- Suvarnabhoomi joins the list of fraudulent companies
- Fraudulent practices with buyers under the buyback scheme
- Complaint filed with the police
- MD Sridhar trying to evade responsibility, claiming no wrongdoing
Suvarnabhoomi has earned a special reputation for developing layouts in Hyderabad. From the beginning, the company gained attention by branding itself with film celebrities, attracting land buyers. It became known as a trusted name for generations, drawing buyers with its reputation. However, recently, this company has joined the list of fraudulent organisations. Some buyers have filed a police complaint, claiming they were deceived under the buyback scheme. Victims expressed frustration, stating that they invested three years ago but have yet to receive any money, even though they were promised a refund. Some have requested at least the principal amount back, without interest.
In response, MD Sridhar of the company released a video claiming no fraud was committed. He stated that they had allocated plots to buyers and that the reason for not selling them was the unfavourable market conditions.
- The buyback scheme violates RERA regulations. Suvarnabhoomi’s claim that it would repurchase plots after three years is not justified.
- The company’s MD, Sridhar, further mentioned registering the land and signing an MoU, which he now admits was a mistake, as it was against RERA rules.
- Attempting to blame the market conditions for delays is also incorrect.
- TG RERA must step in to resolve the issue and ensure justice for the buyers. A fine should be imposed on Suvarna Bhoomi to prevent such fraudulent practices in the future.
- If TG RERA officials and government leaders fail to take action, similar scams may continue to recur.
