The buyers said that the company claimed to have had all approvals from RERA and HMDA for the land and collected large amounts of money from customers in the name of pre-launch offers without starting any construction
Hyderabad:A group of individuals has accused a city-based real estate consultancy firm Sivom Projects Private Limited of cheating them by selling plots through false promises and brochures in 2017. They said the company had collected Rs 50 crore but have not registered the plots in their names.
They claimed that the company had promised to build a luxury gated community on land in Jeedimetla village, Quthbullapur with flats, a clubhouse, swimming pool, gym, gaming zone and even interiors based on Singapore and Japan technology.
The buyers said that the company claimed to have had all approvals from RERA and HMDA for the land and collected large amounts of money from customers in the name of pre-launch offers without starting any construction.
In 2017, Sivom Projects sold 45 plots on around 3.8 acres of land. They told buyers that the registration would be completed in a few months. But even after seven years, no registrations were done. In many cases, one plot was sold to two or three different people. Most of the buyers were retired employees and middle class families who believed the company’s promises and invested their life savings.
According to the records of the Registrar of Companies, Samba Murthy Isukapatla is the managing director of Sivom Projects Pvt Ltd. The company was incorporated on March 6, 2017, when the alleged scam was executed. Other founding directors of the company were Umamaheswar Rao Kasuladevi and Mallesh Reddy Sanjeeva Reddy Kapu — both of whom retired on August 19, 2019.
Samba Murthy is the managing director of ISM Steel (India) Private Limited and is on the board of ISM Projects Private Limited, Lupac Accounting and Related Services Private Limited.
Some people sold jewellery, took personal loans to buy these plots. Now, they are left with nothing and are feeling helpless. The victims have now registered a complaint with the Jeedimetla Police.
Speaking to Deccan Chronicle, Radha Krishna, one of the victims, said, “It’s been seven years and nothing has moved on the ground. The builder isn’t even taking our calls anymore. We have trusted them with our life savings, and now they are not even responding to us.”
Hari Babu, another buyer, said, “They’re purposely delaying the development and working with people from nearby plots to block us. Now they have even put goons there to stop us from entering our own plots. We are scared that they are trying to take over our land and sell it again.”
Now, several affected buyers are demanding action from the authorities. They want the government to intervene, ensure the return of their money or help them get legal possession of the land they paid for.
According to the records of the Registrar of Companies, Samba Murthy Isukapatla is the managing director of Sivom Projects Pvt Ltd. The company was incorporated on March 6, 2017, when the alleged scam was executed. Other founding directors of the company were Umamaheswar Rao Kasuladevi and Mallesh Reddy Sanjeeva Reddy Kapu — both of whom retired on August 19, 2019.
Samba Murthy is the managing director of ISM Steel (India) Private Limited and is on the board of ISM Projects Private Limited, Lupac Accounting and Related Services Private Limited.
