The two projects — Shubhkamna Techome in Noida Sector 137 and Shubhkamna City in Greater Noida — had been floated by the same group that owns Impex PSA Pvt Ltd. On September 24, a buyer of Sampada Livia, a stuck project of Impex, secured a stay from the Delhi high court against recovery notices issued by the bank.
Flats in the two Shubhkamna projects were supposed to have been delivered between 2015 and 2016. In all the three projects, including Sampada Livia, not a single of the 2,050-odd apartments has been handed so far. Many buyers have stopped paying installments to banks.
“Originally, the promoters of all the three projects were the same, but they floated different companies to execute them. Only Diwakar Sharma and Harish Kumar were sent to jail in September 2018 and September 2020, respectively. The remaining directors are all absconding,” said Raju Singhala, president of the Shubhkamna Techome group housing welfare association.
Diwakar Sharma was one of the three directors of Shubhkamna Buildtech Pvt Ltd and also the chief executive officer of Impex PSA Pvt Ltd. Harish Kumar was one of the four directors of Impex.
“Several court orders have been issued against them and we have made numerous complaints to the Greater Noida Authority. But thousands of buyers are still stuck,” said Subhash Chandra, president of Shubhkamna City group housing welfare association
Some of the buyers issued notices for not paying EMIs have now decided to move the Delhi high court for relief.
According to Chandra, there are more than 100 buyers in Shubhkamna City who have been issued notices by banks so far. “Some have already petitioned the court. The others have decided to implead themselves and take legal help,” said Chandra.
“In our project, close to 10-12 buyers have got the notices from banks. They are going to examine the high court order and the petition of the buyer who has been given relief,” said Singhala.