Strong sale of flats in prelaunch
It even got RERA permission!
What is the purpose of RERA?
It is known that Bengaluru-based Prestige company is doing promotions that it is building the biggest city in Hyderabad. As the project has recently received RERA approval, there are chances of starting the project this month itself. Such a big company has collected advance checks from buyers in the form of expression of interest, disregarding RERA regulations. However, what this company has done smartly is that as part of the pre-launch sales, it has instructed the channel partners to take advance cheques from the buyers. As a result, it is reported that the respective channel partners have kept such cheques with them till the approval of RERA. It is reported that the cheque was received by the company only when RERA approval was given.
Channel partners have taken advance cheques from selected investors. After collecting money from more than a thousand investors, Prestige City got RERA permission. With this, it is reported that the cheques have been taken from the respective channel partners as of now. However, the construction industry has been criticizing TS RERA for not paying attention to this kind of work where cheques were taken from buyers under expression of interest. It is said that TS RERA should treat big and small builders equally and must deliver the same justice without any inequality.
Many builders in Hyderabad are still selling flats in pre-launches. It is not known whether it is because of the elections but it is reported that the RERA authority is also not paying much attention. Even though several developers are conducting pre-launch sales, RERA is granting selective permission to those projects. That is, for pre-launches without RERA, RERA is selectively granting permission without imposing a fine of 10 percent of the project value on such projects. If this is the case, it can be said that TS RERA is in vain even in Telangana state.
