Bhasin Festival City Sector 143B, Noida

Bhasin Group is set to invest Rs. 150 crore in constructing a 33-storey commercial tower in Noida within 99 days, utilizing pre-engineered columns and beams from Jindal Steel and Power Ltd. The tower, covering 9 lakh sq ft, is part of a larger commercial building on Noida Expressway.

A review of the Festival City project by Bhasin & Mist Avenue suggests caution for potential investors due to the project's inability to meet its milestones and delays of over 4 years. Investors are reportedly attempting to sell their properties, and construction activity has slowed down significantly. The review advises against investing in the project due to uncertainty surrounding possession dates.

Noida police filed a chargesheet against Satinder Singh Bhasin, promoter of Grand Venice Mall, in connection with a Rs 1,300 crore property scam. The chargesheet alleges Bhasin, along with his wife and father, defrauded property buyers, banks, and the government using fake documents and shell companies. Bhasin is accused of acquiring land falsely and lacking the right to construct or sell property on the land.

UP RERA decided to hand over the stalled Festival City project in Sector 143, Noida, to the Noida Authority after the developer failed to deliver it and the homebuyers association refused to take over. The buyers refused due to a lack of technical expertise and finances. The promoter, SS Bhasin, was jailed in connection with a fraud case.

The Enforcement Directorate (ED) attached a residential property in Delhi worth over Rs 44 crore as part of a money laundering investigation against Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL) and its director, Satinder Singh Bhasin, accused of duping homebuyers. The case stems from multiple FIRs filed in 2015 against BIIPL, Grand Venice group entities, and others, alleging cheating, fraud, and criminal conspiracy. The ED alleged that funds collected from the public were diverted through a web of group companies instead of being used for construction.

The National Company Law Tribunal (NCLT) admitted an insolvency application against M/s Grand Venezia Commercial Towers Private Limited and M/s Bhasin Infotech and Infrastructure Private Limited. Mr. Mukesh Gupta was appointed as the Interim Resolution Professional (IRP).

A Supreme Court-commissioned study found the Grand Venice project in Greater Noida unfit for occupation due to missing basic facilities and statutory clearances. The report highlighted large-scale negligence by the developer, Bhasin Infotech and Infrastructure Private Limited (BIIPL), and noted that investors' money is stuck in the project. The developer allegedly collected premium prices in 2010 but failed to deliver the units, leading to criminal cases against BIIPL and its promoter, Satinder Singh Bhasin.

The Supreme Court upheld the initiation of corporate insolvency resolution proceedings against Bhasin Infotech and Infrastructure Private Limited and Grand Venezia Commercial Towers Private Limited, reinforcing the rights of homebuyers and commercial allottees. The court dismissed appeals filed by the former directors, including Satinder Singh Bhasin, and held that the developers failed to deliver functional units and misled the court on the project's completion. The case originated from a 2021 petition filed by 141 allottees of the Grand Venezia Commercial Tower in Greater Noida.

The Supreme Court upheld the initiation of corporate insolvency resolution proceedings against Bhasin Infotech and Infrastructure Pvt. Ltd. and Grand Venezia Commercial Towers Pvt. Ltd. The ruling came after the court rejected appeals filed by the companies' former directors challenging earlier tribunal orders that admitted the insolvency plea filed by affected allottees. The dispute relates to the Grand Venezia Commercial Tower, where buyers had booked commercial units after being assured timely possession and regular returns.