Telangana: Sahiti Infratec buyers lodge complaint, MD vows to chalk out solution

HYDERABAD: A group of buyers who booked residential flats have filed a complaint against Sahiti Infratec in the Central Crime Station, alleging that the company failed to deliver after collecting money with the prelaunch offer. The company MD refuted the allegations.
"The company delayed land acquisition, permissions or physical execution of the project. A few members started cancelling their bookings from around February to March 2021.The refund process was delayed and has not been honoured to date," the buyers alleged in their complaint.
They further complained that despite having deposited a huge amount of funds with the company, the company kept on missing the project execution, as well as refund deadlines. "Of around 3800 residential units, almost 1500 have been sold under pre-launch offer which amounts to `400 crore collected from customers. The number of cancelled customers is nearly 600, out of which company claims to have refunded 150 customers, with outstanding refund dues of up to `150 crore.
More than 250 customers have not been issued refund cheques," the complainants alleged. Dr B Lakshmi Narayana, Managing Director of Sahiti Infratec, however, refuted the claims made by the complainants. "These are false allegations that I am going for insolvency. We have prepared an action plan for taking the projects forward. We will do all the registrations and those who want a refund will be given one. On behalf of my partners, I assure you that everything will be all right.”
He said that the company is going to tie up with a multi-national company which will be announced by August 6. Due to the nuisance created by some of the buyers, the company is being shown in a bad light due to which the MNCs may hesitate. So I request everyone to stay calm and their grievance will be redressed, he added