This is intended to be a letter of warning to all investors searching for opportunities in Kerala. I live in the Middle East & an investor in Real Estate in Kochi. Within the Realty circles in Cochin, it is widely known that Awaas Homes has always been a fraudulent company from the very beginning of the start up. If I had known about this in time, I would not become one among the many investors who got cheated by Awaas Homes. I booked an apartment with them to be finished by 2014. It still does not have basic amenities. Not an elevator not even a car park for which I paid a good some of money. They changed the deed agreement before registration without informing me. They kept asking payment without finishing construction of the stages. The MD & Marketing person is always strangely in meetings & unavailable when customers arrive. The quality of construction is too poor that none of the well known Real Estate agents prefer to deal with Awaas’s properties. I contacted several agents attempting to sell the apartment, and no one is willing to deal with Awaas as they expected it to be the next “Apple a Day” scam & they can all see it coming. The bad name Awaas Homes has acquired in the Middle East has made the directors decide on looking for greener pastures with more gullible NRIs – like Europe. Most of the people in Europe will never know of the long history of frauds Awaas has until they are neck deep in a hellish court battle.
Some of my friends are going on with their court battles & I am wondering when I would ever be able to get rid of this cursed property. I am sorry, but there is not a single investor who has stopped regretting their decision to invest with them. With many lakhs of rupees in bank interest is all gone wasted; the stories of losses among investors are many. Nobody is willing to come forward to buy these apartments, as there are many better options (in terms of standards, quality of materials & finishing) at much more competitive prices available in Kochi.