FIRs against Gurgaon’s popular 32nd Avenue after investors allege default in promised payments

The protests intensified over the past week. Gurgaon Police said they have increased the deployment of personnel around the complex, especially in the evenings.

A protester alleged that whenever there is a protest, the management of the complex makes promises to clear the pending rentals in a few weeks, but there is no follow-up action.

“There has been no positive result of us protesting. We are still left in the lurch,” this individual said.

Inspector Virender Kumar, Station House Officer (SHO) of Civil Lines, told The Indian Express that an FIR has been registered against 32nd Avenue owner and CEO Dhruv Sharma and other 32nd Avenue officials for alleged forgery and cheating towards dishonestly inducing delivery of property.

The investigation is currently with the Economic Offences Wing of the Gurgaon Police, SHO Kumar said.

ACP (EOW) Vishal Kumar told The Indian Express that four FIRs have been registered on complaints of forgery, and a preliminary investigation is underway. He declined to provide further details. Police officers said the FIRs were registered earlier this month.

Calls and messages from The Indian Express to Dhruv Sharma went unanswered.

Later, however, a spokesperson for 32nd Avenue said in a statement that “for the past five years, rental payouts have been made on time and in full”, and that “the recent delay has been driven by a short-term vacancy in a limited portion of our Gurgaon property, arising from normal tenant churn and a change in tenancy”.

“While we acknowledge the delay, we want to reassure all stakeholders that replacement leasing is already underway and being prioritised,” the spokesperson said.

“Separately, the company is reviewing FIR-related claims internally and will cooperate fully with the relevant processes, while maintaining transparency and responsibility with all stakeholders,” the spokesperson said.

Originally established as 32nd Milestone in 1990, the project was revamped and rebranded as 32nd Avenue in 2019-20, evolving into a 250,000-sq-ft high-end lifestyle and commercial destination on the Delhi-Gurgaon Expressway.

It features retail shops, rooftop patios, as well as offices of Google and MG. Popular outlets include The Piano Man, The Potbelly Divine, Greenr Cafe, Carnatic Cafe, Melt House, The House of Celeste, COMO Pizzeria & Cafe, and Grammar Room.

Sources said buyers were offered pre-leased commercial spaces from prices starting from Rs 50 lakh, with a mandatory five-year lock-in period. They were allegedly promised assured monthly rentals from day one, at rates of Rs 400-600 per square foot, translating to 7-8% or higher returns, and backed by a 30-year lease guarantee.

An investor, speaking on condition of anonymity fearing further defaults, alleged: “He (Sharma) does not respond to our calls. I have four units from which I was supposed to get an average Rs 60,000 each month. I haven’t got any money since October last year.”