They are bold enough to cheat you in crores under the masks of benami companies. They don’t even need to oblige RERA regulations. Exclusive research taken up ToliVelugu unveiled shocking facts about SAS Groups, one of the leading real estate companies in Hyderabad.
Claiming themselves to be among the top ten real estate companies in the country, SAS Groups were observed to cheat investors to the tune of crores. Into details, SAS Infra, which was launched in Khazaguda in 2019, has sought permission from RERA to launch ITower on 32 acres of 10 acres. While the permits were issued in April, the company was learned to start the business before they got clearance.
Under the name of pre-launch, the company started streaming a 3D video on YouTube on June 27, 2018, even before RERA permission. Hundreds of crores were collected even before the building foundations were laid. The 3 lakh square feet building was officially sold by December 2019 and by 2021, 15 lakh square feet has been sold.
A total of 359 registrations were made as huge sums of money were collected and deposited into personal accounts. With the money from investors, the company has bought 160 acres in Shamshabad and 5 acres in Kokapet. Though everything falls under commercial sales, 12 percent GST is not paid on the transactions.
There are also allegations of advance payments for mortgaged flats. Rounding it off, the company so far collected Rs 950 crore for the construction which will ready by 2025.