ED Attaches ₹681 Crore Assets of Ramprastha Group in Homebuyer Fraud Case
The Enforcement Directorate (ED) has attached assets worth ₹681 crore of the Ramprastha real estate group in Gurugram, in a case linked to alleged fraud with homebuyers.
Real EstateHomebuyer FraudEdRamprastha GroupAsset AttachmentReal EstateJul 13, 2025
The properties in question include the 226-acre Ramprastha City in Sectors 37D, Sector 92, and 95 in Gurugram, as well as land parcels measuring 1,700 acres in Basai, Gadoli Kalan, Hayatpur, and Wazipur. The total value of these assets is ₹681.54 crore, according to the ED.
The ED's action is based on multiple FIRs filed by the Economic Offences Wing (EOW) of the Delhi and Haryana Police, following complaints from numerous homebuyers against Ramprastha Promoters and Developers Pvt Ltd (RPDPL) and its promoters, such as Arvind Walia, Balwant Chaudhary, and Sandeep Yadav. These complaints detail the company's failure to deliver promised flats and plots within the promised timeframes.
The investigation revealed that RPDPL launched various projects, including Project Edge, Project Skyz, Project Rise, and Ramprastha City, during 2008-2011. Despite the passage of more than 14-17 years, possession of flats and plotted lands has yet to be given to the homebuyers. The company collected approximately ₹1,100 crore from over 2,000 homebuyers for these projects. However, instead of using these funds to complete the promised homes, the promoters and directors of the company diverted the funds to its group companies for the purchase of land parcels and other purposes.
The ED's action is a significant step in addressing the long-standing grievances of homebuyers and ensuring accountability in the real estate sector. The agency has not been able to contact the company or its directors for a response to the action taken against them.
This move by the ED is part of a broader effort to combat financial irregularities and protect the interests of homebuyers in the real estate market. It underscores the importance of transparency and accountability in the industry, particularly in high-value projects where the stakes are high for both developers and buyers.
The Ramprastha group, known for its ambitious projects in the NCR region, has faced multiple allegations of delays and financial mismanagement. This latest action by the ED is expected to bring some relief to the affected homebuyers and set a precedent for stricter regulatory measures in the real estate sector.
Homebuyers and industry experts alike are closely watching this case, as it could have far-reaching implications for the real estate market in India. The ED's proactive approach in attaching assets and holding developers accountable is seen as a positive step towards restoring trust and ensuring fair practices in the industry.
Frequently Asked Questions
What is the total value of the assets attached by the ED?
The total value of the assets attached by the ED is ₹681.54 crore.
Which projects are included in the ED's action against the Ramprastha group?
The projects included in the ED's action are Project Edge, Project Skyz, Project Rise, and Ramprastha City, located in various sectors of Gurugram.
How long have the homebuyers been waiting for their properties?
Homebuyers have been waiting for their properties for more than 14-17 years since the projects were launched in 2008-2011.
What is the reason for the delay in delivering the promised flats and plots?
The delay is attributed to the company's failure to use the funds collected from homebuyers for the completion of the projects, as the funds were diverted to other purposes.
What is the role of the Economic Offences Wing (EOW) in this case?
The Economic Offences Wing (EOW) of the Delhi and Haryana Police filed multiple FIRs based on complaints from homebuyers, which led to the ED's investigation and subsequent action.
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