5 Multi-Crore Real Estate Scams in India

2)  Noida land scam:

Noida land scam is another multi-crore real estate fraud took place in India. In this scam, top scientists of the Indian Council of Medical Research (ICMR) have transferred the government land worth around 70 crore to the name of a private group to develop society flats by spending just a small part of its actual market value.

Originally Noida land scam started way back in March 1992 when the tract of government land was allotted to develop staff quarters for ICMR affiliated ICPO (Institute of Cytology and Preventive Oncology) at sector 39. The ICPO spend around 2 crore to get possession of the land but failed to develop the quarters till March 2006, due to which the penalty amounted to almost 2.28 crore. And from this stage, it is to be believed that officials started using the plot of land for different purpose.  

The plot of land that came under scanner spans over 2.5 acres which is around 9,712.62 square meters and the society building is located on Noida’s prime location where the sector 32 Metro station and Noida City Centre is nearby.