Another pre-launch Scam in Hyderabad!

Pre-launch project sales scams are coming to light one after the other. To earn money through backdoor methods, some realtors have sold units like the proverbial hot cakes without getting the necessary clearance from the RERA. The projects have no permission either from the HMDA or the RERA. The buyers have purchased flats in the pre-launch projects without hesitating a second solely judging the project on the basis of its price. However, the Reg News exposed the misdeed in October last year itself.

The Fortune Homes floated NCS Fortune Medicity venture in September 2020. But, it sold the units in pre-launch event of the project. But, the Reg News cautioned people against buying properties in the project. Yet, the realtor induced the buyers claiming that the flats are cheaper in the project. It received lakhs of rupees from buyers. As the HMDA did not clear the project, buyers demanded refund of their money. Therefore, the MD of the organization has apparently gone underground.

Since then, the victims have been making rounds to the office of the realtor to get refund. But, they have failed to trace the MD. Not knowing what to do, they protested in front of Banjara Hills Police Station demanding refund of their money. The RERA has served notice on the builder last year. Scenting the scam quite early, the Reg News warned people against buying properties in the project. Prior to securing permissions from the HMDA and RERA, the builder collected Rs 2 lakh towards advance from prospective buyers.

The Reg News highlighted that RERA service a notice on the promoter. RERA Act Section 3(1) makes it mandatory for the realtor to secure permission of the RERA prior to releasing marketing brochure or marketing of the units. However, the Fortune 99 Homes took advance without the RERA permission. The Reg News cautioned that the builder would have to pay 10 per cent of the project cost as fine to the RERA as the promoter took advance from buyers without its permission. After some days, the whereabouts of the project promoter are not known. Meanwhile, the victims have been making rounds to the police station and calling on officials and leaders to relate their tale of woe, but in vain. At least now, Municipal Administration Minister KT Rama Rao should focus his attention on pre-launch scams to checkmate them.