Alleged Vadra- DLF Real Estate Link Remains Unanswered

Vadra, Son in Law of Congress Prez. Ms. Sonia Gandhi, is a much popular name among the politicians than the real estate dealers. Accusation of building a real estate empire with the help and support of DLF made his name known and discussed among the real estate field. Documents of IAC showed that Vadra’s real estate empire is built on soft loans handed out in unusual circumstances. This rumor shook his real estate empire but was not able to haul it down.

Priyanka Vadra, when asked about the possibility of her husband entering politics, opinioned that being a successful businessman her husband would not be interested in shifting his occupation. But the people were left without any information about his level of success as a businessman.

There was only little information about how his empire was built till India Against Corruption (IAC)’s Arvind Kejriwal and Prashant Bhushan released some documents which claim to disclose how his vast real estate empire was built in and around the National Capital Region (NCR).

Mr. Vadra is accused of gaining land assets worth million crores at a lower rate than the market value. Aided and abetted by DLF and other real estate Kings, Mr. Vadra established a kingdom of his own in the real estate arena.  Interestingly DLF is accused of granting interest-free loans without any sufficient reason. These soft loans “advances” as called by the DLF raises many questions.  But these documents fail to prove any illegal or improper kind of behavior on the part of Mr. Vadra. The story of DLF-Vadra connection first broke in 2011.

In 1997, the year of his marriage with Priyanka Gandhi, Mr. Vadra incorporated Artex his first, modest business that dealt with fashion accessories and brass handicrafts.  Year 2007 witnessed a shift and expansion of his business to five more areas which included sectors of hospitality, trading and real estate.

In 2008 the companies of Vadra had only  50 lakh as promoter fund. But within a span of 2 years, to be precise by 2010, the Vadra companies had acquired properties worth crores of rupees which included 29 high-value properties.  These companies were aided and abetted by the soft loans and advances of nearly  80 crores of rupees from DLF and others like VRS Infrastructure, Nikhil International and Bedarwals Infra Projects.

Acquisition of 29 high-value properties included a 50 per cent share worth  31.7 crore of Saket Courtyard Hospitality that possesses Hilton Garden- a 114 bedded Hotel in New Delhi, penthouse of 10,000 sq. ft. of 89.41 lakh at DLF Aralias complex, 7 apartments in DLF Magnolia for  5.2 crore, apartments for  5.06 crore at DLF Capital Greens, etc. this also included a prime plot in Greater Kailash II one ultra-posh area of Delhi.

Besides these Mr. Vadra’s companies piled up rural properties which included 160.62 acres of agricultural land in Bikaner, land at Manesar, Palwal, Hayyatpur, in Gurgaon, Hasanpur and at Mewat worth crores more rupees. Some of these lands are of unknown acreage.  Most of these are accumulated with their meager promoters fund and with zero interest- loans.  Despite the acquisition of these high market valued assets or properties the balance sheet Mr. Vadra’s companies showed a loss of  3 crore and finished with a meager income of  71 crore.

Meantime Mr. Vadra’s companies gave no response to the queries of The Hindu. Any details of the transactions were not disclosed nor were any clarification given by the group. And so it remains as a question why DLF gave him large loans or what was the hidden agenda behind their dealings.

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  1. Pingback: Real Estate Scam Swirls Around Gadkari & Purti GroupPropertyWala.com

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