- High-sounding publicity asking people to Invest Rs 80 lakh in property
to get Rs 44000 rent every month - Another pre-launch offer hits market (Hyderabad One)
- Investors are wooed to project for which foundation is yet to be laid
The high-sounding publicity goes like this – “Invest Rs 80 lakh in property to earn a monthly rent of Rs 44000 lifelong or invest Rs 1.09 crore to earn a monthly rent of Rs 62,000. Income is guaranteed akin to monthly pension.” The idea is being claimed as the best one compared to investing in buying a house and letting it out or investing in gold. Investments are attracted in projects for which no foundation was laid so far. Do you know where it is?
In Hyderabad’s Nanakramguda Financial district, a major project titled Hyderabad One is being built. The project is being billed as the largest co-living building with four cellars, ground and 46 storeys. Top-pitch publicity is being given to the project and its design. The builders promise to build 1928 units in a single high-rise tower with plinth areas range between 395 and 545 sft. World class facilities are promised to be provided besides a seven-star club house. The first three storeys will have all amenities, while the fourth and fifth storeys house a seven-star club, the floors from sixth to 10th have been earmarked for women, providing co-living space, floors from 36 to 46 are reserved for senior citizens and NRIs, while a swimming pool is located on the 47th floor. A roof-top lounge and bar is also being offered.
The builders of the project claim to have all approvals including the RERA approval. The publicity goes high pitch stating that the people not booking the flats would be at a loss. The price being quoted as Rs 15,000 per sft till May-end. However, form June 1 onwards, the prices went up to Rs 20,000 a sft. Will the builders complete the Hyderabad One project on time and hand it over to the buyers? Will this project also go the way of other pre-launch projects?
