The Haryana Real Estate Regulatory Authority (HRERA) has directed Gurgaon Police to register a criminal case against three private firms and issue a showcause notice to a company, for alleged misappropriation of crores of rupees deposited by allottees for completion of housing projects in the city, officials said Wednesday. Advertising The chairman of HRERA Gurgaon Dr K K Khandelwal said directions have been issued to the Gurgaon Police chief against M/s Indiabulls Housing Finance Limited, M/s Industrial Finance Corporation of India Limited and M/s PNB Housing Finance Limited. Supertech Limited received a showcause notice. “As of now, the law provides that 70% of the amount realised for the real-estate project from the allottees has to be kept as reserve and can only be utilised after the promoter has paid and incurred expenditure on cost of construction and land cost,” said Khandelwal. “We have not received any intimation… and deny any allegations levied on us…,” said PNB Housing Finance Ltd in a statement. Spokespersons for Indiabulls Housing Finance Limited and Supertech did not respond to phone calls and text messages. The spokesperson from Industrial Finance Corporation of India Limited could not be contacted.

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