Swarnabhoomi project: Investors accuse Marg of cheating
Over 2,000 people have invested in the project, which Marg had so far not delivered
Chennai: A group of people from middle class families who had invested their hard earned money in Marg’s Swarnabhoomi project in Cheyyur on East Coast Road beyond Kalpakkam on Wednesday approached the Chennai police to give more evidence to show they were all taken for ride. The project was announced in 2010-11 and delivery was promised in June 2012.
“Three years after I gave Rs14 lakh for a flat which was priced Rs18 lakh, I am yet to get to occupy my apartment because it was never completed,” said Siva, who was looking forward to owning an apartment at least a few kilometers away from the city as his financial condition never allowed him to think of having a flat in the city.
He is not alone. Over 2,000 people have invested in the project, which Marg had so far not delivered. Rajesh, who is into signage business, has paid over Rs 3.5 lakh for an apartment in Swarnabhoomi. He is now trying to form a group of the investors who lost their money in the project, which has stalled half way through.
“Whenever we went to the Swarnabhoomi project site or the Marg office in Thoraipakkam we were abused and threatened. Many complaints were lodged at the Thoraipakkam police station. Because nothing happened we decided to approach the Chennai city police commissioner’s office,” said Rajesh.