hyderabad the mushrooming of undivided share of land schemes across hyderabad particularly on its fringeshave the citys real estate sector worried industry players fear that these deals if not checked can throw the citys property market off the trackterming it a scam the hyderabad chapter of credai the largest umbrella body representing developers across india has not only warned buyers against investing in these schemes but also reached out to the telangana government to stall such sales this is a ponzi scheme that has flooded the market and will spell doom if not regulated soon buyers will be defrauded and that will lead to them doubting even genuine developers in the market said p ramakrishna rao president of credai hyderabad we met senior officials in the government over the issue and urged them to take necessary measures to arrest such transactions we will submit a written representation soon he addedthe scheme the association says has gained ground over the last 10 to 12 months and has already attracted thousands of buyers who have invested anywhere between rs 30 lakh and rs 50 lakh each this includes it professionals businessmen privategovernment employees and investorsheres how this works a customer is sold a small portion of land from a larger land parcel and promised a constructed apartment in a highrise against this sale the money for the land is collected upfront and the delivery of a home is promised after three to four yearswhile this might sound like a perfect investment proposition on paper there are multiple red flags for starters none of these projects have any of the statutory permissionswhen toi called to enquire about some of these ventures most coming up around kollur it was told that municipal and rera permissions will come through eventually a majority of these projects there are at least a few dozen in the market currently are being marketed by agents and not established developers though most of them claimed that their project would be ready by 202324 none agreed to give a written commitmentif you have the money readily available only then we can talk about it was the common response of all dealers who wanted the entire money with 15 days all of them were noncommittal about a refund in case a customer decided to pull out of the scheme two years from nowsenior officials from telanganas stamps and registrations department said that they werent aware of such a fraud and said they would look into it if they are selling apartments against sale of land and registering only the land and not the constructed unit it is an illegal deal if credai or a buyer can bring us documents to prove this we will probe it and take action a top official of the department said