Tag Archives: Ponty Chadha

Ponty Chadha killed in shootout following real estate feud

Posted on by Track2Realty

Ponty Chadha, India real estate news, Indian realty news, Property new, Home, Policy Advocacy, Activism, Mall, Retail, Office space, SEZ, IT/ITeS, Residential, Commercial, Hospitality, Project, Location, Regulation, FDI, Taxation, Investment, Banking, Property Management, Ravi Sinha, Track2Media, Track2RealtyTrack2Realty: Police has detained at least 15 people, mostly the security personnel of controversial liquor and real estate baron Ponty Chadha and his younger brother Hardeep who were killed in a shootout between their groups at their farmhouse in south Delhi on Saturday, Nov 17.

The detained have been kept at the Mehrauli police station for interrogations. According to sources, Ponty Chadha’s post mortem is likely to be done today.

The shootout took place at the Mehrauli farmhouse yesterday morning. Sources maintain the two brothers met around noon over a property dispute. The meeting began peacefully but turned violent after a fresh dispute emerged.

Chadha, whose actual name is Gurpreet, reached the farmhouse with about 30-40 men, followed by Hardeep and his men.

“First Hardeep shot Ponty, whose gunmen fired back at him. The firing was a result of a property dispute. The incident happened around 12.30 pm,” a senior police officer said.

Both the brothers were shot around their chest. There were 12 bullet wounds in Chadha’s body; Hardeep sustained four. Narender, an employee of  Chadha, was seriously injured and underwent surgery in hospital.

The shootout happened near the gate of the farmhouse. Around 1 pm, a call was made to the police from inside the premises.

This was the second incident of firing at Chadha’s residence. On October 5, gunshots were reported from his house in Uttar Pradesh’s Moradabad district.

Chadha, who was 55, hit the headlines in February this year when the income tax department conducted searches at his premises in Delhi, Noida, Moradabad and Lucknow.

Chadha singularly ruled over the liquor business in Uttar Pradesh. He was granted the sole distributorship for liquor under the Mayawati regime. He allegedly bought liquor at low prices and subsequently sold them at exorbitant rates.

Pegged at Rs. 6,000 crore, his corporate assets – including liquor – spanned across real estate, sugar, film production and exhibition. Chadha was producer of the Sunny Deol-starrer Jo Bole So Nihaal.

Chadha, along with his brothers, managed the Chadha Group, which has been consolidated under the Wave brand. He ran a popular chain of multiplexes – Wave Cinemas – in the National Capital Region.

The group’s Centre Stage Mall in Noida Sector 18 is the first shopping mall in the National Capital Region. It also owns malls in Kaushambi, Lucknow, Moradabad and Ludhiana.

Chadha was known to be close to the Samajwadi Party but shifted loyalties to the Mayawati-led Bahujan Samaj Party regime. His business is thought to have flourished ever since.

Apart from the sway that his group holds over the liquor business, Chadha also allegedly benefited in the sugar industry. Three sugar mills were awarded to his Wave Industries, which led to the state reportedly incurring losses to the tune of Rs. 124.70 crore.

Liquor and real estate baron Ponty Chadha’s rags to riches empire

Posted on by Track2Realty

Ponty Chadha, India real estate news, Indian realty news, Property new, Home, Policy Advocacy, Activism, Mall, Retail, Office space, SEZ, IT/ITeS, Residential, Commercial, Hospitality, Project, Location, Regulation, FDI, Taxation, Investment, Banking, Property Management, Ravi Sinha, Track2Media, Track2RealtyTrack2Realty: Gurdeep Singh Chadha alias Ponty Chadha, who was killed along with his brother after they fired at each other inside a farmhouse in Delhi’s Chhattarpur area on Saturday, Nov 17, was the sole liquor distributor in Uttar Pradesh. His other business interests included real estate, sugar mills and film production, which he used to look after along with his two brothers – Hardeep and Rajinder. The business empire was reportedly worth Rs 6,000 crore.

Ponty was one of the three sons of Chadha Group founder Kulwant Singh Chadha, who died in 2011. After the death of their father, the three brothers – Ponty, Hardeep and Rajinder – were jointly managing the Chadha Group, which had been consolidated under the Wave brand. The group was headed by Ponty, who also ran a popular chain of multiplexes under the Wave brand in the National Capital Region.

Ponty was known to be close to the Samajwadi Party but after Mayawati’s Bahujan Samaj Party came to power, he changed his loyalties. His business also flourished during the BSP regime and Ponty floated 16 companies right after Mayawati took over as the chief minister in 2007. These companies were given contracts ranging from real estate to sugar mills to film production and distribution.

After the Samajwadi Party returned to power in March 2012, Chief Minister Akhilesh Yadav said that he would hold a probe against Ponty and his wealth but not much was done following reports that the party had patched up with the controversial businessman.

Earlier, in February when Uttar Pradesh was gearing up for Assembly Elections, the Income Tax department had conducted raids at 17 locations across the state and New Delhi including a prime shopping mall – Centrestage Mall in Noida – and farmhouses owned by Ponty. After the searches in February, the Income Tax department had said that it had seized Rs 11 crore in cash, jewellery and fixed deposits and sealed 13 bank lockers. Three months after the raids, an Income Tax official said that Ponty had disclosed an “unrecorded income of Rs 175 crore” to them.

With both Ponty and his brother Hardeep killing each other over a business feud at their Delhi’s Chhattarpur farmhouse, it is their third brother Rajinder and Ponty’s son Manpreet Singh Chadha who are left to claim their family business empire. Sources, however, say that Ponty’s brothers were not very happy with the rising stature of Manpreet alias Monty in the business. Harpreet’s lawyer Gaurang Kanth also said after the incident that the brothers since their father’s death had been trying to divide the property but the discussions weren’t moving forward.

Chadha business empire commercial properties:

Centerstage Mall, Noida, UP – 3,50,000 sq ft

Wave Mall, Kaushambi, UP – 97,000 sq ft

Wave Mall, Lucknow UP – 3,14,000 sq ft

Wave Mall, Ludhiana, Punjab – 4,70,000 sq ft

Wave Mall, Moradabad, UP – 1,50,000 sqft

Wave Cinemas,, Rajouri Garden, New Delhi – 25,000 sq ft

Residential properties

Fairlakes, Mohali, Punjab – 264 acre

Wave Greens, Moradabad, UP – 52 acre

Plumeria Garden Estate, Greater Noida, UP – 29 acre

Hi-Tech City, Ghaziabad – 4,800 acre

Upcoming Wave City Center – Noida

Industries

Wave Industries, Dhanaura, UP

AB Sugars, Dasuya

AB Grain, Gurdaspur, Punjab

Chadha Papers, Bilaspur, Uttarakhand

Manorama Paper, UP

Wave Beverages, Amritsar, Punjab

Amritsar Crown Cap, Punjab