WTC Chandigarh Project Cancelled: What Investors Can Do

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The Greater Mohali Area Development Authority (GMADA) has cancelled the allotment of the site to the developer, World Trade Center Chandigarh Private Limited (WTCCP). The cancellation was made on April 13, 2023, after WTCCP failed to make the full payment for the site.

WTCCP had been allotted the site in 2015 for ₹131 crore. The company had paid ₹108 crore as an advance, but had failed to pay the remaining ₹23 crore. GMADA had given WTCCP several extensions to pay the balance amount, but the company failed to comply.

The cancellation of the allotment has put the future of the WTC Chandigarh project in jeopardy. WTCCP has said that it will challenge the cancellation order in court. However, it is not clear if the company will be able to raise the necessary funds to complete the project.

The cancellation of the WTC Chandigarh project is a setback for the city of Chandigarh. The project was expected to boost the city’s economy and create jobs. It was also expected to attract foreign investment and businesses to the city.

The cancellation of the WTC Chandigarh project is also a reminder of the risks associated with investing in real estate projects. Investors should carefully evaluate the risks before investing in any project.

What Investors Can Do

If you are an investor who has invested in the WTC Chandigarh project, there are a few things you can do:

  • Contact WTCCP and ask for an update on the project.
  • Consult with a lawyer to see if you have any legal options.
  • Join a group of investors who have been affected by the cancellation of the project.
  • File a complaint with the Competition Commission of India (CCI).

The CCI is an independent body that is responsible for protecting the interests of consumers and businesses. If you believe that you have been harmed by the cancellation of the WTC Chandigarh project, you can file a complaint with the CCI.

The CCI can order WTCCP to compensate you for your losses. The CCI can also order WTCCP to stop misleading investors in the future.

Conclusion

The cancellation of the WTC Chandigarh project is a setback for the city of Chandigarh. It is also a reminder of the risks associated with investing in real estate projects. Investors should carefully evaluate the risks before investing in any project.