Are Builders Following Suit of Mallya

It is a tough challenge for the Modi Government to round up the big defaulters and compel them to cough up the dues they owe to the country.

- Ravinder Kumar

More than one hundred builders of the country may flee from India, in line with Vijay Malya or go underground never to be traced again. This is not our prediction; economic atmosphere of the country says so. Prime Minister Narendra Modi introduced the policy of demonetisation to unearth black money. Demonetisation had caused great panic among the builders, who mostly depended upon black money for their business. Panicked as they are, they are now mulling how to flee from the country as soon as possible.

There is an unending list of some big builders who are defaulters also. It is these defaulters who are planning to leave the Indian shores.

Curbing black money is one of the reasons. But the even bigger reason is Prime Minister Narendra Modi’s statement that in the new economic order, every important and ordinary person will have to furnish the account of his benaami property (assets registered in others’ names) and black money. Realty sector has come down crumbling following this statement and most of the builders have lost their senses.

Names of Delhi-NCR’s ten top builders, their scandalous activities and some disturbing facts figure in this list. In fact, they have no other choice but to leave the country. They owe huge debts to the government. This is one reason. Moreover, Income Tax department is also tightening its noose over them. This is second reason why these builders may flee, following the footsteps of Malya.

In the waiting

And this is not all. Apart from them, some big names like Earth Infrastructure Pvt Ltd and Cosmic Infrastructure Pvt Ltd also figure in the list. Now, let us share information about the scandalous activities of these builders one by one.

On top of them is Ansal Brothers. They are the same Ansal Brothers who had been booked in Uphaar fire case, hearing of which is still going on in the court.