- Bhuvanateja Infra MD Chakka Venkata Subramanyam
threatens buyers, says he has no money and will shut down
the company if buyers create too much trouble.
- Three years ago, Subramanyam sold flats at
a low rate during the prelaunch phase. - Subramanyam is now using the lack of funds and permit issues as leverage against protesting buyers.
- Buyers demand that fraudsters like Subramanyam should be held accountable.
- Buyers are urging TSRERA to: investigate Subramanyam’s
claims of financial hardship, take control of Subramanyam’s
assets including land and use them to compensate the affected buyers.
In a shocking turn of events, Chakka Venkata Subramanyam, launched real estate company ‘Bhuvanteja Infra’ in the name of his son during height of the Corona crisis, attracted buyers with unwavering confidence. He positioned himself as a self-proclaimed benefactor of society, claiming to offer apartments at prices below the market rate.
Under the guise of providing flats at below-market rates, Subramanyam successfully attracted buyers and launched more than 10 projects in different parts of the city. With promises to commence construction as soon as the necessary permits were obtained, he sold flats ranging from Rs 11 lakhs to Rs 13 lakhs, leaving over a thousand hopeful individuals envisioning a brighter future.
However, as the months turned into three years, and construction failed to begin, leaving buyers in a state of distress. It became apparent that Subramanyam’s intentions were far from honourable. Merely initiating construction in a few areas as a façade to appease his buyers, he had slyly diverted the hard-earned money of unsuspecting individuals, with no genuine plans to deliver on his promises. Subramanyam extended his pre-launch sales of flats to other cities within the state, successfully attracting buyers who were oblivious to his lack of experience in constructing even a single apartment. The allure of low prices undoubtedly played a significant role in driving demand.
Now, the affected buyers are left with no choice but to exert pressure on Bhuvanteja Infra’s owner, demanding answers and seeking justice for their financial losses. The gravity of the situation necessitates immediate intervention by the newly appointed chairman of the Telangana State Real Estate Regulatory Authority (RERA), Dr N Satyanarayana. The RERA chairman must initiate a thorough investigation into Bhuvanteja Infra, collecting comprehensive details regarding the number of apartments started, the total number of buyers, the funds received, and whether the company obtained the necessary permissions. The victims, who entrusted their savings to Subramayam’s deceitful enterprise, are eagerly awaiting a resolution.
