'18 Real Estate Companies Under Scanner for Forgeries'

'18 Real Estate Companies Under Scanner for Forgeries'

By PTI   |   Monday, April 29, 2013
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New Delhi: Government said complaints were received against 27 real estate firms across the country for alleged forgeries and dubious investment schemes, out of which 18 are being probed by different regulatory and enforcement agencies.
Giving a list of these 27 entities, the finance ministry said that complaints against seven of them are being examined by Sebi, while the markets regulator has prima facie found two other firms to be running Collective Investment Scheme (CIS) and suitable actions are being taken against them. In a written reply to Lok Sabha, the ministry also said that an examination by Sebi did not find any CIS violations at nine entities.
Besides, action has already been initiated by different agencies against another eight companies - namely Alchemist Infra Reality, PACL, KBCL India, SGS Agro Farm, RBN Real Estate and Allied India, Maitreya Plotters and Structurals, Megacity Bangalore Developers and Builders and Sai Prasad Properties.
In one case, complaint has been taken with the company (Jain Housing and Constructions Hyderabad) and the reply is awaited. Those having been found by Sebi to be running CIS scheme without approval include Ecogreen Real Estate India and Ken Infratech.
Besides, Sebi is still examining complaints against Nicer Green Housing, Imbowers Housing and Infrastructure, IHI Developers India, Servehit Housing and Infrastructure, Taneja Developers and Infrastructure (Panipat), Royal Infra Towers and Maxworth Buildtech. Providing the details, minister of state in the finance ministry, Namo Narain Meena, also said that the government is considering a bill for setting up of a Real Estate Regulatory Authority and a Real Estate Appellate Tribunal in each state with powers to ensure transparency and quick redressal of grievances and disputes.

Also Read: Housing Prices Up By Avg 20 Percent in Delhi-NCR

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