Realtor held for falsely promising 1,700 people apartments, collects Rs 539 crore

The real estate firm lured the customers with prelaunch offer schemes of doubletriple bedrooms varying from 1200 sqft to 1700 sqft of high-rise apartments in their project at Ameenpur village near here without any proper permissions from civic authorities and collected about Rs 539 crore from over more than 1700 victimscustomers, they said.

A real estate businessman has been arrested here for allegedly cheating over 1,700 customers to the tune of Rs 539 crore by collecting money from them on the promise of constructing apartments, police said on Friday. Apart from this project, the real estate firm which had also started different projects in the vicinity of Hyderabad had so far allegedly defrauded more than 2,500 customers to the tune of Rs 900 crore in various projects put together, the police said. A case was booked under relevant sections of IPC against the managing director of the firm, who was arrested on Thursday, police said. The real estate firm lured the customers with prelaunch offer schemes of double/triple bedrooms varying from 1200 sqft to 1700 sqft of high-rise apartments in their project at Ameenpur village near here without any proper permissions from civic authorities and collected about Rs 539 crore from over more than 1700 victims/customers, they said. The project failed to materialise and the victims insisted to return the amounts. The managing director promised to return the amounts collected with interest at 15 per cent to 18 per cent per annum and also issued cheques for the said calculated amount and failed to honour their promise, said a release from Hyderabad police. Public has been requested by the police not to fall prey for such offers from real estate companies. It was advised to check for all types of permissions required for construction of high-rise buildings before purchasing any flats/plots, the release added. PTI VVK NVG NVG

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