UK Firm Pulls Out Investment from NCR Based GBP Group

Over 2,500 allottees’ hopes for revival of long-pending realty projects have all but vanished with global conglomerate SRAM & MRAM Group pulling out its Rs 700-crore investment committed to the GBP Group. While managing di

BY Realty Plus
Published - Monday, 27 Sep, 2021

UK Firm Pulls Out Investment from NCR Based GBP Group

Over 2,500 allottees’ hopes for revival of long-pending realty projects have all but vanished with global conglomerate SRAM & MRAM Group pulling out its Rs 700-crore investment committed to the GBP Group. While managing director Satish Gupta remains off the grid, all offices of the GBP (Gupta Builders and Promoters Private Limited) Group, in and around Mohali, stay locked, leaving allottees in the lurch. The realty firm has several ongoing projects in Mohali. Among them, Camelia, offering both residential and commercial units, in Kharar, and GBP Centrum (commercial) in Zirakpur have been under construction since 2016, with not a single allottee given possession. At two other projects – Athens (residential and commercial) and Aeroze (residential) – both on the Airport road, construction has remained stalled for years, and at a residential colony in New Chandigarh, where plots have been sold, construction has not even begun. Nearly Rs 500 crore, invested by over 2,500 people from Punjab, Haryana, Himachal Pardesh, Jammu and Kashmir, and several NRIs, are riding on these projects. In June this year, UK-based SRAM & MRAM Group had signed an agreement with the GBP Group to invest around Rs 700 crore in its projects, giving allottees new hope. But it has now backed out. In a letter to the GBP Group, director (finance), SRAM & MRAM Group, Thomas Mathew stated, “Our teams have verified all the documents and other information available through other sources. We are unable to proceed further with the investment proposal due to non-fulfilment of criteria of internal policy and guidelines.” “While we have already paid them the first instalment of ?6.5 crore, they failed to fulfil the criteria. So, the investment will be cancelled,” Chaittnya Aggarwal, director, SRAM & MRAM Group, India told.