CHENNAI: The MARG Group led by G R K Reddy had promoted the Swarnabhoomi project in an area earmarked as a Special Economic Zone. Rules allow the flats to be sold only to people working in the SEZ. “But he violated the rule and with the intention of cheating people he sold the flats,”the police statement read.
“The builder had promised to complete the project in 2013 and hand it over to the customers. But the property cannot be sold as it comes under SEZ; it can only be taken on lease for 99 years. When the buyers realised they were being cheated, they lodged complaints,”said a senior police officer.
The company is sitting on `11 crore paid by 3,000 people who invested in various delayed real estate projects promoted by MARG. Some of the projects the police named included Swarnabhoomi, Brindavan and Savithanjali in Chennai and Kancheepuram districts.