Real Estate Group Acquires Two Major Sectors in Mohali Punjab
Pearls Group, a well known real estate company, has reportedly owned two major sectors – Sector 100 and Sector 104 in Mohali Punjab and around half of Sector 96 and Sector 99, according to CBI into the assets of the group, which is reported to rope in 5 crore investors of around Rs. 51000 crore.
According to the sources from CBI, the group was all set to develop sectors as their residential townships, known as Pearl City, which is stretched around 500 acres, according to the official website. The sources said that the agency is focusing on the assets of the company which has duped investors by attracting them to provide land for their investment. Along with the alleged land ownership in Mohali, the CBI has found that the group owns 750 acres in Banur area, near Chandigarh. It is emerging as the flagship real estate hub in Punjab.
According to the sources, the group is also the owner of 400 acres of landscapes in Ludhiana, besides the huge open lands in Zirakpur region in Punjab. Over there, the developer is developing residential colony, named Nirmal Chhaya. In Punjab, Zirakpur is fastest growing as a satellite town around Chandigarh. The agency has found 66 offices in posh neighborhoods and Connaught Circus area along with huge swathes of land which is spread over the national capital. According to the officials, the properties are going to run into 1000s of crores according to the current market rates in this region.
The agency is providing the details to Justice RM Lodha committee that has been handed over by the Supreme Court to be working on steps to return the money which is received from the investors. The apex court has ordered the agency to provide all the records related to PACL properties to SEBI which was assigned to take necessary steps to sell the property for refunding money to the investors. Despite being a tricity, property prices in Mohali have been sinking. On the contrary, smaller cities in Punjab have been rising in Punjab. Mohali is still seeing significant growth in real estate development.
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