The arrest of Dhruva Dutt Sharma, the man behind Gurugram’s famous 32nd Avenue mall, has raised serious questions about investor safety and regulatory oversight in India’s commercial real estate sector.
The Gurugram police on Friday arrested Sharma in connection with an alleged large-scale fraud operation in which a single floor of a commercial building was allegedly sold to more than 25 buyers. Investigators estimate the total amount associated with the complaints could be close to that ₹500 crore, according to police statements.
Sharma, a director of 32nd Milestone (also known as 32nd Avenue), was produced before a city court and remanded in police custody for six days. The case is being handled by the Economic Offenses Wing (EOW) of the Gurugram police, PTI reported.
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Who is Dhruv Sharma?
Sharma, 34, is the US-educated entrepreneur behind the European-style mixed-use project that houses popular restaurants, cafes and retail. The Boston University graduate previously founded GuestHouser, a vacation rental platform, and was named to Forbes 30 Under 30 Asia in 2018. He has been overseeing 32nd’s real estate ventures in Delhi NCR, Hyderabad and Goa since 2015, Hindustan Times reported.
What the complaint states
The investigation stems from a January complaint filed by a representative of Tram Ventures Pvt Ltd. According to the police, the complainant alleged that in 2021, the directors and shareholders of Apra Motels – later renamed 32 Milestone Vistas Pvt Ltd – approached the company with an offer to sell a 3,000 sq ft (3,000 sq ft) commercial unit in the 3,000 sq ft complex (Unit Milestone 3) on the first floor No. 2
The deal was reportedly completed in ₹2.5 million, with payment made on September 21, 2021. While the sale agreement was executed, the complainant alleged that the transfer deed transferring ownership was never registered despite repeated follow-up checks.
Police said the complainant had issued a legal notice in October 2023 but had received no response. During this period, the complainant continued to be paid rent for the floor under the contract – a factor which initially masked the alleged irregularity.
The floor was reportedly sold to multiple buyers
During later internal checks, the complainant company found that between 2022 and 2023, the transfer deed for the same floor was allegedly executed in favor of 25 different persons.
Acting on the complaint, the police registered an FIR at the Civil Lines police station under the sections relating to cheating and criminal conspiracy.
According to Gurugram Police, Sharma allegedly admitted during preliminary interrogation that the floor sold to the complainant was never transferred in her name and was sold to multiple buyers. The police further alleged that the same floor was later taken over for 30 years from these buyers in the name of another firm, Growth Hospitality Pvt Ltd.
What investigators are looking into
Police said Sharma is a resident of DLF Camellias in Gurugram. Investigators are now working to determine the full extent of the alleged fraud, identify additional recipients and trace financial transactions related to the transactions.
The case has attracted widespread attention online, with social media users questioning how such transactions went undetected for years and calling for stricter safeguards for buyers investing in pre-let or commercial properties with an assured return.
As the investigation continues, the outcome is likely to be closely watched by both investors and developers, especially amid increasing scrutiny of transparency and compliance in India’s commercial real estate market.