Hyderabad Real Estate Alert: The ₹270 Crore White Waters Scam Exposed

A massive real estate fraud has sent shockwaves through the Hyderabad property market, leaving hundreds of families in financial ruin. The scam, involving White Waters Construction Private Limited, highlights a sophisticated scheme where flats were sold multiple times to unsuspecting buyers.

The Modus Operandi: Double Sales and Hidden Mortgages

The investigation reveals a pattern of deceit centered around the project at Kukatpally Y-Junction. The builder, led by directors Ajay Salike, Thane Salike, and Vijayalakshmi, reportedly employed a two-pronged strategy to defraud investors:

Double Registration: The same flat was sold to two different buyers, with full payments collected from both parties.
Fraudulent Mortgaging: After collecting nearly 90% of a buyer's payment, the builder would then mortgage the same property to a bank to secure additional loans.

For instance, one victim, B. Sujata, paid ₹92 lakh for her flat by early 2022. Unbeknownst to her, the builder took a loan of ₹1.27 crore from SBI Kompally by mortgaging her unit. There are serious allegations that bank officials may have colluded with the builders to approve these loans without proper verification.

The Human and Financial Toll

The scale of the fraud is staggering, impacting roughly 500 homebuyers with a total loss estimated at ₹270 crore.

Project Aspect	Current Status
Towers A & B	Only partially completed after 6 years
Towers C & D	Only basement work finished
Towers E & F	Construction has not yet started

Beyond the financial loss, victims report immense mental stress. Many, like Sujata, are left in limbo—their registrations are stalled because of the bank's mortgage, and the builder has reportedly claimed he has no money left to repay the loans.

Legal Status and Investigations

The case has been escalated to the Economic Offences Wing (EOW) of the Cyberabad Police. While the project was initially promised for completion in December 2024, work has completely stalled.

How to Protect Yourself

This incident serves as a grim reminder for all property seekers. Before signing an agreement:

Verify the Builder's History: Research their previous projects and delivery timelines.
Check for Mortgages: Conduct a thorough search to ensure the builder hasn't already mortgaged the land or the specific unit to a bank.
Monitor Progress: Stay connected with other buyers in the project to spot discrepancies early.

If you are an investor in a White Waters project, it is highly recommended to check the legal status of your unit immediately.

Farhan Rasheed

Real Estate Journalist & Youtuber

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