· Fraudsters weave magic
· They loot money from public claiming
close contacts with elders in Government
· The realtors claim kinship with official
· The real estate business is booming in outskirts
· The fraudsters loot crores from public
Some fraudsters who indulge in real estate irregularities claiming to be either kinship or friendship with the political bigwigs like KTR and MLC Kavita try to woo the gullible customers to buy villas in their projects promising guaranteed permissions to their projects on account of their high political connections. They claim themselves to be the nominal figureheads of the real estate projects in which according to them the actual controlling stake is vested with the top political leaders. They claim themselves to be the nominal figureheads of the real estate projects in which according to them the actual controlling stake is vested with the top political leaders. Moreover, they promise guarantee to their investments.
The glib tongued realtors make sales in the fast lane and disappearing overnight after collecting huge sum from public. In fact, either CM KCR or Minister KTR would have no relationship whatsoever with such fraudulent operators. They did not even know who these people are. In the name of top level political connections, several realtors, including Yoshita Infra, have collected over Rs 200 crore.
Yoshita Infra, claiming the support of some prominent lady politician, has been selling the units in their projects in pre-launch operations. Recently arrested MD of a prominent real estate company apparently has had the support of ruling party MLAs. A political leader ran real estate business in Bowrampet, Sultanpur and Mallampet areas.
The city of Hyderabad has been expanding far and wide rapidly. As such, the outskirts have been merged with the city. The city development is beyond the Outer Ring Road. Sales are going on at brisk place in gated community, villa, apartment projects and real estate ventures in the outskirts. Majority of the sales are termed as unauthorized.
The realtors have been impressing upon the prospective buyers claiming that either the venture MD or Minister KTR or MLC kavita or the Ministers is close to them. They even lie through their teeth that the venture is not their own, but that of the elders in the government. They would say that securing permission for the venture is automatic. With their glib tongue, they ensure closing the sales of units in the project. But, the truth is that no elder in the government has no relation whatsoever with such illegal ventures. The unscrupulous realtors create a picture as though the top level politicians have stake in the project and looting the gullible public.
Venture is small, but overstaffed
In Telanana, the real estate business is centered in Kokapet, Chevella, Sadasivapet, Shad Nagar, Zaheerabad, Yadadri, Bhongir, Alair, Janagoan, Ghat Kesar, Bibi Nagar, Chowtuppal, Chityala, Shamirpet, Shamshabad, Kadtal, Amangal and surrounding areas, in all, 90 per cent of the gated communities, ventures and villa projects are unauthorized. Units in new ventures are being sold putting the old LC Number to the new venture. Some developers have over 3000 marketing personnel distributed among three floors of their posh office buildings.
Since the ventures could not get permissions for ages, the prospective buyers and buyers have been questioning the perpetrators of irregularities. When buyers question them, the real estate elders claim their close contacts with the elders in the government and would reply rather carelessly and ask the customers to go to hell. The panicked and helpless customers are backtracking.
What the officials are doing?
There were no instances of officials taking action against the perpetrators of fraud claiming their proximity to the elders in the government. The victims of such fraud suggest the government to check such irregularities at the nascent stage. They pledge full faith in KTR, who stands for development in the state. But, they feel neglected by not taking concrete action against the sale of units in ventures claiming top political connections. If such frauds are not reined in at the initial stage, it is likely to become at another scam on the lines of Sahiti or Jaya Group fraud driving the victims on to the road.
They vanish into thin air
They unleash publicity blitzkrieg and built castles in air, but their ventures would have no pucca roads. Let alone development of the venture. They weave magic with the help of graphics in their pamphlets. The official sources indicate that at least 90 per cent of the ventures did not have any permission. Either one or two ventures will have permission, while the rest of the ventures are described as illegal. The unscrupulous realtors have been encroaching the prohibited lands to run their illegal real estate business. Not knowing how to come out of the fraud on knowing that their ventures would not get permission, they are avoiding the customers giving false information. It is learnt that several realtors are poised to close down the shop. Some of the realtors have even started new companies. The customers are advised to check whether the companies in which they have invested figured among the fly-by-night companies and whether the company venture has all permissions as per the law.
