Many innocent victims in real estate
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Claimed sources to www.propertykhazana.com said that, M Prakash Rao a Businessman from Srikakulam District of Andhra Pradesh had to purchase a flat in the Hyderabad city. He had a dream of owning a property in High-Tech and was in the city and went on a site visit and gazed few projects and finally settled for a flat in Hayathnagar. He did not know that within a year of disbursing easy EMIs to possess the dream flat lead loosing his money with his realty dealer packed the establishment and had escaped with his funds. Many peoples like Prakash had been swindled by the realtors and as a result the cases are filing up at the Andhra Pradesh State Consumer Disputes redressal Commission. The commission was dealing with complaints for about 1,200 allied to the realty. In the majority of cases, there were no sale deeds or mother deeds and there was no proof of property transfer also from the proprietor to the realty agents.
President Justice I Venkatanarayana of AP State Consumer Disputes Redressal Commission told that, “The realtors was just giving money as advance for the property owners and they were showing the receipt as proof of the property transfer and then sell out the flats. Though, the property had proper title deeds, more often the layout was not sanctioned by the authorities like Hyderabad Urban Development Authority (HUDA) and the client had made an awful investment on the property.” Commission was getting around 10 cases on the realty deals every month where the settlement awarded was up to Rs. 20 Lakhs. The most famous locality for such fake realtors is in Hayathnagar Mandal and on Vijayawada and Kurnool National Highways and some of defraud is based in Hayathnagar who sells the flats to different people.
Source: NIMMA BENGALURU
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