Beware! Your dream house might never become a reality

Beware! Your dream house might never become a reality
New Indian Express

BANGALORE: Real estate in Bangalore is booming with people eager to own a site or a flat or looking at it as a safe investment option that will yield good returns.

The story on how dreams can sour are dime a dozen. A recent raid on a real estate office revealed a few disturbing facts. Gullible investors soon found out that Shivajyothi Developers, Amrith Builders and Aditya Developers were only cheating the public by placing attractive advertisements.

While the police have launched an investigation and are on the look out for the three Reddy brothers, this turns out to be just another case of the developer luring clients and extracting money. But sadly, those who fell for it have to take the blame.

In this case, three brothers Prasad, Bhaskar and Sharaba Reddy, hailing from Andhra Pradesh promised flats and plots with ``uninterrupted power supply, 24-hour water'' and much more. However, eager clients who invested money two years ago have lost all their money.

A raid conducted at one of their offices in BTM Layout revealed that the brothers only ``claimed'' to have an approval from the Bangalore Metropolitan Region Development Authority (BMRDA). A BMRDA officer told this website's newspaper the builders only had 15 acres of land approved by them.

However, now, the trio are absconding after cheating people of crores of rupees.

``Time and again we have cautioned people about such developers. Even in this case, we had issued warnings through news agencies that Shivajyothi developers is not a legally approved company,'' the BMRDA source said.

``There are various ways not to get cheated. Checking with the BMRDA itself is the safest option. Later, one should visit the spot and identify the land in the sketch and match it with what the builders show you,'' the sources said.

TIPS BEFORE INVESTING IN A LAND OR FLAT

DO'S

*Verify with the BMRDA *Procure a copy of the layout plan *Ask for original approval documents *Ask for a sketch *Visit the plot and relate the promised plot on sketch with ground *Visit www.bmrda.org to check for approved layouts

DONT'S

*Never trust a Xerox copy of the approval *Do not pay any advance before checking facts *Do not go by ads and promises