HYDERABAD: As some fraudulent real estate companies are duping property buyers in Hyderabad, real estate bodies and officials are advising buyers to verify the credentials of realtors and developers before buying a property.
The issue of fraudulent realtors has come to the fore again in the wake of VVR Housing Limited duping hundreds of property buyers recently. The company sold and even registered the plots which were promised to be developed in the land it bought from farmers. But when the plot owners went to take possession of their plots, the farmers obstructed them, saying that VVR Housing had not paid them the money for the land. Many such frauds, big and small, continue unabated.
Similarly, people who bought flats in the much-hyped Aliens Space Station are yet to get justice after losing lakhs of rupees. Though realtors are booked in most of these cases, buyers are unfortunately not able to recover their money and are put to a lot of hardships. Hence the real estate bodies has cautioned property buyers to exercise due care before investing.
“Home buyers put their hard-earned money and a whole of their life savings to buy a home. Therefore they should take proper care before buying a home. The most important precaution to be followed by buyers is they should check the credentials of the builder or realtor. They should carefully enquire about the previous projects of the builder, quality of construction and whether the homes were delivered on time. This is one of the surest ways to zero in on a safe
property,” said P Dasharath Reddy, president of TREDA. Experienced realtors are urging home buyers not to get swayed away by the glitzy advertising. If buyers do not get exact features specified in the brochures, they can sue the builder,” said Vemula Srinivas, DIG of registration and stamps.