Hyderabad Real Estate Scam: Buyers Lose Rs 300 Crore to Jayatri Developers

Hyderabad: A major pre-launch real estate scam has rocked Hyderabad, with hundreds of unsuspecting property buyers claiming they have been defrauded of over Rs 300 crore by a firm named Jayatri Developers. The victims allege that the company lured them with attractive pre-launch offers and false promises of residential plots and apartments that ultimately never materialized.

The Modus Operandi

Jayatri Developers reportedly encouraged potential buyers to invest early in projects under a “pre-launch” model, promising steep discounts and prime locations across fast-developing regions like Shadnagar, Maheswaram, Yadagirigutta, and other outskirts of Hyderabad. Customers were offered registration documents and layouts that appeared legitimate, bolstering trust in the purported ventures.

After collecting advance payments ranging from a few lakhs to several crores, the company reportedly stopped responding to queries. Many buyers found that the promised ventures did not exist or the land had multiple claimants, exposing the fraudulent operations of the firm.

Hundreds of Families Affected

The magnitude of the scam became apparent as hundreds of buyers came forward with complaints. Victims included salaried individuals, NRIs, senior citizens, and newly married couples—all hoping to secure a piece of land in Hyderabad’s booming real estate landscape.

“They had fancy offices, advertisements, and even held public meetings with big promises,” said one victim. “We never suspected we were being conned.”

Legal Action and Police Intervention

Authorities have begun investigating after receiving multiple complaints. A police case has been registered against Jayatri Developers, and efforts are underway to trace the directors and employees associated with the company. Officials say that tracing the financial transactions and identifying the assets acquired through the defrauded money is part of the ongoing probe.

However, recovering the funds remains a significant challenge, especially with unregistered plots and the absence of proper documentation in many cases.

Calls for Regulation and Vigilance

The incident has sparked renewed debate about the lack of stringent regulations in the real estate sector, especially concerning “pre-launch” offers that are not RERA-approved. Legal experts and consumer rights activists are urging the government to tighten oversight and create more awareness among buyers regarding RERA-registered projects.

“No one should invest in a project that doesn’t have proper approvals from local authorities and RERA certification,” said a consumer forum representative. “Buyers must also conduct thorough due diligence before making payments.”

A Cautionary Tale

This alarming scam serves as a cautionary tale for potential homebuyers and investors. While the promise of early investment gains can be tempting, the Hyderabad case underscores the need for skepticism and careful verification when dealing with real estate developers.

As the authorities continue to pursue legal action, affected families are hoping for justice and urging others not to fall prey to similar scams.