- GSR Group’s prelaunch fraud
- Promising villas, crores of rupees were collected
- Forget about villa, there is no land to claim!
- Victims realised after much delay
- Forced to make frequent trips to the company office
A recent pre-launch scam involving the GSR Group has highlighted the persistent issue of fraud in the real estate sector, despite efforts to improve transparency through legislation. Pre-launch scams involving litigation land sales continue unabated. Surprisingly, even though a case was filed against the company at the Ramachandrapuram police station a month ago, no action has been taken against the developer, leading to frustration among victims. Recently, some more victims reached the office of this company and demanded the company to return their money. However, GSR Group MD G Srinivas Rao is absconding to evade confrontation with the buyers.
The GSR Group had collected crores of rupees from numerous individuals, promising to build villas in Mokila. However, the company has failed to fulfill its contractual obligations, leaving buyers empty-handed. Several buyers, who have paid 1.05 crore rupees for each villa, have visited the GSR office to demand their money back. The buyers expressed their disappointment, stating that the company collected the amount in November 2021, with the promise to hand over the villas by December 2023. However, there has been no progress towards fulfilling this commitment.
One buyer shared their frustration, recounting how they were initially shown a villa plot in Mokila, only to inform the buyers that the project was canceled. They were then offered flats in a high-rise apartment in Kollur, which the buyers declined as they specifically wanted a villa. The company then showed them another location, with a promise to register a 500 sq.yard plot in their name in March of this year and complete the villa by March 2025. However, the buyers expressed concern over the lack of progress since the promise was made. Further, the cheques issued by the company bounced, leading the buyers to consider legal action. Despite assurances from GSR Group that the amount would be settled within a week, the buyers remain skeptical. The victims have urged the Telangana government to intervene and ensure them justice in this matter, as they face significant financial losses and personal stress, with one of them suffering a heart attack and even undergoing surgery.
