How do we protect ourselves when even RERA-registered projects are built on forged land approvals?
If you are looking to invest or have already bought property in the Mohali / New Chandigarh micro-markets, you need to read about the massive ED raids that just dropped.
The ED cracked down on two major real estate groups in Punjab, Suntec City (Indian Cooperative Housing Building Society) and Altus Space Builders, for a multi-crore fraud involving fraudulent Change of Land Use approvals.
The promoters allegedly forged signatures and thumbprints of 15 local landowners to create fake consent letters for 30.5 acres of land.
Using these fake documents, they successfully tricked the development authority (GMADA) into giving them CLU approvals for their mega-townships. They collected over ₹150 crore from gullible homebuyers without executing proper sale deeds.
Projects like the La Canela residential complex and District 7 commercial hub were built and completely sold out on the back of these fraudulent clearances.
Now, the state government has revoked parts of these approvals, and RERA is under scrutiny for registering projects that lacked valid joint development agreements.
How on earth is an ordinary buyer supposed to verify if the original land consent letters submitted to the government a decade ago were forged? If the underlying CLU is canceled, the entire gated community's future enters a legal black hole.