With prerequisite permissions from GHMC or RERA, some fraud companies have raised curtains to new type of fraud. Instead of plots, flats and villas, they are now focusing on residential-cum-commercial structures with world-renowned facilities. They have already started collecting Rs 59.55 lakh from each buyer, promising to construct the world’s tallest co-living tower in Hyderabad. The strategic partner for this project is said to be an organisation, named My Square Realty.
The miscreants have collected photographs from the internet and prepared presentations in the name of Hyderabad One. They are selling student housing and co-living spaces in this project. Looking at the daring of these fraudsters, one would be left wondering if it was so easy to collect lakhs of rupees from people. Would people invest in a property without even examining the location/place, as well as necessary permissions from GHMC, RERA and other relevant authorities, only by looking at these colourful presentations? And, after the people invest their money, who is responsible if the company shuts down the shop? Would it not be better if RERA authorities respond swiftly and crack the whip against such fraudsters? It is time to introspect.
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