Bhuvanateja eyes gullible customers

Another real estate development company – Bhuvanateja Infra –is out to loot the gullible buyers offering them flats at a low price as part of its project’s pre-launch offer. Targeting middle classes, it rates the offer as a never-before opportunity. It has plans to amass as much money as possible. Telangana RERA rules indicate that the responsibility of taking care of the structure is vested with the developer for five years once a project has been built. In fact, the builder should deposit 70 per cent of the money collected from a buyer in an escrow account to use it to meet construction expenses. The information on how it used the amount should be communicated to buyers. But Bhuvanateja is apparently not following any of these rules. In fact, the project has no RERA approval. Perhaps, Bhuvanateja might not be aware of these rules.

· A year ago, in Shamirpet a 11-storey gated community project was launched. The developer sold 400 flats at Rs 1600 per square feet. Later, phase-2 of the project was started in 11 acres to sell 1170 flats. In the phase-II, the sale price of flats is put at Rs 2600 per sft. If anyone pays Rs 8,00,000, the developer is entering into an agreement with buyers. If buyers clear the balance amount in 45 days, the developer registers 121 square yard site in the name of buyer. But, the buyer should enter into agreement with the developer and give it back to him or her for development to enable the realty firm to launch works.

The Bhuvanateja Infra is selling flats in its Bloomdale project in Athvelly of Medchal district attracting customers saying that the offer price is so low. In fact, it has no RERA approval. It did not register with RERA. But, it is still selling flats freely. So far, it has sold 70 flats. The 2BHK flat prices in them have been pegged at Rs 24.20 lakh each wooing the gullible. Claiming to have approval for the first phase of the project spread over 5.5 acres; the company sold 200 flats under UDS prior to getting the approval.

The Telangana RERA advises customers to exercise caution while buying flats in such projects and caution them against buying flats in projects that did not have RERA permission. Some persons are planning to lodge a complaint against the Bhuvanateja Infra with the Income-Tax department for selling flats by taking cash.