Metropolitan Magistrate Ashu Garg passed the order after Delhi Police submitted that the accused may tamper with the evidence and influence the probe.
The two were produced before the court after expiry of their five-day police custody and they were sent to judicial custody as the police said their further custodial interrogation was not required.
In their application, the Chandras contended that if granted the relief, they will not flee from justice.
"This proves that he will not flee from justice as his past conduct is very clean," advocate Vijay Agrawal, adding that the court may impose any condition to secure the presence of the accused.
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"If they don't come out of jail, how will they solve the grievances of the investors in this case," the counsel said.
The police, however, opposed the plea, saying that if granted the relief, the accused may tamper with the evidence and influence the ongoing probe.
The court had on April one sent both the accused to police custody after the prosecution said their custodial interrogation was required to find out the alleged money trail, beneficiaries of the transactions and recovery of project-related documents and other evidence.
According to the police, the case was registered on July 31, 2015 in compliance of July 27, 2015 order passed by a Delhi court on the complaint of Delhi residents Arun Bedi and his mother Urmila Bedi.
They had alleged that after passage of the given period, the builder had not delivered the possession, adding that the firm, in connivance with others, cheated the public at large.
Later, 90 more complaints were received against the firm for the same project which were clubbed with the present FIR.
The police claimed that around Rs 363 crore was collected by the firm, out of which over Rs 35 crore was received from 91 complainants who are part of the present complaint.