Rs 80 crore prelaunch fraud by Bharti Builders

 

• Started this business under the name of the Bharti Lake View Project.
• Bharti Builders did not undertake the construction work.
• Lack of government regulations did what it felt like.
• Started a project and collected money illegally.
• Sold the land without undertaking construction.
• Advance for land elsewhere with the same amount

REGNews, Hyderabad

Another company that collected crores in the name of pre-launch offers has been busted. Bharti Builders, who collected crores of rupees and luxuriated with buyers' money without making constructions, came to light now. Flats were shown in the brochures during the prelaunch. While many companies are already deceiving people by announcing pre-launch offers like this, this huge pre-launch offer fraud has come to light recently. The Cyberabad police have arrested three realtors who collected around Rs 80 crore in the name of 'pre-launch offers' under the guise of constructing residential houses in the Kompally area. Bharti Builders Chairman Dupati Nagaraju, Company MD Mulpuri Sivarama Krishna, and Company CEO Thoddakula Narasimha Rao were among those arrested, the police announced. Cases have been registered against them under Sections 406 and 420 of the IPC and Section 5 of the Telangana Protection of Depositors of Financial Establishment Act 1999. Big scam… Bharti Builders announced in 2021 that they are undertaking construction of a project under the name of Bharti Lake View. The company published colourful brochures, set up offices in Kompally and Madhapur, and held meetings with customers. They announced a Rs. 3,200 rate per square feet in a 'pre-launch offer' and collected huge deposits. They appointed Thoddakula Narasimha Rao as the CEO of the company to attract more buyers by offering a huge commission on the sale of flats. With these huge offers, they collected Rs. 80 crore from customers. But, till now, at least the foundations have not been laid.

The land was sold without construction…

The management, who showed a colourful dream in the brochures named Bharti Lake View, cheated the customers. The entire land was sold to another party without constructing the apartments. Bharti Builders Chairman Sivarama Krishna has announced that a luxurious gated community project will be started in Kompally in 2021 on about 7 acres. A huge plan was made to cheat the customers of the project with 8 blocks and 9 floors. About 656 double- and triple-bedroom flats were shown in brochures and sold without any permission from the government. In the name of this project, from a third party, they took Rs 30 crore in finance. With the money that came in the name of pre-launch, he paid an advance for about 6 acres of land in Bhanoor and started a new drama there too by agreeing to build 5 towers, 15 floors, and 960 flats. With the money received here and in more places, they have given advances, made agreements, and advertised that commercial and residential flats would be sold. Until now, they have been collecting money in the name of prelaunch, buying land in those areas.

It's time to see Rera’s reaction…

The construction cost per square feet is Rs. 5,000. Earlier, they said that they were giving Rs. 1500. If you look at all this, it will be known that the plan to deceive people in the name of pre-launch has been planned and done in advance. Although there are many complaints about the pre-launch business, there has been no action taken by TS RERA. It is clear how close the relationship is with the officials. Now that the realty fraud has come out, the victims have complained to the police station.