Rise Of Pre-Launch Scams In Hyderabad
Investor Alert: The Rise Of Pre-Launch Scams In Hyderabad
The real estate world is facing a big issue, “pre-launch property scams” are on the rise!
A pre-launch scheme in real estate is like a hidden gem, a secret treat for buyers. Builders offer properties at a discounted price even before they’re officially available.
Some sneaky real estate agents are selling properties by attracting investors using special offers. Can you believe it? These projects don’t have the important approvals from HMDA or RERA.
Discounts? The idea is thrilling, buyers invest in a property that’s not yet built. They won’t see the finished house right away, but they get to witness the enchanting journey of an empty plot transforming into their dream home as construction moves ahead.
Buyers got lured by low prices and jumped right in, but now they’re stuck in a tough spot.
To get more understanding on Pre-launch Schemes, refer to the article “From Hype To Reality: Exploring Pre-Launch Scheme”.
Now let’s see a few scams on how builders cheated on investors.
Scams In The Name Of Pre-Launch Scheme
- Fortune Homes launched a big housing project called NCS Fortune Medicity. They started selling houses before the official opening, saying it was a great opportunity.
But the news warned people to be careful! Still, many buyers paid lots of money upfront to book their homes. Later it turned out that the project didn’t have the proper approval, and the company’s MD disappeared.
The buyers got upset and protested in front of the police station and wanted their money back. The Real Estate people also got involved, but getting refunds was hard.
The builder took money before getting permission, and now everyone is in trouble!
- Jaya Group International in KPHB Colony cheated innocent buyers with pre launch sales, making around Rs 300 crore!
Company MD, Kakarla Srinivas, convinced people to invest in shops and stalls at KPHB Colony metro station. He promised to pay them monthly interest on their investments.
Finally he managed to collect a huge amount of Rs 300 crore from people and then ran away. The victims reported the fraud to KPHB Colony police station. After some time on the run, the police finally caught Kakarla Srinivas.
- A realtor and the head of Sahiti Infratec Ventures India Pvt. Ltd, named B Laxminarayana, got caught by the police in Hyderabad. They tricked more than 2,500 customers and took a massive amount of Rs 900 crore.
They attracted people with exciting offers for high-rise apartments in various projects, but those promises were never fulfilled. The customers demanded their money back, but the realtor didn’t give it back as he promised.
This scam didn’t just affect one project, Sahiti’s Sarvani Elite, but also many others in Hyderabad. It’s a big fraud that hurts a lot of people.
And the list goes on..
Beware of these scams before you make a move!
