A few months ago, some real estate agents, channel partners and small-time realtors have donned the avatar of builders in Bengaluru. They obtained lands for a high ratio and started selling the flats with low rates. For a while, everything seemed to be going well. Then the real problems started. Besides increasing pressure from buyers on one side and the banks on the other side, these builders suffered due to lack of sales in the market.
Under these circumstances, some of them came together and took up their issue with some big builders who in turn offered to take over these small projects for a handsome profit. Market experts opine that this trend has also started in Hyderabad.
New builders who have sold flats in prelaunch and UDS sales are now trying to get rid off the burden. Upon making some money out of the prelaunch and UDS sales, they are now trying to hand over their projects to some big and mid-level developers i.e. the big and experienced realty companies are taking over these projects akin to Bengaluru phenomenon.
This will ultimately benefit the buyers as they will be assured of their completion. However, these big companies are ready for a take over only if every aspect of the project including documents and approvals are perfect. Several small-time builders who already sold flats under prelaunch and UDS schemes, are now approaching some major developers to enter into such agreements for completion of the project.
Experts said that due to their vast experience and agreements with suppliers, several major builders were able to access construction material for discounted prices and also complete the construction for a lesser cost. As there is a considerable amount of buyers looking for small and affordable flats, these builders too can make some handsome profits. Thus, the takeover trend is likely to pick up more in Hyderabad’s realty sector in the coming days.
