Hyderabad:A group of people accused Sivom Projects Private Limited, a city-based real estate consulting firm, to deceive them by selling land through false promises and brochures.
They claim the company has committed to building a luxurious gated community on Land of Jeedimetla Village in Quthbullapur and features apartments, clubhouses, swimming pools, gyms, gaming areas and even based on Singaporean and Japanese technology.
The buyer said the company claimed to have obtained all approvals from RERA and HMDA to acquire the land and collected a large amount of funds from customers in the name of pre-release offers without starting any construction.
In 2017, Sivom Projects sold 45 plots on approximately 3.8 acres of land. They told the buyer that the registration will be completed within a few months. But even after seven years, no registration was made. In many cases, a plot is sold to two or three different people. Most buyers are retired employees and middle-class families who believe in the company’s promises and devote their lives to saving.
Samba Murthy Isukapatla is Managing Director of Sivom Projects Pvt Ltd, according to the company's registrar. The company was established on March 6, 2017, when suspected of scams were executed. Other founding directors of the company are 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 the Board of Directors of ISM Projects Pte. Ltd., LUPAC Accounting and Related Services Pte. Ltd.
Some people sell jewelry and borrow personal loans to buy these lots. Now, they have nothing and feel helpless. The victim has now registered a complaint with the Gidemitra Police Department.
“It's been seven years since nothing is on the ground. The builders aren't even answering our calls anymore. We have trusted them with our lifetime savings and now they haven't even responded to us.”
Another buyer, Hari Babu, said: “They deliberately postponed the development and worked with people on the nearby plots to stop us. Now, they even put Goons there to stop us from entering our land. We are afraid that they try to take over our land and sell our land again.”
Now several affected buyers are asking authorities to take action. They want the government to intervene to ensure that money is returned or help them obtain legal property of the land they are paid for.
Samba Murthy Isukapatla is Managing Director of Sivom Projects Pvt Ltd, according to the company's registrar. The company was established on March 6, 2017, when suspected of scams were executed. Other founding directors of the company are 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 the Board of Directors of ISM Projects Pte. Ltd., LUPAC Accounting and Related Services Pte. Ltd.
