Gurugram developer ‘diverts funds’ to other projects, buyers protest

GURUGRAM: Homebuyers who have invested in CHD Avenue project in Sector 106 on Sunday threatened to go on a protest against the builder, alleging that the builder is utilising their money for developing other projects.

Protesters alleged that the builder was utilising the money invested by them for developing CHD Towers in Sector 106 as construction was stalled in the CHD Avenue project since 2015 due to lack of funds. On Sunday, protests were held outside CHD Towers in Sector 106 and Sohna road. They threatened to hold protests outside all projects of the group to discourage buyers from investing in the project.

Around 30 to 40 homebuyers gathered the entry near CHD Avenue on Sunday afternoon and held banners and placards against the developer. “There are over 500 homebuyers who are enraged with the builder,” said Manjit, a buyer. “We have all started this concerted programme and will continue holding demonstrations until our flats are ready,” he added.

Launched in July 2012, the CHD Avenue project is spread across 12 acres and has a total of nine towers with around 650 units. TOI reported last week that buyers of CHD Avenue, are worried about their investments as there is no sign of completion of the project two years after its proposed date of completion. Meanwhile, a spokesperson for CHD, who did not comment on the lack of funds, said, “The project is 80% complete, and the rest will be done once we receive the registration from Rera.”