The Hyderabad Real estate sector has been going the way multi-level marketing does. Many people entered the realty sector without experience. These include real estate agents, masons, interior decorators, site owners and selling flats as part of the pre-launch of their projects to deceive the gullible public. The buyers, lured at the prospect of getting a flat at less than that of the market price, are not hesitating to invest their hard-earned money to them and dreaming of owning the flat after four or five years.
Meanwhile, new brands of builders have been selling the flats adopting a multi-level marketing chain system, which is atrocious. It has become a routine to buy a site at a place, selling it as part of the pre-launch of the project, sharing the proceeds among the concerned individuals, in case of differences over sharing they lodge complaints with the police and later move the court. In the post-Covid-19 area, pre-launch cheating has become notorious in Hyderabad. Such incidents crop up only on the outskirts.
Till the other day, such frauds surfaced in Kolluru, Velimela, Pati, Ghanpur and other such region. Now the fraudsters have entered Patancheru, Isnapur, and Rudraram. Some others eyed Boduppal, Peerzadiguda, and Ghatkesar to resort to pre-launch frauds. The fraudsters are now keen to sell flats in pre-launch projects in Ramoji Film City area, Adibhatla and Maheshwaram at a less price than the market price. On the whole, which way the real estate market is going? The onus is on builders’ associations to investigate why the real estate sector stooped to the level of multi-level marketing.
