450 crore rupees embezzled at the World Trade Center, Mohali

450 crore rupees embezzled at the World Trade Center, Mohali

More than 1,200 allottees are facing the wrath of GMADA

S.A.S.Nagar 22 January ( Ranjeet Singh Dhaliwal ) : The builder of the World Trade Center, Mohali, has openly looted the hard-earned money of ordinary people and defrauded them of billions of rupees. Due to their collusion with GMADA, approximately 1,200 allottees are still in the process. Allottees allege that 70 to 100 percent of their money has been collected, but only the structure of the project remains standing.

Speaking during a press conference at the Mohali Press Club today, World Trade Center Chandigarh (Mohali) Allottee Welfare Association President Amarjit Singh Walia and Vice President A.K. Mehta stated that the aforementioned builder had allegedly embezzled ₹432 crore collected from approximately 1,200 allottees. He was assured that he would deliver possession of the plots by 2020, but six years later, the project remains in limbo. He further stated that GMADA repossessed the site in April 2023, and RERA cancelled it in 2024. GMADA has yet to take any concrete action to protect investors' rights. Allottees told the press that if GMADA has cancelled the project for not completing it by 2023, then from whom should they seek repayment of the crores of rupees paid by hundreds of allottees at GMADA's behest, as GMADA has already given up. The ED arrested the builder, who had embezzled billions of rupees from people not only in Mohali and Chandigarh, but also in Noida, about 10 months ago. 

This case was auctioned by GMADA in 2015 for ₹132 crore under the WTC Chandigarh (Mohali) project. However, due to the failure of the developer company, WTC Noida Development Company Private Limited, the project has been stalled for more than a decade, and hundreds of ordinary people who invested in the project are suffering the consequences. Spread across 8 acres, this project has siphoned off crores of rupees from people by constructing structures in name only.

He further stated that the life savings of over 1,200 families, including ex-servicemen, retired public sector professionals, and small businessmen, are stuck in this incomplete project on Airport Road. Most allottees have paid 70 to 100 percent of their dues, yet they are still awaiting possession. He stated that despite repeated summons issued by the RERA court, GMADA has failed to present a clear position or protect the rights of allottees. The revision petition filed by the builder in March 2024 is still pending, further delaying justice.

Association leaders demanded immediate action from the Punjab government and GMADA to deprive the existing builder of any claim or rights to the project, invoke Section 8 of the RERA Act, 2016 to facilitate the completion of the project through other means, prepare a transparent revival plan with a financially sound developer, unconditionally enforce the existing allotment agreement, and form a joint monitoring committee of GMADA, Punjab RERA, and allottees to monitor the work. They stated that GMADA is directly under the supervision of Punjab Chief Minister Mr. Bhagwan Singh Mann, and therefore, they are hopeful that justice will be served soon. Vice President Manjit Singh, General Secretary Navneet Singh, and License Secretary Tarsem Amarjeet were also present on the occasion.