Hyderabad: More than 200 angry flat buyers held a protest outside the Vasavi Urban housing project in Bachupally, accusing the builder of betrayal and blatant negligence.
The buyers gathered at the project gate, holding payment receipts, sale agreements and placards, and raised loud slogans demanding either the immediate possession of their flats, or a full refund with interest. Many flat owners broke down while speaking to the media, and said that their trust in the developer had been completely shattered.
Buyers said that they had paid nearly 90 per cent of the flat cost all the way back in 2022, and had invested between Rs.70 lakh and Rs.80 lakh per flat. They said that despite collecting almost the entire amount, the Vasavi Group had not delivered the flats; the protesters claimed that the project still under construction.
Buyers said the management had promised hand over units by January 2024, which was later put off to August 2025, has not been postponed to between December this year and January 2026. Protesters called the assurances by the Vasavi Group “lies on paper”, and said that even basic construction work is far from complete.
“The construction was supposed to be finished years ago. Vasavi is delaying the works. Every visit to the site kills our hope a little more,” a house-buyer told the media.
Several families revealed that they had sold their previous homes believing the builder’s promises, while others borrowed heavily from banks. They said that they were trapped in paying monthly EMIs and house rent, pushing them into deep financial and mental stress.
An elderly buyer, holding back tears, said “Our lifetime savings are stuck here. I put in everything to buy the flat in the Vasavi Urban project. The builder has our money, but does not have any answers.”
The flat-owners warned that if the issue is not resolved immediately, they would approach the district collector, TGRERA and move to the courts. They also demanded that the government stop granting new permissions to the developer until the project is fully completed.
The Vasavi group has previously been penalised by TGRERA for not delivering flats to buyers in its Vasavi Lake City project in Hafeezpet. The regulatory authority, on September 3, ordered the group to pay an interest rate of 10.8 to the buyers for not handing over the flats in the agreed timeline.
