Scammers Targeting Middle-Income Families
The real estate market in Hyderabad has been plagued by a series of scams targeting home buyers and investors. These scams often involve pre-launch sales, buyback offers, and invitations for expression of interest (EOIs). Scammers are particularly targeting middle-income families, promising lucrative returns on investments in projects that are yet to commence or exist only on paper.
Illegal Fund Collection
According to regulations, collecting money by offering buyback schemes or inviting EOIs for real estate projects is illegal. However, many scammers have found ways to circumvent these laws. In some cases, channel partners are collecting funds on behalf of the scammers.
Social Media Ads and Deceptive Tactics
Scammers are using various tactics to lure victims. They often share videos and 3D models of unrelated projects to deceive people. In many cases, victims are pressured to make quick decisions, believing that they will miss out on a lucrative opportunity.
Victims Reluctant to Report Crimes
Many victims of these scams are reluctant to report the crimes to the police, fearing damage to their professional reputation. As a result, many cases go unreported.
TGRERA Unable to Help
Victims who have approached the Telangana Real Estate Regulatory Authority (TGRERA) have been turned away, as the projects involved are not registered with the authority.
Common Scams
Some of the common scams that have been reported include:
- Buyback offers: Scammers promise to buy back properties at a premium price.
- EOIs for unregistered projects: Scammers solicit investments in projects that have not been approved by the authorities.
- Deceptive marketing materials: Scammers use misleading information to attract investors.
It is important for home buyers and investors to be aware of these scams and to exercise caution when considering real estate investments. If you believe you have been a victim of a scam, it is recommended that you report it to the authorities.
NOTE: Ai generated content form google news
Credit: Google News
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