Members of a housing society were promised flats under the redevelopment of a MHADA project at Chikanghar area (File photo)
Construction progressed only up to the 10th floor for sanctioned 29 floor building and the project has remained stalled since 2022, according to the complaint.
The redevelopment had been entrusted to Tycoon Avanti Projects LLP, a joint venture of Tycoon Realty LLP and Seacom Realty Ltd, according to the complaint. The alleged delay has left both existing society members and new homebuyers uncertain about possession of their homes.
In a clarification, the Tycoons Group said the FIR followed a complaint by a customer who had entered into a deal of around Rs 40 lakh for a residential apartment. The group said MHADA redevelopment projects in Chikanghar had faced severe delays due to policy-level issues, resulting in financial difficulties and delays in handing over possession to buyers.
Police said the allegations, including those concerning the financial transactions, project documents, mortgage of the society’s land and money collected from buyers, would be examined as part of the investigation. It said the project was registered with RERA and buyers could seek redressal through the regulatory mechanism. The group said it had evidence and would cooperate with the police investigation.
The developer, however, strongly denied the allegations. It also claimed that the project had received final approval for funding from a Central government fund, but protests and complaints were creating obstacles and pressure on company.