TSRERA Fines Buildox Pvt. Ltd. Rs 3.96Cr for Fraudulent Sales

TSRERA, in a press release, said that a penalty order has been issued on M/s Buildox Pvt. Ltd represented by its director Kaleshwar Vasgi for advertising, marketing and selling units in the project ‘Buildox’ in Survey No. 80 at Hafeezpet – a disputed site.

The real estate company does not have any land parcels or any agreements with anyone, nor do they have any development agreement-cum-general power of attorney (DAGPA) to execute a project.

A complaint was received by the regulatory authority on February 2 by Sharath Chandupatla which has been clubbed with the present case against Buildox. The complainant submitted that he had seen an advertisement for sale of flats by M/s Buildox Pvt. Ltd at Kondapur and when he clicked on the link, he was redirected to a chat box.

A person claiming to be from the sales team by the name of Kamal reached out to the complainant and offered flats for sale in a pre-launch offer in the disputed site. After chatting he went to Madhapur and met a person Devender, who claimed to be the director of M/s Buildox Pvt. Ltd. The complainant — Sharath Chandupatla — impressed by the offer, paid Rs.2,00,000 through a bank transaction.

For hearing before TSRERA, M/s Buildox Pvt. Ltd entered appearance through its Counsel Gowri Devi and Radhika and the complainant appeared through counsels, Rohit Pogula, Raghava Chary and Lokesh Vanam.

According to TSRERA, M/s Buildox Pvt. Ltd is denying and disowning the advertisements, however it has not denied it has received the amounts into its own bank account which raises grave suspicion of its activities in violation of the law. M/s Buildox Pvt. Ltd. admitted to the receipt of such amounts in its bank account during the oral hearing before this authority, said TSRERA in a press release.