Pre-launch fraud: How 50 homebuyers were duped by Prathista Properties in Sangareddy
Vandana invested Rs 10 lakhs as a down payment for 1,300 sqft for a double bedroom flat
By Sistla Dakshina Murthy Published on 22 May 2024 5:29 AM GMT
Hyderabad: A few years ago, Vandana Ramesh (name changed), a native of Sangareddy discovered multiple pre-launch projects to realise her dream of owning a residential flat in her hometown.
Inquiring about them out of curiosity, Vandana discovered that the prices being given were the lowest and best. Determined not to pass up a good opportunity, she invested Rs 10 lakhs in 2021 in a pre-launch offer on unregistered open plots under the name of ‘Highway Paradise’ by Prathista Properties Pvt Ltd in Sadasivpet of Sangareddy.
Vandana invested Rs 10 lakhs as a down payment for 1,300 sqft for a double bedroom flat.
No delivery of home even after 2 years
But later on, Vandana encountered several problems with the project; it was put on hold for some time with little to no development, getting the go-ahead to start work took a long time, and some other problems kept coming up. Her financial plans were disrupted as the years went by and her home’s expenses increased. And Vandana still hasn’t moved into her new house even after two years.
Vandana is not alone in her situation. Another 49 victims who have made investments in pre-launch ventures of Prathista Properties Pvt Limited have comparable stories to share. They didn’t realise—and neither did Vandana—that pre-launch projects have their own set of terms and conditions and differ from under-construction projects.
50 people scammed of Rs 15 crores
Speaking to NewsMeter, Cyberabad EOW deputy commissioner of police (DCP) K Prasad said that on May 10, the owners of Obili Housing, Obili Papannagari Rama Chandra Reddy, were apprehended by officials for scamming as many as 50 people out of Rs 10 crores to Rs 15 crores. This action broke up a real estate scam in Sadasivpet in Sangareddy, he said.
The DCP said that under the moniker ‘Highway Paradise’, Rama Chandra, VB Gupta, the managing director of Prathista Properties, and other marketing representatives were offering unregistered open plots for pre-launch sale.
