These are salient features of buy-back offer announced by a realty firm which promised to build signature villas. The firm has plans to develop such venture on a site which is stone’s throw away distance from Mumbai Highway on Hyderabad outskirts. The firm is audacious to promise the quantum of returns without any hesitation or shame. Such schemes were unheard of from any other builder in the state. There is no exaggeration to state this.
The realty firm is wooing customers saying that the returns are very high and not possible on investments in gold or shares or mutual funds. This is an example enough, how some of the realtors of Hyderabad are trying to dupe the people. In fact the realty firm seeks to sell 10 acres of land at the rate of Rs 7071 per square to collect Rs 34 crore. What if the realty firm vanishes into thin air over night? What if the project could not take off as expected due to legal problems? Who will return their money? Who will take the responsibility?
The Government of Telangana has let off the hook such realtors who promise everything under the sun. The RERA has turned a blind eye to such fraudulent offers. It is not resolving grievances of complainants. If anyone approaches it to resolve problems, it will adopt dilly-dallying tactics and will take at least two or three months to resolve the problem. The RERA was set up to protect the interests of the investors from the greedy realtors. But, it is not working in tune with the set objectives.
The increasing UDS and pre-launch projects over a period of time stand as testimony to this. A majority of builders attribute such undesirable trends taking place in the realty sector due to lack of full-time Chairman to the RERA.
If a full time Chairman were to be appointed to the Telangana RERA, such illegal schemes would come to an end. Moreover, the problems of buyers end up in solutions.
• Justice can be rendered to the buyers protecting them the greedy developers
• Pre-launch projects announced by developers without the RERA permission can be prevented
• Fines can be collected from fraudulent realtors
• New projects and layouts will get approval swiftly, increasing revenue to the RERA.
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