Indore: Land Sharks Also Not Ready To Give 12% Interest Rate, Say It’s Too High

Indore (Madhya Pradesh): A day after land fraud victims declined the proposed 12 per cent interest rate on the amount they had given for purchasing plots saying ‘it’s too low’, the land sharks on Friday rejected the proposal saying the proposed rate is ‘too high’.

A high power committee constituted by Indore bench of Madhya Pradesh High Court for hearing Kalandi Gold, Phoenix townships etc had put forth a proposal before the victims and the accused of returning plot amount with 12 per cent interest rate.

The victims on Thursday had refused to take the offer saying it was too low. They stated that the land price had gone many times since they gave money for buying plots. Most of the victims had told that they want plots for their money.

On Friday, the hearing on Kalandi Gold and Phoenix case was held. At the hearing, land sharks refused to accept the proposed 12 per cent interest rate on the amount they had taken for plots.

They reportedly told the committee that they can give only a 6.6 per cent interest rate on the amount they had received from the victims. We can return the amount with the rate of interest banks charge, they told committee members.

Agrawal declines to give away land to admin

Pradeep Agarwal, brother of Sandeep Tel who was shot down some years ago, who had initially agreed to give land owned by him in Phoenix Township to the administration so that 23 people could get plots, has now refused to give away the land.

An argument took place between Champu Ajmera and Agarwal in front of the committee and the latter clearly said that he had invested in the land so why should he give it away to others?

Published on: Saturday, June 17, 2023, 06:08 AM IST