Bengaluru real estate scam: Buyers were wooed with huge discounts by Sachin Naik

The huge discount offered on the flats was the biggest attraction for most people to make a dash to invest in the projects.

Published: 20th May 2017 05:04 AM  |   Last Updated: 20th May 2017 05:04 AM   |  A+A-

By Express News Service

BENGALURU: The huge discount offered on the flats was the biggest attraction for most people to make a dash to invest in the projects. IT entrepreneur Umesh Venkatesh invested Rs 14 lakh of his Provident Fund money and another Rs 18 lakh taken as loan from a bank for a 3-BHK flat in Marthahalli.

“The fact that they were willing to offer the flat at 60 per cent of the market rate definitely sounded attractive,” he said. “I checked and rechecked all the documents pertaining to the land. Similarly, when I applied for a loan at Corporation Bank, the staff also did meticulous checking. I made a mistake of not checking much about the company.”

Having paid 80 per cent of the total cost of the flat, he is now heading a Telegram group which comprises 2,000 people who have lost their money to these bogus firms.

Sharmila B K, employed with a private concern, is relieved she paid only Rs 18.5 lakh for a flat costing Rs 37 lakh supposed to come up behind Esteem Mall at Hebbal.

“I would not have paid half the amount but was told that the flat cost was Rs 41 lakh and if I paid half the amount as advance, it could be reduced to Rs 37 lakh. I fell for it and paid half the sum in December 2015. I was told that it would be ready in a month.”  When she approached Sachin Naik in January 2016, she was given a commitment letter.

Sharmila and others have formed an association ‘Ekdanta’ to ensure justice for all.

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