Vasavi Urban Flat Buyers Allege Betrayal

Hyderabad: More than 200 angry flat buyers staged a protest outside the Vasavi Urban housing project in Bachupally, accusing the builder of treachery and blatant negligence.

Buyers gathered at the project gate with payment receipts, sales contracts and banners in their hands and shouted loud slogans demanding that their flats be taken over immediately or the entire money be refunded with interest. Many flat owners were devastated while speaking to the media and said that their trust in the contractors had been completely shaken.

Buyers said they have paid almost 90 per cent of the flat cost by 2022 and invested between Rs.70 lakh to Rs.80 lakh per flat. They said Vasavi Group had not handed over the flats despite collecting almost the entire amount; protesters claimed the project was still under construction.

The buyers said the management promised to deliver the units by January 2024, which was later postponed to August 2025, but not between December of this year and January 2026. Protesters said assurances given by Vasavi Group were “lies on paper” and even basic construction work was far from completion.

“The construction should have been finished years ago. Vasavi is delaying the work. Every visit to the site kills our hope a little more,” a home buyer told the media.

Some families stated that they sold their previous homes by believing the promises of the builder, while others stated that they borrowed a large amount from banks. They said they were stuck paying monthly EMIs and house rent, which had put them under deep financial and mental stress.

An elderly buyer, unable to hold back his tears, said, “Our life-long savings remain here. I put everything in to buy a flat in the Vasavi Urban project. The builder has money, but he has no answer.”

The flat owners warned that if the issue is not resolved immediately, they will approach the district collector, TGRERA, and approach the court. They also requested the government to stop issuing new permits to the developer until the project is fully completed.

The Vasavi group was earlier penalized by TGRERA for not delivering flats to buyers in the Vasavi Lake City project in Hafeezpet. The regulator on September 3 ordered the group to pay 10.8 interest rate to the buyers for failure to deliver the flats within the agreed time.