Rajahmundry: How Raki Avenues cheated homebuyers promising affordable flats in Chandrika Avanthika Phase 2

Rajahmundry: A mouthwatering deal of a three-bedroom flat for Rs 26 lakh (approx) has proved to be a mirage with many homebuyers losing hard-earned money in Rajahmundry.

Raki Avenue Private Limited had roped in famed Telugu Anchor Suma Kanakala to endorse the flats and lure people only to find it was just a ploy to gobble up the money of homebuyers.

Many families have reportedly been cheated by paying huge money for Chandrika Avanthika Phase—2 flats of Raki Avenue Private Limited.

Chairman and Managing Director of Raki Avenue, Ramaiah Venu, is reportedly absconding and not responding to his customers. Ramaiah Venu, a real estate developer in Andhra Pradesh, has constructed gated communities in Vijayawada, Rajahmundry, and Amalapuram.

Thousands of people bought Chandrika Avanthika Phase 1 flats. Raki Avenues started Phase 2, selling two-bedroom flats for Rs 16 lakh and three-bedroom for Rs 26 lakhs approximately.

Four years passed, but the victims allege the construction was not completed. According to the victims, around 150 people have paid money in installments to get a flat in phase 2.

"I saw an advertisement by Suma about Chandrika Avanthika Phase- 2 and booked a three-bedroom flat, paying money Rs 26 lakhs. It's been over four years, and they have not responded. This is for my children's future. The Raki Avenue office used to have employees, but now there's no one to answer our queries," said a victim.

An employee earning Rs 30,000 said she had paid Rs 16 lakh for a two-bedroom flat, taking a loan. “I pay Rs 10,000 EMI every month. For almost four years, there has been no improvement in the construction. Before the registration, Ramaiah Venu responded very friendly to our queries but now, he absconded. We do not need a flat now, but at least give us our money back," he said

"I paid almost Rs 1 Crore and bought four flats for my children in February 2021. I saw phase 1 flats and believed them to be genuine. They promised to give us flats in two years. In our group of 35 members, we took loans and debts to get a flat for our family. But we got cheated," said another victim who gave his retirement money.

The victims who approached the media to raise their issue are planning to take up the issue with the higher officials and their local leaders.

Response from Suma?

Responding to the incident, Suma gave a statement that she will be taking appropriate legal action against all related parties.

"It has come to my attention that certain advertisements featuring my past association with Raki Avenues have been circulating on social media, advertisements for which I had offered my professional services for an agreed period from 2016 to 2018 and have henceforth been terminated. I would like to clarify that these advertisements are now unauthorized, and I do not in any instance represent Raki Avenues after the aforementioned period," said Suma in the statement.

Suma requested the public to verify any advertisements or promotions or videos directly from only official channels to avoid misinformation.