WTC Mohali buyers seek govt intervention as Rs 432-crore investment remains stuck

Around 1,200 allottees of the WTC Chandigarh project have urged the Punjab government, RERA, and GMADA to intervene and ensure that the long-pending project is revived. According to them, the prolonged uncertainty has caused immense financial and mental hardship to buyers, many of whom invested their life savings or took bank loans to purchase commercial units in the project.

The project was reportedly approved by GMADA in 2015 with an estimated development value of around ₹132 crore, and a large number of office and commercial spaces were allotted to investors. However, despite several years passing, construction has remained incomplete. Buyers alleged that the developer failed to fulfil commitments made at the time of sale.

According to the investors, nearly ₹432 crore was collected from around 1,200 buyers, but the project has been largely stalled for years. Since 2020, construction activity has virtually come to a halt, leaving investors uncertain about the fate of their investments. They also alleged that provisions related to the escrow account were not properly followed and that there has been a lack of transparency regarding the use of funds collected from buyers.

Talking with the media, A S Walia, president of the WTC Chandigarh Mohali Allottees Welfare Association, said, “Nearly 1,200 investors are suffering. Many of them took loans and are still paying heavy interest while the project remains stuck. We invested here hoping for business opportunities and job creation in Punjab, but today the site stands like a ruin even after a decade.”

Walia claimed that the main promoter of the project is already under investigation in connection with an alleged Rs 4,500-crore financial scam linked to multiple projects across the country. He added that the Enforcement Directorate (ED) had arrested the promoter on March 6 last year, and he has not received bail so far.

The investors have also approached RERA for relief. Walia said the next hearing in the matter is scheduled for May 20, and the buyers are hoping for a positive outcome. “We are waiting for the next date in RERA. If no concrete solution emerges, we will be forced to intensify our protest,” he added.

Navneet Singh, general secretary of the association, said that the project requires only around ₹100 crore more to complete construction, which could revive the development and restore investor confidence. “Instead of attracting new investors from abroad, the government should first address the concerns of the 1,200 local investors whose money is already stuck here,” he said.

Highlighting the importance of the project’s location, vice-president Manjeet Randhawa said the WTC site is situated at a prime commercial location near Airport Chowk, Mohali, and was originally envisioned as a flagship commercial project for the region. “This was supposed to be the first landmark building on Airport Road after the airport junction, but even after 10 years, it remains unfinished,” he said.

The investors appealed to Punjab Chief Minister Bhagwant Mann and Industry Minister Sanjeev Arora to meet them and help find a practical solution. They emphasised that their intention is not to harm Punjab’s image as an investment destination but to seek justice for existing investors.

“We want investment to come to Punjab, but the government must also stand with investors during difficult times. If our issue is resolved, we will ourselves encourage others to invest in the state,” Walia said.

The association said it will continue its peaceful demonstrations while waiting for legal proceedings, but warned that stronger protests could follow if the issue remains unresolved.