“No NRI invests in India, in this situation”!
“Prime Minister Modi urges NRIs to invest in India, but with a situation like this, where investment is not safe, no one will invest in India,” says Pradeep Sharma, an NRI investor, based in Singapore.
With the promise of the assured returns, several NRIs are investing in India, and are ending up in long-drawn legal battle with the developer. They curse their decision to invest in real estate in India.
There are over 600 such NRI investors, who are struggling over the years, to get their property back, after investment in the Spire Edge commercial project that was launched in 2008 in Manesar, Gurgaon.
"We never thought that some people could cheat us in a place like Manesar, barely 50 km from the national capital, and no action will be taken against the accused," Pradeep Sharma said, adding that even complaints made to PMO and Haryana Chief Minister’s Office went unheard.
A total 1274 investors, including the 600 NRIs, in the Spire Edge project have now formed an association called Federation of Spire Edge Customers Association (FOSECA) to fight against the irregularities.
