- Laxmi Nivasam Real Estate Company that scammed under the name of ‘Prelaunch’
- Offered to pay monthly rent to those who paid the full amount
- Initially paid rent for a few months, then disappeared without a trace
Another realty scam in Yadagirigutta Despite numerous laws being introduced for transparency in the real estate sector, frauds continue to happen. Some individuals are scamming buyers under the name of “prelaunch,” while others are doing so under “buyback” schemes. Many real estate companies have already swindled thousands of buyers with such offers and earned crores of rupees. Recently, another such scam has come to light.
A real estate company named Laxmi Nivasam lured buyers by claiming to build suite rooms near Yadgirigutta, in Vangapalli. In 2022, the company sold each suite room for Rs 22,25,000. Buyers were then offered a “prelaunch” deal, promising monthly rent of Rs 12,000 for those who paid the full amount. They were also assured that the project would be completed and handed over by December 2023, with rent payments continuing until then.
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Initially, the company started construction on two blocks, but later began intensifying its fraudulent activities. They began circulating the claim that four more blocks would be built, and that all flats in those blocks were already booked, with only two blocks left with vacancies. This caused many buyers to be attracted to the project, and they ended up spending all their hard-earned money to purchase flats.
Initially, the company paid rent on time, but later even that stopped. When the buyers approached the company, they were given excuses and delayed responses. Recently, the victims have complained that the company has even stopped responding to phone calls. The buyers have alleged that the company has completely scammed them and mentioned that only two blocks have the necessary approvals. They are now demanding action against the company owner who deceived them and seeking justice for the fraud.
