A two bedroom flat in Adibatla for just Rs 20 lakh and the booking amount is only Rs 5 lakh. Seeing this advertisement, several innocent buyers booked flats in a hurry. Each of them paid Rs 5 lakh as booking advance, without even obtaining the receipt. They dreamed to move into the new building which was to
be constructed soon after obtaining necessary approvals from the local body authorities.
But for the past few months, the builder is not respond to the phone calls and his phone remains switched off. There has been no response despite repeated attempts to reach him. Now, the buyers are caught in a trap that they probably will never get out of. Though they knocked the doors of RERA and lodged a complaint, they are unlikely to get their money back. Unfortunately, they did not even obtain the receipts for the advance booking amount paid by them to him and lamenting for getting cheated. Surprisingly, the buyers who lost their money, were not illiterate as they comprised of even IT employees.
There is a mad rush for flats which are being sold for cheaper rates than market prices. They are not thinking twice on issues like what is the builder’s past history and whether or not the project will be actually delivered, among others. Most of the victims of pre-launch cases registered in Hyderabad are IT employees and parents of NRIs. Though they are fully aware of the risks involved in pre-launch offers, they are not hesitating to pay the advance amount. Instead of taking necessary cautions before getting involved in such projects, they are now crying for help and running around the RERA office, after the builder conned them. Hence, the buyers must remain cautious and take their next step after examining all aspects of a project.
A builder has been advertising promising a two bedroom flat in Pragati Nagar for just Rs 41 lakh. This project neither has approvals from the Nizampet Municipal Corporation, nor the RERA and other local body authorities. However, the builder started selling flats for Rs 41 lakh using a social media platform. If you look at the apartment picture published in the advertisement, it appears like a 12-storeyed structure. There is a clubhouse and a swimming pool. But, the offer price. A few buyers approached Real Estate Guru (REG) to inquire whether to buy a flat or not in such an apartment. When REG took up the issue with RERA, the authorities issued a notice to this company, imposing a fine of 10 percent of the project value.
A company has erected hoardings with plans to construct a multi-storey building opposite DMart supermarket in Miyapur. Except for the project name, the approvals from RERA and other authorities was not mentioned as per norms. One must not purchase flats in such projects unless it has RERA approval. In case of any delay for any reason, the buyers might get themselves entangled in numerous troubles. Hence, they must take a decision only after verifying whether the builder had experience of constructing a multi-storey building, ensured timely delivery of the flats, and the builder’s financial condition among others.
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