Another realty company shuts shop, cheats customer!

Hyderabad realty market has become a haven for fraudsters and cheaters. You can deceive the land owners by telling lies, collect full amount from buyers before obtaining permissions, commence work without permits by bribing officials and if everything fails, you can take safe shelter by offering huge amounts to a powerful politician. If necessary, the name of the company can also be changed to cheat customers once again. The government does not care how many buyers are being cheated. And enforcement agencies like RERA too prefers to keep silent.

Kota Vijay and Rosireddy Maddirala have started Fortune 99 Homes as the company managing directors. Their head office is at Cyber Heights, in the lane adjacent to NTR Trust Bhavan in Banjara Hills. This company has launched SCS Fortune Medicity near Muchcharla of Maheswaram mandal in Ranga Reddy district in September 2020, close to the Pharma City being developed by the State government. Pharma City is being developed prestigiously with global facilities by the State government.

Hence, many people usually will be keen to buy plots here considering the future growth market. Observing that some people were hesitant considering the high prices in the area, the company has announced a pre-launch offer for such people who will buy if the rate is low. Soon realty agents entered the market. Some people paid an advance of Rs 2 lakhs, others paid half the amount, and few of them paid the entire amount. Upon learning about this pre-launch sales, the Telangana RERA served the notice as a formality and dusted off its hands.

Even after two years, the venture did not start and some buyers started getting anxious. They rushed to the company office following which the company MDs Rosireddy Maddirala and Kota Vijay reached an agreement with some buyers. They gave it in writing on the stamp paper and signed on it stating that they had sold plots in the SCS Fortune Medicity venture under the pre-launch, but could not commence work. They assured to return the entire amount within 180 days. After learning that the agreement was signed with only 26 people who pressurised the MDs for money, the rest of the victims too started exerting ressure on the MDs to return their money. But even after three months, the money has not been returned and some victims approached the Banjara Hills police station. Under these circumstances, the MDs stopped coming to their office.

Name changed to cheat more?

For reasons unknown, the MDs of Fortune 99 Homes made a new move. They changed the name of Fortune 99 Homes as Lavoura Developers. Recently on December 28, a special business leaders meet was also organised with real estate agents. The Maheshwaram project was named as Lavoura Hillside. However, none cared about the victims who invested in the project.

When Reg News contacted one of the MDs Maddirala Rosireddy, to find out about the same, he said they gave back the money to some people. However, he did not elaborate any further on the amount returned or number of victims who received payment and by when the remaining amount will be returned. The State government appears to be in deep slumber as such companies continue to cheat innocent buyers. Further, the government which brought under the law and order under control by handling rowdies and rioters tactfully, did not initiate any action against the real estate fraudsters. It remains to be seen if Telangana public will continue to be cheated by these fraudsters and for how long.