Builder's arrest leaves buyers in lurch
Builder arrested for forging the Greater Visakhapatnam Municipal Corporation's occupancy certificate
Mar 28, 2015
Source : The Times of India


VISAKHAPATNAM: The arrest of M Malyadri, the managing director of MM Foundations and Constructions Pvt Ltd, for forging the Greater Visakhapatnam Municipal Corporation's occupancy certificate for his new apartment scheme - MM Paradise -- has sent shock waves through the purchasers of the 40 apartments. The buyers have now decided to approach the officials concerned, including GVMC commissioner Pravin Kumar and police commissioner Amit Garg, for help.

"I was shocked to learn about the arrest of the builder of my apartment. All of us have now decided to together approach the chiefs of GVMC and police for help tomorrow or day after tomorrow," said NV Narasimham, who has invested Rs 23 lakh in purchasing a two-bedroom apartment.

Another buyer, a police constable, said "We were told that the fake occupancy certificate will put the buyers in trouble. If that is true it will be a big headache."

So far only five purchasers have occupied their flats and most of the buyers, who are teachers, police personnel, lawyers, doctors, lecturers and retired government employees, were planning to occupy their new homes after the annual examinations of their wards over the next few weeks.

Nearly 50% of the purchasers bought flats in the schemes with the help of loans from the bank suggested by the builder. Each flat was sold at prices ranging from Rs 23 lakh to Rs 45 lakh depending on the size and features. The scheme has two and three bedroom apartments and duplex apartments.

When contacted GVMC commissioner Pravin Kumar told TOI that they would proceed in the matter as per the GVMC rules. "We are examining the case, which should serve as an eye opener for people purchasing property. I appeal to people to check the builder's antecedents and the documents thoroughly before purchasing flats. They can also bring to our notice if they come across any builder committing fraud."

D Ravi Babu, assistant commissioner of police (law and order), PM Palem police, said the arrested builder was sent to Central Jail on a 14-day remand after being charged under sections 465, 468, 471 and 420 of IPC.

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