In Hyderabad, Aliens Space Station-I project makes home buyers bankrupt

From ET Realty

HYDERABAD: Nearly a decade post its glitzy launch, the multi-crore Aliens Space Station-I project has turned into a nightmare for its 400-odd customers. With no house in sight and hefty bank loans against their names, many of these buyers have been pushed to the brink of bankruptcy.

That the police, despite a string of consumer court orders and complaints, have failed to take any action against the firm’s bigwigs, has only further added to their woes. Even the political class, sadly, has turned its back on them paying little heed to the repeated representations submitted over the past many years.

Anuradha Subramanyam’s case is particularly heartbreaking. Over the five years she signed up for a ‘dream’ home in the Tellapur-based project, Anuradha has not just lost a sizeable share of her financial assets but also her husband, Bala Subramanyam, in December 2015. What she’s left with now is a Rs 14 lakh bank loan – that she’s struggling to clear — and constant ‘harassment’ by Aliens Group. “Knowing well that my husband had passed away, and perhaps assuming that I would be in dire need of a home, they called me with an offer of a ready-to-occupy house. The catch was, I had to pay almost double the price,” said the aggrieved customer who’d initially booked a property worth Rs 45 lakh (approx).

Aliens has now demanded she cough up Rs 80 lakh if she wants a house!

While software engineer, Surinder Kumar, who has literally been ‘blacklisted’ by banks because of his deal with the construction company, had hoped that the non-bailable warrant issued by the Ranga Reddy district consumer court would put an end to his miseries, it hasn’t been the case. “The warrant was issued in December 2014 after the firm failed to adhere by its judgment of returning my money with 18% interest. But the police has still not acted on it. I have now written to the state’s director general of police (letter dated February 29), Anurag Sharma, to look into the matter,” Kumar lamented.

In 2011 Aliens had entered into an agreement with the buyer to pay his EMIs till the handover of the property. However, it soon discontinued the payment citing cash crunch.

Kumar had availed a loan of Rs 21 lakh for the house.

Such tales of absolute hopelessness are aplenty. If retired executive Hari Shankar Jain has lost all his savings to this project compelling him to move into a modest rented accommodation, IT professional Alok Shukla is struggling to recover the money he loaned from his father. Even after a state consumer court order, issued in February, that has instructed Aliens to return his principal amount with 12% interest (from the respective date of payment), Shukla has little hope of recovery.

But the flood of complaints and appeals from distraught buyers notwithstanding, the police appear to be in no hurry to nail the alleged offenders. “The delay in filing the chargesheet is not because of a delay in investigation. In fact, the chargesheet has been ready for over two months. But each time we consult a financial expert on the matter they make some additions. We hope to be able to finalise it in another two-three days,” said B Sumathi, superintendent of police, Medak (under whose jurisdiction the area falls), in reference to the FIRs filed against the firm’s management last year.

It may be recalled that in March 2015 the Ramachandrapuram police had even arrested Aliens Group managing director Hari Challa on charges of cheating (Section 420) and breach of trust (Section 406). Customers had accused Aliens of defrauding them of over Rs 500 crore. But, two months later, Challa secured bail.

In fact, Challa still maintains that his “project is on track”. “We have already delivered 80-100 homes. By the end of this year we will have another 400 units ready. The project has been delayed but is still going on. We are now in talks with some groups to get foreign investment for the project,” he told TOI on Tuesday.

CUSTOMER CLAIMS

Of the total 2,182 flats, only 160-170 have been made ready

Of the 13 towers, each with 29 floors towers, only one has been ‘structurally’ completed

Of the total project cost of Rs 1,000 crore, 50% already collected from buyers

Several court orders, regarding payment of damages/handover of homes, not honoured yet

One thought on “In Hyderabad, Aliens Space Station-I project makes home buyers bankrupt

  1. Aliens Group started Aliens Space Station 1 in 2006-07, without getting prior approvals. They undertook the land of 19 acres from Villagers of Tellapur under Development Agreement. The Project is a high-end project during the initial stages and their sales team a tremendous job in getting the customers, targetting IT professionals, with high fy advertisements in daily news papers and through Property Stalls. They very much knew that IT professionals are the ones who cannot raise their voice and mostly will not stay in Hyderabad. Commercial team and Sales team were just behind to every aspect till one bought a flat in Aliens Group and till payment. Around 15 private and public sector banks in Hyderabad provided home loans to customers of Aliens Space Station 1, considering the payment terms. As per agreement flat purchaser needs to pay 50% of total flat cost within 45 days of agreement. With in no time, Aliens Group announced as 1500 customers as happy customers of Aliens Space Station 1 in 2012. Collected over 500 Crores for the project cost of 1000 Crores, now in 2016, out of 2182 flats, only 160-200 flats were structurally constructed. Out of 13 stations (station with 6-7 towers each), only 1 station completed 30 floors structurally and one another station with 20 floors. 10-15 families are residing in one station, which structurally completed, just to protect their investment.
    All the reviews telling the greatnes of Aliens Group are by their employees/executives/paid reviews writing positively on Aliens to attract new customers.
    In 2015 MD of Aliens Group was arrested as over 80 families in hyderabad filed FIR. Chargesheet is in progress and will be filed soon any day.
    Over 200 cases are on Aliens Group in Consumer Forums and awaiting judgements. Some cases got judgements but Aliens Group didn’t obeyed it.
    Customers were asked to pay extra than agreed, to get the handover. Else Aliens Group is not handing over and not registering the property also. Literally threatening the customers to pay extra else the flats will be cancelled. Some flats were sold multiple times and collected money from new customers as well.
    Many customers are not aware if their flat is on their name or someones name.
    Many customers who has enough money to pay extra, shed over 10-20 lakhs extra to get handover and they get premium items than who did not accept for pay. Premium items means cleaned items.
    One can invest only if they don’t bother about their hard earned money and do not want to go through courts.
    Owners who has taken handover and residing there says that they are happy. They get groceries and other living items from bigbasket mobile apps. Power and water is available and electricity is unofficial.
    www dot ass1owa dot com

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