Sai Surya Developers owner booked for failing to deliver land in Green Meadows venture

Hyderabad: A 32-year-old software engineer, has recently lodged a cheating case against Sri Kancharla Satish Chandra Guptha, the proprietor of Sai Surya Developers, a prominent real estate company based in Vengal Rao Nagar, Hyderabad.

As per the complaint, registered at the Madhura Nagar police station, Nakka Vishnu Vardhan, along with several others, had collectively invested a staggering amount of more than Rs three crore (Rs 3,21,34,000) in Sai Surya Developers' Green Meadows venture - a 14 acres land in Shadnagar - in April 2021. The others who also invested in the venture were Dr Sudhakar Rao, Srikakulma Vital Mahesh, Rajesh, Srinath, K Harish, Kotla Shashank, Ch Ravi Kumar, K Prabhavathi, Venkat Rao, and Krishna Mohan.

The investment was made through an agreement for NALA (non-agricultural land) and mortgage plots, with the assurance that the plots would be registered within months of obtaining the necessary approvals from the Hyderabad Metropolitan Development Authority (HMDA).

As time passed, the investors grew increasingly suspicious due to the lack of communication from the company. Upon conducting inquiries with the Registration and Stamps Department, Nakka Vishnu Vardhan and his associates made a distressing discovery. They found out that all the mortgage plots associated with their investment had been registered or sold to third-party financiers, namely SRV & TNR Infra-Rajaram & VASGI Venkatesh, without their knowledge or consent. This revelation clearly indicated a breach of trust and raised serious concerns about the transparency of the dealings.

Nakka Vishnu Vardhan and the others had relied on the reputation and credibility of Sai Surya Developers, partly influenced by the endorsement of popular cine actor Mahesh Babu. However, visits to the project site unveiled that the development was far from meeting the promised standards, and the necessary approvals were not obtained as expected. Additionally, it came to light that Satish Chandra had failed to address financial issues with the farmers who owned the land on which the project was based.

Expressing their disappointment and seeking justice, Nakka Vishnu Vardhan and the 30 other investors lodged a complaint at Madhura Nagar police station, urging the authorities to take necessary action against Satish Chandra Guptha and Sai Surya Developers. A case has been registered under Sections 406 and 420 of the Indian Penal Code, alleging financial misconduct and deception by the accused, as stated by sub-inspector K Uday.