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Hyderabad: Cyberabad’s economic offences wing has booked a real estate company and its directors for allegedly collecting crores of rupees from flat buyers without securing the approvals needed for their project or handing over possession as promised.
The case follows a complaint from A Harshavardhan Reddy, a Champapet resident employed at a private firm, against Pranith Koncepts Private Limited over its Pranith Ambience project in Puppalaguda.
Harshavardhan said he first came across the project in September 2023 and visited the site, where seven blocks, A through G, were planned. At the time, blocks A and C were nearly finished, block D had reached three floors, and excavation was still on for blocks B, E, F and G. He said the directors assured him HMDA and RERA approvals had already been applied for and would come through within a month.
On that basis, he agreed to buy a 1,715 sft flat, No 301 in B block, along with undivided land share, for Rs 80 lakh. Between September and October 2023, he paid Rs 77 lakh in cash and cheques, and a sale agreement was signed on October 25, 2023, with possession promised by June 2024 and a six-month grace period built in.
According to the complaint, the developers went on to collect over Rs 24 crore from Harshavardhan and at least 55 other buyers, but neither finished the project nor obtained the pending clearances. When he pushed for a registered sale deed, he alleged the developers refused to register the flat in his name, a pattern he said other buyers faced too, and later stopped responding to him altogether.
EOW registered the case on July 7 under sections 318(4) (cheating), 316(2) (criminal breach of trust) and 61(2) (criminal conspiracy) of the BNS against Pranith Koncepts and its directors. Officials said evidence collection is underway as the investigation continues.
This post was last modified on July 18, 2026 3:50 pm