Two firms booked for Rs. 15 crore scam

Bhavishya Realtors, NSA Avenue cheating in the name of villa projects

In a case of defrauding buyers of Rs 15 crore, the CCS (Central Crime Station) police in Hyderabad have filed cases against two real estate companies. Based on a complaint by Surabhi Ashok Rao from Doolapally, FIRs have been registered against Bhavishya Realtors and NSA Avenue Private Limited.

In January 2023, P. Babu Rao, J. Shekhar Rao, G. Venkata Ramana Rao from Bhavishya Realtors, and Koneru Venkata Vinay, Director of NSA Avenue, announced a new venture to build duplex villas on 17 acres of land in Gollur, Maheshwaram Mandal, Ranga Reddy District. Eight people, including Ashok Rao and his friends, showed interest in buying these villas.

After negotiations, the builders agreed to sell each villa for Rs 1.7 crore. Everyone paid an advance of Rs 1 lakh each. An agreement was made to construct villas on 4,250 square feet of land within 450 square yards over three years. By February this year, everyone had paid the full amount in installments. When asked to show the site-related documents, the builders claimed that the Dharani website was not opening and avoided providing them.

Last month, when Ashok Rao and his friends visited the site, it was found that the land did not belong to the builders. Upon verification at the MeeSeva center, it was revealed that the land was on the prohibited list. Consequently, the victims have filed complaints against Babu Rao and the other builders.