BIG STORY: Real estate Mafia’s New Strategies to entice innocent customers in and around Hyderabad
There is no dearth of stories of cheating and scams when it comes to real estate business in Hyderabad. In majority of the cases, people are unknowingly falling in to the traps and losing their hard earned money. By the time the innocent investors realize it’s too late. Here comes Tolivelugu to the rescue of such people and trying to help and support them by submitting proper proofs and documentary evidence to the concerned authorities for the redressal of these kind of perennial problems. Tolivelugu is also planning and working to help and support such innocent customers to protect their hard earned money.
Nowadays, the real estate scamsters are coming out with new enticing strategies and people from all walks of life are falling prey to these tactics. Their new marketing strategies include ‘offers of cash back programs’ ‘double your investment in 20 months’ and many more such schemes. In recent times, these kinds of scams are mostly getting reported from areas like Jogipet and Narayankhed.
The recent story of a company by name ‘Wealth Capital Services’ which has come out with a strategy of attracting customers requires immediate and very serious attention and action by all the concerned authorities. The company has taken double bedroom houses in Kukatpally area and appointed a ten member marketing staff with a master plan by the owner Kalanidhi Pavan Kumar, who has worked earlier in multi-level marketing and also extended his services to a real estate company as the Marketing Head. And now he comes out with an illegal idea but wants his customers to believe that everything is legal. Now the ‘actual story’ begins!
They promote their business with offers such as “Pay 8 lakhs now for 2 ‘guntas’ and get 16 lakhs in 20 months!” As a measure for security of the land, the company offers to complete the registration process by spending 80 thousand rupees, surprisingly. Another twist is that by paying 40k/month, till the total amount of 8 lakhs is cleared, the company wants the land to be sold back to them and ensuring an agreement is in place accordingly. At that time only the balance amount of 8 lakhs would be paid to the customer. They are promoting their business in full swing by announcing that already 15 acres of land was sold out in Gudur, near Narayankhed. It was given to understand that without having proper roads, parks etc., they have already made about 20 crores for these 15 acres of land. The general talk is that an acre of land in that area doesn’t cross more than 20 lakhs. By promoting ‘money back’ strategy, they have already sold about 10 acres of land in Nizampalli of Sadasivapet Mandal and started land pooling of about 50 acres in Jogipeta area. The customers should pay the total amount and then only they can get access to their site. None of the customers will have clarity about the location of their site in that 10 acre land, though assuring that the land value would be doubled in a span of 2 years, which can be anybody’s guess!
The agents are promised at the time of recruitment itself that they would be paid 20k/month provided they get the prospective customers. Money is being paid to the sub-agents also. Ultimately, their business is thriving at the cost of innocent customers. Social media has come as a boon for them for their promotional activities. Many customers are not even aware that they are not supposed to buy the land in ‘guntas’ which may lead to legal issues. The company is mentioning the name of Mr.Chokkala Nagaraju, High Court lawyer as the Arbitrator in the agreement documents and thus indicating about the future unexpected scenarios and for settlements.
The company is using the website www.wealthcapitalservices.com and their business segments include bull, e-commerce, funds, gold, growth, insurance, my profit, my shares, real estate, trading, utility etc., For further details either you have to login as agent or investor otherwise you may not get your queries answered. They promise through this colorful website that there would be great future!
It is a known fact that it’s illegal to collect money in the name of lands and gold. They are forcing the prospective customers to buy the land at exorbitant prices and promising them that they would buy back the same land in 20 months in addition to putting pressure on them to sign agreements for the returns on their investments.
As a responsible organisation, Tolivelugu cautions all the prospective buyers of lands to be watchful and doubly sure before investing their hard earned money by trusting such organisations. Though most of the people wish to buy agricultural/farm lands in the city, they must pay attention to the state government’s direction that farm lands under HMDA cannot be sold. The rule says that a minimum of 20 ‘guntas’ of agricultural land is supposed to be bought by general public. And the ground reality is that different types of irregular transactions are happening in and around 100 km range of Hyderabad where in there are no approachable roads to reach the site/land which is put on for sale. There are allegations that lot of money is changing hands for smooth and seamless transactions. As such, it’s always suggested that every individual has to take a holistic approach and also check out for the legal issues as well before taking an important decision of either selling or buying any kind of real estate property in and around Hyderabad.
Meanwhile, Sadasivapet Tahsildar clarifies that if a farmer himself directly wants to sell his land, even 2 ‘guntas’ also – their office is ready to register and this process is already in place. The agricultural lands, without having any approach roads are also getting registered, provided they are not coming under the municipality.