Director of realty development firm arrested by Noida police for duping customers If you are looking for a dream home, look elsewhere. After receiving several complaints against Nitishree Builders <table style="width: 150px; height: 42px" cellspacing="0" cellpadding="0" width="150" align="right" border="1"> <tbody> <tr> <td><img alt="" src="/imagedata/2010/sep/award.jpg" border="3" /></td></tr> <tr> <td> Halfway house: A file photo of Anil Jain (left), the director of Nitishree Builders, who has been arrested for duping customers.</td></tr></tbody></table>in Noida for duping customers, Noida police has arrested Anil Jain, director of the company. MiD Day had earlier reported how more than 14 professionals were allegedly duped by the builder after promising them luxury homes on NH-24. For last three years, more than 14 professionals are paying hefty EMIs every month on housing loans. However, not a brick has been laid since the Noida-based builder came up with the residential project on NH-24. Nitishree Builders announced the Shouryapuram project in 2006 but the project work is yet to take off. Miffed customes have registered a written complaint with the Noida police against the builder, alleging they were supposed to get possession of their properties by June 2009. Buyers have already paid large sums to purchase property. "I took a loan of Rs 25 lakh to book a flat in April 2006. I was assured of getting the keys to my house by June but the project never saw the light of day," said software engineer Sourav Goyal, who is paying an EMI of Rs 25,000 every month. Another victim Kamal Sachdewa, who works in a financial firm, had invested Rs 6.40 lakh to buy a plot under the Shouryapuram project. "I had booked a plot in September 2005 and had invested in this project after seeing a full-page advertisement in a newspaper. I have even got the allotment letter but surprisingly, there is no construction work in process at the site. I had even paid the development and parking fee to the builder," said Kamal. "Anil Kumar Jain had 10 cases of fraud (Section 420 of the Indian Penal Code) registered against him at Sector-20 police station alone. While investigations are still on, a chargesheet filed in one of the cases found his involvement," Additional Superintendent of Police Alankrita Singh said. Kumar was also blacklisted from the Noida Authority three years ago for his involvement in group housing society scams involving several crores, the official said. Another police official said: "The builder amassed money from people in the name of soft-launching or pre-launching. He offered them flats and shops on land that he never actually owned. In many cases, he took money and never gave them allotments and later did not return the money as well." CHANGING THE SYSTEM The archaic property registration procedure in Delhi may soon give way to a transparent and digitised mechanism with the city Government on Monday approving a draft legislation that seeks to modernise the entire system. The Delhi Survey Registration and Recordal of Title to Immovable Properties in Urban Areas Bill envisages setting up of a single, secure and efficient system for registration of immovable properties in the city and is also likely to put a check on rampant corruption.

Director of realty development firm arrested by Noida police for duping customers

Builder of fake dreams nabbed

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