89 Faridabad in December 2006. The builder had assured of completing the project by December 2009, but as of today, they have only done 10 per cent of the work. As an investor, I asked them to refund my money along with interest, but they simply refused and even threatened me to do what ever I can. The money that I invested has become Rs 11.82 lakh along with the interest," said another investor, wishing anonymity.
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