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- Agents are defaming the name of the Vasavi Group.
- However, they are not related to the Vasavi Group.
- Investors, beware!
- TS RERA should take strict action.
As elections are nearing, some pre-launch irregularities are flaring up. Some builders started selling flats in pre-launches at their desired rate. In the name of elections, they are trying to trick people. Even more disturbing information is that lands that are in legal dispute with the Supreme Court are also being sold for free. It is reported that already, about Rs. 400 to Rs. 500 crore have been collected from the investors. How can someone build apartments on disputed land? The biggest question is: who is giving them permission? All in all, this latest case rakes up controversies once again. This pre-launch project is being run by a company called Buildox, which is using the name of Vasavi Group in the market to reach the masses. To discuss more about the issue, the Real Estate Guru reached out to Vasavi Group CMD Erram Vijay Kumar, and he clearly denied that they had anything to do with this pre-launch sale. Let us give you more detailed information about the project.
The lands opposite the My Home Mangala project at Kondapur, Hyderabad, fall under Hafeezpet Survey No. 80. A case is going on in the Supreme Court between the government and some private individuals. By hiding that matter by not telling the buyers, a company called Buildox has raised the curtain on the prelaunch rush. Saying that they will build 35 floors in an area of more than 35 acres, they are selling flats. It says that flats will be provided for Rs 4500 per sq ft to those who pay 100% money within two weeks. It is known that some investors are investing without knowing that there are legal complications related to this land. The Real Estate Guru advises that it is better to stay away from such disputed lands and properties.
How did it come to light?
The news about a flat being sold for just Rs 4,500 per sq ft in the Kondapur area was widely spread on social media. With this, many readers brought this matter to the attention of the Real Estate Guru. We talked to many agents on WhatsApp and tried to find out more information about the location of the project, survey numbers, and more. When the agents were asked to whom the money should be paid, the bank account numbers related to Buildox were revealed. With this, it is understood that the entire pre-launch campaign is being done by the Buildox company. Neither Buildox nor anyone else has any legal rights over this land. Because the main reason for this is that the whole matter of Survey No. 80 is within the purview of the Supreme Court.
Trying to run Vasavi Group’s name…
Although this prelaunch is being run by Buildox, the agents selling the flats in the prelaunch are also selling Vasavi Group’s name to the buyers. Real Estate Guru has a voice recording of this. The same matter was brought to the attention of Vasavi Group CMD Erram Vijay Kumar, who said that he had nothing to do with this pre-launch affair. He warned that he would complain to the TS RERA Chairman about the agents who are using their names for illegal transactions. Buyers are advised to invest only in RERA-approved projects.
