Irish unsure about indian deal

In the last two years Dublin-based investment company Kuvera has invested in two off-plan developments based near Delhi, according to a report from The Irish Times...

The properties, numbering 294, on the Orchard View and Mountain View apartments developments are said to remain in a state of incompletion and investors do not know what has happened to their money. The prices of the apartments range from £30,000 and £37,000.

Although the owner of the company, Mr Kieran Murphy, has not responded to various requests for clarification he issued a statement to the investors.

Mr Murphy said, in the statement, that the negotiations had taken place between his company and the Indian construction company VG Buildtech.

He said, "At no time has there been any contractual relationship between the investors and Kuvera (Irl) Ltd." He added that although Kuvera had raised all the necessary enquiries regarding the progress of the development and the investors' interests, nevertheless neither Kuvera India or VG Buildtech had clarified what was happening.

It seems from the Indian Kuvera website that Kuvera in Ireland is the sales agent for VG Buildtech. Confusingly there have been reports that Kuvera had in fact bought a 50 per cent in the Indian company.

Mr Murphy set up Kuvera after selling his share of his previous company Invest Like The Best, co-founded with Rory Gillan.

Kuvera has allowed its membership of The Association of International Property Professionals (the watchdog for the international property market) to lapse. It joined the association only last year.

Source: www.hotproperty.co.uk