Years ago, Delhi native Nadeem moved to Dubai in search of employment, eventually finding work there through immense difficulty. Bearing the family's responsibilities on his shoulders, he endured hardships, saving money to invest in Noida's Sector 132 WTC CBD project. Nadeem envisioned a peaceful retirement back in his homeland, but returning after three decades revealed the project's betrayal, shattering his lifetime savings.
Nadeem had booked a shop in the WTC CBD project, expecting rental income to ease his life, but now, at 69, he protests at the dilapidated construction site where a grand building was supposed to stand. His entire savings have vanished, leaving him without any income source. A despondent Nadeem shares, 'I see no option but suicide now.' His story echoes with hundreds of others who invested in various WTC projects, pouring in their hard-earned money.
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Around 3,000 people invested in the WTC CBD project in Noida's Sector 132. Sold the dream of handsome returns, they booked hoping life would be simple with rental income. However, this project's been stalled for years. Launched in 2018 with a delivery promise by 2021, work ceased post-COVID, and the builder now resides in jail, complicating possession prospects. Numerous other WTC projects have seen office and plot bookings without delivering possession to date.
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Investors claim the project held RERA approval, bearing a renowned name like WTC, so they trusted it. However, they've been deceived at every turn. The site was to host three towers, yet not even one stands complete. People nationwide invested here. Noida resident Subir booked an office, paying 95% with no possession forecast. He narrates, 'For years, builders made excuses while taking our money, yet no work commenced. RERA stood idle, and WTC US distanced itself, stating they're merely a franchise. Now, where do we turn?'
The builder, Ashish Bhalla, has exploited many under WTC's name, without the franchise being rescinded for considerable delays. Only post-ED action was his license revoked. Another buyer, Vipul, describes their collective NCLT case, seeking resolution amid a protracted legal process, uncertain of outcomes. Bhalla faces hundreds of legal challenges and remains imprisoned, but investors are left in the dark.
Source: aajtak
Many invested while working abroad, anticipating a fixed-income retirement life. Dr. Rashmi, who spent years working overseas, poured earnings into a plot at another WTC project, Signature Tower. Even after 11 years, possession remains elusive, her frustration evident: 'A lifetime working abroad envisioned a peaceful homeland retirement, yet betrayed by our nation. Initially due in 2018, later set for 2022 by UP RERA, perpetual delays persist. Did we sin investing in our country?'
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Delhi's Ritesh Kumar recounts, 'My father vested his retirement funds into this project. His possession wait outlived him, and my ill mother lacks income. Our entire funds lie with this project, with no hope for fruition.' Another buyer, Umesh Kumar, traded his flat for a commercial spot at WTC Techzone, expecting Rs 30,000 monthly rent to fund his children's education. But his investment vanished.
WTC project investors face distinct tales – retirement plans, daughter's marriage savings, children's future – now questioning their future direction.
Source: aajtak
WTC promoter Ashish Bhalla was arrested by ED in March under money laundering allegations. He's accused of collecting 3,000 crore Rupees from investors, offering assured returns, and routing funds to shell companies. Investigations revealed hundreds of crores sent abroad, notably Singapore, to benefit his family.
