Visakhapatnam: Several people who paid advance amount to own a flat in Vizag have landed in a mess, thanks to unprincipled real estate deals they were unaware of. The investors have neither got their flats nor returned their money.
Around 40 investors, who paid 90 per cent of the amount for flats in an apartment complex at Kommadi area in the city, were shocked to receive notices from GVMC, stating that the apartment complex was built on 1,600 sq yards of GVMC land by MM Foundations and Constructions.
Managing Director of MM Foundations and Constructions Mallikanti Malyadri grabbed 1.3 acres of GVMC land at Kommadi area in the city with fake documents.
Malyadri went a step further and constructed 40 apartments on 1,600 sq yards of the grabbed land. He also forged GVMC occupancy certificates for the apartments.
Though Malyadri was arrested in the case, the buyers, including a few from GVMC and the police have been left in the lurch, DCP (Zone-I) Dr CM Thrivikrama Varma, said.
This is only one such case in the city. Malyadri had been chalking out plans to construct an apartment complex on disputed land at Gajuwaka area in the city.
Sources in the police said that almost 90 per cent of the 40 people in the earlier mentioned apartment complex bought flats in the scheme with the help of bank loans recommended by Malyadri. Each flat was sold at prices between Rs 23 lakh- Rs45 lakh depending on the size and features.
A victim said that the banker had connived with the builder as the banker had sanctioned loan to Malyadri without any verification of the title deeds and link documents of the land.
With the project proved illegal, the bankers are harassing the buyers to pay their instalments failing which, they will auction the flats. There is no guarantee that the land will be regularised by the government.
On the other hand, if it is regularised then the buyers will have to cough up more money for possession, he victim said. The DCP said that the police will send a list of real-estate businessmen indulging in land grabbing to all banks and will hold a meeting with bankers to verify the credibility of builders and documents concerned.
