- Ramayya Venu cheats common public badly
- He lured them by offering flats at lower rates
- Public paid 100 percent amount in pre-launch
- Construction not done even after 4 years
Although the rates may seem attractive, real estate experts have been warning against buying flats during pre-launches for some time now. They advise not to make purchases based solely on the rates but to also consider whether the builder has the capability to complete the flats. Despite this, some naive buyers, enticed by lower rates, end up spending all their money and booking flats from builders without due diligence. The pre-launch scam of Rakhi Avenues in Rajahmundry is shocking. It’s astounding how some buyers, said they bought the flats after seeing anchor Suma endorsing the brand. The naivety of people is allowing some developers to continue with their deceptive practices.
“Double bedroom for just Rs 15 lakh, triple bedroom for Rs 19 lakh—these rates are half of the market rates. There’s no better offer than this,” they proclaimed on TV shows. They showcased a completed project, ran special ads with TV anchor Suma and Rajeev Kanakala, and flooded real estate events and other media channels with advertisements. With TV anchors Ravi and Shamala hosting sponsored programs, naive buyers believed the offers were genuine and invested all their money with the company.
Some bought flats for their children’s education, others for weddings, and some as investments. Flats were purchased in Rakhi Avenues Chandrika Avantika Phase 2. Four years later, with even the foundation not laid, doubts arose among buyers. When they contacted the company, there was no information available. All marketing personnel were unreachable. Even when they visited Hyderabad to inquire, they received no response. Realising they had been defrauded, the buyers were left in utter shock and were in tears. The company’s MD, Ramayya Venu, who always spoke kindly, deceived this way and the buyers still cannot believe how he did this to them. The buyers have now come forward to the media, seeking justice.
Those who bought flats in Rakhi Avenues shared their experiences at the Rajahmundry Press Club, and anyone hearing their stories would be astonished. It’s clear from their accounts that they had great trust in the company’s MD. Moreover, many mentioned that they purchased flats after seeing anchor Suma on various TV channels, which is shocking. This indicates that the actors in the advertisements were paid to perform, and these naive buyers were unaware that the actors had no actual connection to the project. Rakhi Avenues exploited these unsuspecting buyers.
Notably, anchor Suma has clarified that she has no association with the Rakhi Avenues project. The affected buyers are now urging the government to prevent the sale of the assets of Rakhi Avenues’ MD, Ramayya Venu, and to assist in recovering their invested money.
