Hyderabad: People protest at CCS office alleging RJ Ventures for not delivering promised houses

They alleged that RJ Ventures released advertisements starring celebrities and promised to build apartments and farmlands in Narayankhed, Ghatkesar, Patancheru and other areas

Hyderabad: Property buyers looking to invest in their dream home were in for a rude shock when they realized that the real estate firm, which promised to build houses at affordable cost across various parts of Hyderabad, did not fulfill its promise.

Angered and disappointed, the desperate investors, in the hope of highlighting the issue with the police department and getting back their hard earned money, protested at CCS office, Basheerbagh on Friday.

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They alleged that RJ Ventures released advertisements starring celebrities and promised to build apartments and farmlands in Narayankhed, Ghatkesar, Patancheru and other areas.

In 2020, the MD of RJ Ventures, Bhaskar Gupta and Director, Sudharani organized a pre launch function with a promise of delivering the real estate ventures at the earliest. About 600 people believed the promises and decided to invest anywhere between Rs 20 lakh and Rs 50 lakh, the protesting investors said.

“Four years have passed but no construction has been undertaken so far,” the investors said. The RJ Ventures, through the prelaunch function raised Rs 150 crore. However, so far the real estate firm did not deliver a single housing unit.

The Hyderabad CCS officials told the victims that as the company’s office was in Cyberabad, complaints may be lodged there as per jurisdiction.