Pleas By Neomax, Subsidiary Companies Dismissed, Real Estate News, ET RealEstate
MADURAI: The Madras high court on Friday dismissed a batch of pleas moved by Neomax and its subsidiary companies seeking a direction to appoint a commission headed by a retired high court judge for settlement of land to the depositors.
Justice G Ilangovan dismissed the petitions filed by Neomax Properties Pvt Ltd and its subsidiaries – Garlando Properties Pvt Ltd, Transco Properties Pvt Ltd, Tridas Properties Pvt Ltd, Glowmax Properties Pvt Ltd.
The petitioners stated that in June, the Madurai EOW police registered a case alleging that the companies had cheated money from depositors. The depositors have paid advance to purchase land for which booking confirmation receipts were given. Once the entire sale consideration is paid, the sale deed would be executed in favour of depositors.
They stated that Neomax group have executed sale deeds to an extent of 1.95 crore sqft residential and commercial plots to 15,000 customers. Neomax group has 4.12 crore sqft DTCP approved residential and commercial plots. Stating that the Neomax group is ready to settle the plots to the depositors, the petitioners filed the petitions.
