Indian-origin Singaporean investors cry foul over Chennai land deal
The investors were promised that the land would be developed, a promise that has remained unfulfilled even after a year.
Published:June 12, 2016 8:54 am
Chennai, Chennai land, Chennai development, Chennai land development, Chennai Singapore, Indian Singaporeans, Chennai singaporeans, KMGM, KMGM international, India News. The investors were drawn to the land with the expectations of more 100 per cent return on investment but it was not the case as the land remaisn to be developed. File Photo.
Thirty-three Singaporeans of Indian origin are crying foul over SGD 780,000 investment in undeveloped land in Chennai, according to media reports.
The investors were drawn by visions of gleaming villas, upcoming infrastructure and returns of more than 100 per cent investment made between 2007 and 2011.
But now they are crying foul at Singapore-registered KMGM International which sold them the land. They own land of questionable value, which is hard to sell as it has not been developed and has hardly risen in value, reported The Sunday Times.
The investors want to sell the land back to KMGM. About 20 of them staged a walk-in on May 5 to confront KMGM director S Gulam at the firm’s premises here, demanding assurances that they could sell back their land.
The investors were promised that the land would be developed, a promise that has remained unfulfilled even after a year.
Published:June 12, 2016 8:54 am
Chennai, Chennai land, Chennai development, Chennai land development, Chennai Singapore, Indian Singaporeans, Chennai singaporeans, KMGM, KMGM international, India News. The investors were drawn to the land with the expectations of more 100 per cent return on investment but it was not the case as the land remaisn to be developed. File Photo.
Thirty-three Singaporeans of Indian origin are crying foul over SGD 780,000 investment in undeveloped land in Chennai, according to media reports.
The investors were drawn by visions of gleaming villas, upcoming infrastructure and returns of more than 100 per cent investment made between 2007 and 2011.
But now they are crying foul at Singapore-registered KMGM International which sold them the land. They own land of questionable value, which is hard to sell as it has not been developed and has hardly risen in value, reported The Sunday Times.
The investors want to sell the land back to KMGM. About 20 of them staged a walk-in on May 5 to confront KMGM director S Gulam at the firm’s premises here, demanding assurances that they could sell back their land.
