Hyderabad: After a series of complaints related to pre-launch sales, new types of scams such as buyback offers and invitations for expression of interest (EOI) seeking investments have emerged in the real estate market, targeting home-buyers and real estate investors, especially those from middle-income families.
Funds are being raised for projects that have yet to commence or exist only on paper. According to regulations, collecting money by offering buyback schemes and inviting EOIs for real estate projects is illegal. In some cases, particularly at Kokapet, the money is being collected by channel partners.
Verification has revealed that dozens of such advertisements related to buyback offers and EOIs are circulating across all social media platforms.
In many cases where home buyers were defrauded, the modus operandi was the same. Scammers not only shared videos of the projects but also used 3D models of unrelated projects to deceive people.
“The 3D model I was shown was of a high-rise building project, and I paid Rs 1.16 lakh. The person who cheated me promised a flat in a venture located in Kokapet, where a 30-storey building was supposed to be constructed,” said B. Manohar, a techie. “They created such urgency that I felt if I didn’t act immediately, I would regret ignoring the offer for the rest of my life,” he added.
In another case, a woman was duped after responding to a social media post that offered a buyback deal: “Invest Rs 50 lakh and get Rs 90 lakh.”
In many cases, victims preferred to remain anonymous and did not approach the police. “I manage a team of 150 people for a corporate giant, and if I lodge a complaint with the police, it will damage my professional image,” one victim said.
Some victims have approached the Telangana Real Estate Regulatory Authority (TGRERA), but they were turned away, as the projects were not registered with RERA.
Most of the projects are named after the place such as Nanakramguda commercial space, Kokapet residential apartment, Mokila Villas etc., among others.
