Khammam: Realtors do not take requisite permission, cheat plot owners

Banks denying house loans for not having the lay-out plan approvals.

Khammam: Hundreds of employees working in private and government organisations are being denied housing loans from banks for plots purchased under the Khammam Municipal Corporation. At one estimate, of the 7,500 acres of agricultural land surrounding Khammam town, sixty per cent was sold as residential plots without conversion of agricultural plots to non-agricultural plots. Now, since the plots do not have the requisite certificates, banks are refusing to sanction housing loans on these plots. The plot owners are now running from pillar to post, to regularise their plots. D. Sravani, a housewife, whose spouse works in Ethopia said, “I faced a lot of hardships to get my plot regularised from the Town Planning Department. I spent nearly '3 lakh to get things done.”

There are hundreds of such families in Khammam and Kothagudem towns who were cheated by the realtors. The colourful brochures and the articulate consultants lure the prospective customer but once the deal is signed and money is exchanged, the new owner realises he has been cheated, especially since banks do not offer the loan he or she is expecting.

( Source : Deccan Chronicle. )
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