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The arrest of 32nd Avenue CEO Dhruv Sharma has raised questions about investor protection and accountability in high-profile commercial real estate projects.
The arrest of Dhruv Dutt Sharma, the man behind Gurugram’s well-known 32nd Avenue commercial hub, has triggered serious questions about investor safety and regulatory oversight in India’s commercial real estate sector.
Gurugram Police on Friday arrested Sharma in connection with an alleged large-scale cheating operation in which a single floor of a commercial building was reportedly sold to more than 25 buyers. Investigators estimate the total amount involved across complaints could be close to ₹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 to six days of police custody. The case is being probed by the Economic Offences Wing (EOW) of the Gurugram Police, PTI reported.
Who is Dhruv Sharma?
Sharma, 34, is the US-educated entrepreneur behind the European-style mixed-use development that houses popular restaurants, cafes and retail outlets. A Boston University graduate, he earlier founded GuestHouser, a vacation rental platform, and was featured in the Forbes 30 Under 30 Asia list in 2018. Since 2015, he has overseen 32nd’s real estate ventures across Delhi NCR, Hyderabad and Goa, the Hindustan Times reported.
What the complaint alleges
The investigation stems from a January complaint filed by a representative of Tram Ventures Pvt Ltd. According to police, the complainant alleged that in 2021, directors and shareholders of Apra Motels — later renamed 32 Milestone Vistas Pvt Ltd — approached the company with an offer to sell a 3,000sq ft commercial unit (Unit No. 24) on the first floor of the 32nd Milestone complex.
The deal was reportedly finalised at ₹2.5 crore, with the payment made on 21 September 2021. While an agreement to sell was executed, the complainant has alleged that the conveyance deed transferring ownership was never registered, despite repeated follow-ups.
Police said the complainant issued a legal notice in October 2023, but received no response. During this period, rent for the floor continued to be paid to the complainant, as per the agreement — a factor that initially masked the alleged irregularity.
Floor allegedly sold to multiple buyers
During internal checks conducted later, the complainant company discovered that between 2022 and 2023, the conveyance deed for the same floor had allegedly been executed in favour of 25 different individuals.
Acting on the complaint, police registered an FIR at Civil Lines police station under sections related to cheating and criminal conspiracy.
According to Gurugram Police, 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. The police further claimed that the same floor was later taken on a 30-year lease from those buyers in the name of another firm, Growth Hospitality Pvt Ltd.
What investigators are examining
Police said Sharma is a resident of DLF Camellias in Gurugram. Investigators are now working to establish the full scope of the alleged fraud, identify other beneficiaries, and trace financial transactions linked to the deals.
The case has drawn 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-leased or assured-return commercial properties.
As the probe continues, the outcome is likely to be closely watched by investors and developers alike, especially amid growing scrutiny of transparency and compliance in India’s commercial real estate market.
English (US) ·