Aditri Housing’s deceptive practices leave customers in peril

Aditri Housing Pvt Ltd, a real estate developer in Hyderabad, is under fire for its misleading tactics that have left customers in a state of uncertainty and vulnerability. The company’s promises of luxurious villas in Kollur have turned out to be nothing more than a mirage, as there has been no progress on the project since its pre-launch four and a half years ago. Now, Aditri Housing is attempting to deceive customers once again, this time with a new pre-launch in Pedda Golconda.

During the pre-launch, Aditri Housing enticed customers with low rates, claiming that they wouldn’t find a better deal anywhere else. They created a sense of urgency, warning that missing this opportunity would mean waiting indefinitely. Realty agents and middlemen played their part in hyping up the project, luring customers to own luxurious villas costing Rs 7-8 crore with just Rs 1 crore investment.

Eager to seize this opportunity, middle-class individuals sold their assets, including farmland, land, gold, and jewelry, to invest their hard-earned money in Aditri Housing. However, the dream of owning these affordable villas turned into a nightmare for the investors. The company assured buyers that construction would commence within three months, citing delay in necessary approvals. Despite a passage of over 36 months since the initial promise, no progress has been made in the construction of the villas. Local residents and NRIs alike fell victim to this fraudulent scheme, and now lost their trust in Hyderabad’s real estate market.

Aditri Housing Private Limited, a registered company in Guntur, started selling the villa project in Velimala nearly five years ago during the pre-launch phase. Many people, enticed by the prospect of acquiring a villa at a low price, invested significant amount. Some paid advance amounts ranging from Rs 15 to 25 lakhs, while others handed over sums ranging from Rs 50 lakhs to Rs one crore, trusting the middlemen who assured them that the villas and apartments would be constructed side by side. These payments were made five years ago. The middlemen, acting as intermediaries, convinced buyers that the villas would be constructed alongside the apartments.

Initially, Aditri Housing used pending permissions as an excuse to buy more time. The onset of the COVID-19 pandemic provided temporary respite for the builder. But in the meantime, the project area was reduced from 20 acre to a mere 10 acres. Construction on the apartments commenced, further exacerbating buyers’ concerns about the fate of their promised villas. When buyers raised questions about the construction timeline, they were met with the same old excuses and empty reassurances from Aditri representatives.

Adding to the woes, Aditri Housing, a company that failed to deliver on its promises in the Velimala project, has now initiated a new ‘pre-launch scam’ at another location, Pedda Golconda. They have begun selling pre-launch villas despite the uncertainty surrounding their ability to construct them. Buyers from Velimela project who inquired about the status of their villas received evasive responses from the company which continued to collect huge amounts from prospective buyers for Pedda Golcond project, casting doubt on the legitimacy of the company’s operations. It appears to be a huge scam by the company not to construct the villas at the previous price and instead return money collected from previous buyers in order to sell them afresh to new consumers.

Buyers are rightfully expressing their anger and frustration as Aditri Housing is indirectly hint that they cannot deliver the villas at the originally agreed-upon prices. Some buyers argue that if the villas cannot be built for the amount they paid, they will not leave Aditri Housing management in any manner. They insist that the company should honour the agreement made five years ago and fulfil its obligations. However, when REG News approached them, the Aditri Housing representatives stated that all villas in the Velimala project have been sold. They also redirected attention to their new villa project in Pedda Golconda. The victims are urging the Telangana Real Estate Regulatory Authority (RERA) to take immediate action against Aditri Housing.

Aditri Villas: Buyers still wait after five years

In 2018, Aditri Housing Company commenced pre-launch sales of villas, offering buyers a 2,700 sq.ft villa within 214 sq.yards for Rs 4,750 per sq.ft. The company had initially announced plans to sell villas in 400 sq.yards with an area of 5,000 sq.ft. Lured by the prospect of securing villas at lower rates, NRIs eagerly invested in the pre-launch offer. Unfortunately, the Aditri Empire Villas project has not made any progress till date. Although the initial plan featured a sprawling 20-acre project, the size was later reduced, leaving investors disheartened. Unfortunately, the project did not take off and investors found themselves in a disconcerting situation still visiting the company’s head office to get their issue resolved.