Gurugram | RBN News
The arrest of Dhruv Dutt Sharma, the man behind Gurugram’s popular 32nd Avenue Gurugram development, has sparked intense scrutiny of investor safeguards and regulatory oversight in India’s commercial real estate sector.
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Sharma was arrested by Gurugram Police on Friday in connection with an alleged large-scale cheating operation, in which a single commercial floor was reportedly sold to more than 25 different buyers. Police estimate that the cumulative value of transactions linked to multiple complaints could be close to ₹500 crore.
Sharma, a director of 32nd Milestone (also known as 32nd Avenue), was produced before a local court and has been remanded to six days of police custody. The investigation is being handled by the Economic Offences Wing (EOW) of the Gurugram Police.
Who Is Dhruv Dutt Sharma?
Dhruv Dutt Sharma, 34, is a US-educated entrepreneur best known for developing the European-style mixed-use destination that houses upscale restaurants, cafés, and retail outlets in Gurugram.
An alumnus of Boston University, Sharma earlier founded GuestHouser, a vacation rental platform, before transitioning into real estate development. He was featured in Forbes 30 Under 30 Asia (2018) and has been associated with multiple commercial projects under the 32nd brand across Delhi-NCR, Hyderabad, and Goa, according to media reports.
What the Complaint Alleges
The case originates from a January complaint filed by a representative of Tram Ventures Pvt Ltd, police said.
According to investigators, in 2021, directors and shareholders of Apra Motels—later renamed 32 Milestone Vistas Pvt Ltd—offered to sell a 3,000-square-foot commercial unit (Unit No. 24) on the first floor of the 32nd Milestone complex to the complainant.
The deal was reportedly finalised for ₹2.5 crore, with payment made on September 21, 2021. While an agreement to sell was executed, the complainant alleges that the conveyance deed transferring ownership was never registered, despite repeated follow-ups.
Police said a legal notice was issued in October 2023, but no response was received. During this period, rent for the property continued to be paid to the complainant, which allegedly delayed the detection of irregularities.
Same Floor Allegedly Sold to Multiple Buyers
During subsequent internal verification, the complainant discovered that between 2022 and 2023, conveyance deeds for the same floor had allegedly been executed in favour of 25 different individuals.
Based on these findings, Gurugram Police registered an FIR at Civil Lines police station under sections related to cheating and criminal conspiracy.
According to police officials, Sharma allegedly admitted during preliminary questioning that the floor sold to the complainant was never transferred in its name and was instead sold to multiple buyers. Investigators further claim that the same floor was later leased back for 30 years from those buyers through another firm, Growth Hospitality Pvt Ltd.
What Investigators Are Probing
Police said Sharma resides at DLF Camellias, Gurugram. The EOW is now working to:
- Determine the full scale of the alleged fraud
- Identify additional affected investors
- Trace money flows and related financial transactions
- Examine the role of associated companies and individuals
The case has triggered widespread debate online, with investors questioning how multiple conveyance deeds for the same property could be registered without detection and calling for tighter safeguards for buyers investing in pre-leased or assured-return commercial properties.
As the investigation progresses, the outcome is expected to have significant implications for transparency, compliance, and buyer confidence in India’s high-end commercial real estate market.
