The Bhuvana Teja Infra company, whose officials were taken into custody last week, has made the fraudulent offer of paying rent to the buyers of the flat from the project until the construction is through.
The company paid the rent for one month and subsequently defaulted on payments. In the latest development, Alekhya Infra Developers has made a buyback offer to woo buyers to buy its projects. It also came with a plan to pay rent every month to the customers.
If people walk into such traps and happen to invest their hard-earned money, they have to taste losses.
In the Hyderabad real estate market, some of the realtors have been leaving no stone unturned to raise funds from the public, making promises left, right, and center. Their only objective is to collect money from the public at any cost. If the people buy a plot, paying the cost upfront, the realtors promise to pay rent until the construction is through. As if it is not enough, they offer to buy it back from the customers if they do not want the property. Thus, the realtors have been luring the middle class by making such offers and looting their hard-earned money. They are not securing DTCP approval beforehand. No one knows whether they know that they should get RERA permission or not.
The company has been developing a layout on 100 acres of road from Sadasivapet to NK Palli on the national highway. It offers an investment plan. If anyone buys a plot of 121 square yards for Rs 6.5 lakh, the realtor offers to pay a monthly rent of Rs 15,000 a month. After paying for 30 months, the realtor, if necessary, comes forward to buy back the site. If anyone buys a 150-square-yard site for Rs 26 lakh, it offers to pay a monthly rent of Rs 60,000 for two years. Moreover, it also comes forward to give four guntas of land under surety. People should not believe such offers under any circumstances. If you have money with you, you are advised to buy RERA-approved flats. Otherwise, deposit the amount safely in a bank. Even if the interest is less, the money would be safe in the bank. But the people are advised against entertaining pre-launch schemes and buy-back schemes and losing their hard-earned money.
