In Hyderabad realty sector, the illegal builders are wooing middle class buyers by promising to execute villa projects at throw-away prices – Rs 20 lakh per villa. They are trying to attract middle classes by announcing that the offer will last for only two weeks. The offers fuel several doubts in the minds of people. In fact where is the project location – Sadasivapet? How far is it located from Hyderabad? Who will prefer to stay there giving up their residence in Hyderabad? In case, the owners of villas in Sadasivapet offer to give their property on rent, who will opt to live in them? How much rent these villas attract? Is there any guarantee for the builder to execute the villas taking Rs 20 lakh from customers?
Incredible are the offers to sell villas at only Rs 20 lakh. The prospective buyers willing to pay Rs 20 lakh upfront will be given villas, whose market price is said to be around Rs 50 lakh each. The offer comes with a rider! It will take at least two and half years to complete the villa project titled Fortune Village near Zaheerabad on a 100-acre site, According to 46 acres.com MD Adepu Satish. He claims that his project has DTCP approval and maintains that the project is a RERA-registered project.
The builder has plans to build over 1000 wee-end villas. But, only some of the villas are priced at Rs 20 lakh. On a 267-acre site, the house occupies 100 square yards, leaving 167 square yards as open space. In fact, the project is a 2BHK project, but the developer claims it as a villa. If anyone wants to have 3BHK, the builder will execute a duplex house, but price the house accordingly. The builder offers homes for Rs 20 lakh as a limited period offers. In fact, none knows how the Rs.20 lakh house looks like. It cannot be said whether the builder will ever execute the project or not. Several frauds in the name of pre-launch of projects have surfaced. There is loan facility for the project. If the buyer seeks loan from banks or other financial institutions, the cost of the project will go up to Rs 40 lakh to Rs 50 lakh. None knows the trick in it. People have been advised against investing money in the project and asked to take a decision after crosschecking all details.
