TRIVENI INFRASTRUCTURE COMPANY LTD:ALL FAKE WORDS AND NO PROJECT DELIVERED TILL DATE AS NOW .

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) May 16, 2010 --

* Triveni collected ‘pre-launch’ advance for ‘PLOTS’ in sector 78, Faridabad. Money is collected in the name of Triveni-Ferrous Infrastructure Development Company Limited (a JV between Triveni and Ferrous builders). Later, according to unconfirmed reports, this JV got dissolved and Triveni and Ferrous parted ways, but this is NOT revealed to any customer. According to the initial agreement for plots, if builder could not provide the same within 12 months, he was liable to pay interest @10% p.a. but builder did not say anything till date – even today, to plot owners they claim that they have applied for license which is actually untrue. There are still people like Vishwa Murti Gupta (USA, mail id: vishwamurti.g@gmail.com) who had booked PLOTS but nothing happened and they are still waiting for their refund. To some, PDC’s were issued in mid 2008 dated Nov/ Dec 2008, and all these PDC’s have bounced. A handsome 10% commission is paid to dealers to get more bookings.
* At this time, they don’t even have land in their name (they bought land from booking amount collected).
* It should be noted that according to Section 7(i) of The Haryana Regulation and Development of Urban Area Act of 1975, selling OR offering to sell properties in pre-launch is illegal.

April-October 2006

* Triveni pre-launches two APARTMENT projects: Signature (Sector 89) and Galaxy (Sector 78) in nehar-par sectors of Faridabad. Again collects Rs 2.5L to 3.5L as ‘booking amount’ at a “concessional pre-launch rate”. A handsome 10% commission is paid to dealers to get more bookings.
* Again, at this time, they don’t even have land in their name (they bought land from booking amount collected).
* It should be noted that according to Section 7(i) of The Haryana Regulation and Development of Urban Area Act of 1975, selling OR offering to sell properties in pre-launch is illegal.

Late 2006 Triveni again tells their customers that they can get a “PRIORITY NUMBER” by paying another 2.5 to 3.5L that will help them in choosing a flat of their choice on priority (according to this number). However, when actual allotment is done in May 2007, no priority is provided to anyone!...and this demand is again illegal under Section 7(i) stated above!
Jan/ Feb 2007 Triveni announces getting license. As Sector 89 project was in collaboration with Ferrous builder, the two split WITHOUT ANY INTIMATION TO CUSTOMERS and split the customers amongst themselves (customer having no option to go with either).

May/Jun 2007 Finally, flats are allotted! By this stage, Triveni charges 35% of Basic selling price PLUS 50% of EDC/IDC and other charges. So, at the time of allotment, which too is ‘PROVISIONAL’, Triveni has already charged around 45% of total gross cost of the apartment (without doing anything – they even purchased land from customer’s money)!

A small term on agreement is that if customer wants to cancel booking, he loses 10% of the booking amount paid till now.
Aug 2007

* Triveni sends customers a big ‘Builder Buyer Agreement’ to sign. It should be noted that this agreement is completely biased in favor of builder. There is a clause that says that in the event of cancellation, the builder will forfeit 20% of GROSS VALUE. It should be noted that the buyer is now forced to sign the one-sided Builder Buyer agreement after he has already paid the builder around 45% of total amount! Also, the payment plan proposes to charge 92% of the total money by the time roof of 7th floor is cast (in a 11 to 16 storey structure, with no brick work etc)…
* Those who insist on refund of plots are paid PDC’s dated October/November/December 2008, most of which bounce…
* Moreover, nowhere in the BB agreement, they specify that the license is valid only till January 2009. Interestingly, while license is valid till Jan 2009, promised date of completion is 36 months from date of signing the agreement (i.e., early 2010) – without any clause that says that this is subject to license renewal.

May 2008 Again demand more money – depending on construction stage of different towers. However, many demands are fake. Also, while plan says that an installment is due on ‘Casting of Xth floor’, they demand it even before casting. Most unsuspecting customers pay, but later realize that they had paid it in by ignorance.
Next 10 months(till March 2009) No view of plots – still they maintain that they have applied for license and it is expected any moment!

Triveni continues to raise fake demands and send cancellation notices to bully customers. There is very little progress on site. Refund cheques keep bouncing. Customers form an association and get it registered.

April 2009- June 2009 Registered association of customers speak to Sumit Mittal directly as well as through his appointed nominee to find a realistic solution that defends interests of both parties – however, Mr Mittal appears too keen to get money without committing any deadline or action to prove his intent.
July 2009 Customers of Faridabad project send a team to Agra – the team visits all his past projects and meets victims. The team is surprised to find:

* That there was a recovery notice against Mittals in Dhar, MP from where they ran away (to the tune of 8-9Crores) by local government;
* That there were number of cases against them at Agra;
* They were declared ‘Bhoo Mafia’ in Agra in 2008;

* They did NOT complete even a single project till date – they forced all their customers to compromise and get the allotment on as-is basis at a cost determined by Triveni!
* …and they are using same tactics in Faridabad.

August 2009

* Customers come to know that a bail Application is pending (Bail Appln number 1641/2009) in the Delhi High Court for BN Gupta, Sumit Mittal and Madhur Mittal (All directors of TIDCO) in FIR Number 234/2008 with Economic Offences Wing, Qutub Institutional Area, Delhi.
* During hearing on Nov 30 in above matter, 25-30 customers barge in to the court and present their facts.

* During hearing in the above matter on Dec 11, 2009, again, 40-50 customers are present in the Court Room. Even farmers who sold land to TIDCO are present who claim that the cheques paid towards land cost have all bounced!
* Matter is posted again on January 28 in the Court of Justice Mrs Indermeet Kaur.