Scams have no limits—they are spreading everywhere. Greed is the basic root cause of any malicious crime or scam.
The latest scam involves real estate, particularly in Hyderabad, where it’s happening on a large scale.
For example, a real estate project might approach potential buyers with an "expression of interest" for their project.
After this, they ask investors to put down a small amount, say 40% of the total apartment cost, with the promise of doubling their investment within a year, even if they don't proceed with buying the property. Essentially, it's a buy-back guarantee with double the payment.
People often fall for these schemes due to greed, without understanding the legal implications.
The law doesn't allow real estate companies to collect money by offering buy-back schemes or soliciting expressions of interest for real estate projects. It’s illegal.
3D animated videos of these projects are shown to lure middle- and upper-middle-class buyers, presenting the illusion of a "heaven" being sold at "earth's price."
Some people invest amounts ranging from Rs 10 lakh to Rs 50 lakh in such projects, assuming they will double their money within a year.
But in the end, these companies disappear, betraying the investors.
When victims approach RERA (Real Estate Regulatory Authority), they are told nothing can be done, as those projects were not registered with RERA.
This phenomenon is happening in a big way around the Gachibowli, Nanakramguda, and Mokila regions. Let buyers beware!
