Alliance Builders started colecting deposits for their proposed project called Orchid Springs in 2006 (in Anna Nagar Extension-on the way to Red Hills). They were dragging the project citing reasons of non-approval of design etc by the authorities. Later in 2009 they advertsied again in a different project name and collected finds from new investors. The old investors were requested to pay additional amount and ensure allotment of apartments.
Even now, the funds (received from many investors) are being held by the company on interest free basis, with no sign of progress.
Their other project Bouganville for construction of villas (in Porur, Chennai) also have similar stories.
I wonder if the investor has any protection for his hard earned money, with such builders who collect huge amounts of cash which are interets free. Is there any authority in the country which ensures that the proposed projects are built and handed over to its investors. Or is there any law which protects the individual investor.
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