Governance: Six Real Estate cheats get punished

For citizens, the quest to get their own home is one of the biggest steps in their life. They will save for years, cutting on expenses and spending an inordinate amount of time making sure that they get the perfect house that they are looking for. On the other hand, you have builders and realtors who are primarily profit driven. You can hope that you get a well constructed house, or if you fall prey to unscrupulous people, then there is only pain and loss. However, it is hard to explain how a realtor believes that he can can cheat hundreds and thousands of people and enjoy the gains. For people who have put their life’s savings, they will pursue such cheats to a long way. Here’s an article about the punishment of such cheats.

HYDERABAD: The sixth Additional Chief Metropolitan Magistrate on Thursday sentenced six directors of Laxmipriya Real Estates Private Ltd to two years rigorous and one year simple imprisonment, which will run concurrently, for cheating their customers.

The realtors collected money through instalments from gullible people with a promise of giving them house sites in Hyderabad, Visakhapatnam, Vijayawada, Eluru, Tadepalligudem, Rajahmundry, Karimnagar, Warangal and other places. They also introduced attractive prizes and bumper lotteries and collected huge amounts from a large number of people through their agents all over the state between 1991 and 2001. Later, they neither allotted plots as agreed nor refunded the money to their customers. Following this, police stations in the state received several complaints.

As the economy grows and the real estate markets expands, there will always be people who are in the market for cheating customers. In the end, it is the customer who has to satisfy himself or herself about the genuineness of people to whom hard-earned money is given.

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