Hyderabad: A non descript city-based realty firm, Vipinam Avenues LLP, has allegedly collected hundreds of crores of rupees from customers by selling undivided share (UDS) of land with a promise to build high-rise commercial space in the proposed West Wave towers in the upmarket Nanakramguda.
The promoters of the company have also announced projects in different areas including Kollur, Adibatla, Narsingi and Shamshabad under the same modus operandi. But, the projects remained a non-starter even years after they announced and the promoters collected money from the customers.
In some places the company did not even obtain permission from the authorities concerned before selling UDS, while the one taken in Nanakramguda lapsed a year ago.
The encumbrance certificates (EC) available with Deccan Chronicle show that the Vipinam group represented by its designated partner Umakanth Katta registered land, as small as 23 square yards, in Sy No. 104/P of Nanakramguda to the customers. According to the building permission taken for the land, 10 lakh sq ft of commercial space would be built in about five acres but there were allegations that more built-up space was required to match the space that was sold on paper.
As per Real Estate Regulatory Authority Act, selling land under the guise of UDS or pre-launch offers is illegal. But, the brochures and the publicity material for several projects openly announce the sale of UDS and registration of built-up space at a later time.
After Vipinam sold land, another company, Anuktha West Wave Developers Pvt Ltd, promoted by Umakanth started entering into development agreements with land buyers last month using the modus operandi, which according to RERA is illegal. Yet, no action was initiated by the Telangana RERA which has not had a full-fledged chairman since its inception.
A visit to the Nanakramguda site revealed that no construction work was being carried out and the locals informed that the works were suspended more than two years ago. Deccan Chronicle sent mails to Umakanth to the email IDs mentioned in the company data available with the ministry of corporate affairs but did not receive any reply till the report was filed.
The Facebook pages and publicity material in the name of Remax Hyderabad also reveal the illegal UDS activity. For instance, a gated community, Ozone Villas County, promoted by Remax Advantage promised a four-bedroom duplex villa for Rs 22 lakh if the customer bought 1,200 sq yds of UDS. A retail commercial space project in Kollur promised 1,000 sq ft of built-up space if 60 sq yds of UDS was purchased for Rs 24 lakh. In Adibatla Dream Catch Apartments were promised at Rs 12 lakh each as a pre launch offer with purchase of 121 sq yds of UDS....