The project, Cosmos City in sector 103 on Dwarka Expressway, was launched by Adel Landmarks(formerly Era Landmarks) in 2011. Later on Ansal launched its flagship Highland Park project on the land and has completed 20% of the construction besides starting bookings.
Investors after SEBI caution is in absolute trauma and worried about their investment in Adel Landmarks’ Cosmos City project in sector 103, Gurgaon and other projects launched by ERA Group.
Shri S. Raman, Whole Time Member, SEBI, has passed an order on June 05, 2014 in the matter of M/s Adel Landmarks Limited(formerly known as M/s Era Landmarks Limited) directing not to collect any fresh money from investors under its existing scheme; not to launch any new schemes or plans; to immediately submit the full inventory of the assets owned by M/s Adel Landmarks Limited; not to dispose of any of the properties or alienate the assets of the existing scheme which ultimately going to hamper interest of investor. You can read blog on this issue on website:
Propertyclubindia/Is Era Developer and its customers are in big trouble