Cosmopolis Maharaja, a ‘maha’ pre-launch scam?

Prelaunch plans in Kollur
Built on 40 floors, each sq ft costs just Rs 4,000!
Do they really plan to construct this project?
Or are they trying to lure the public and loot their money?
RERA should focus on such matters at least now.

Even after the Congress government coming into power, there seems to be never-ending pre-launch scams. A good example of this is the Cosmopolis project in Kollur. The builder is constructing G+39 floors on 10 acres. The staff of the company is advertising the details of this project on social media to attract investors. They are stating that their project is something one cannot ignore but should invest in. In such a big gated community, innocent people are made to believe that a square feet is going to cost just Rs 4,000. If that is true, how will this builder even finish the Cosmopolis project? When will he even finish? Some buyers are expressing concerns about the same.

A pre-launch scam was planned by a builder claiming that five towers are being constructed on 10 acres of land in the Maharaja Cosmopolis project in Kollur without the permission of RERA. Who is the builder of the original project? How many projects has he completed in the past? There is a need for TS RERA to investigate the matter. Otherwise, such prelaunch companies will continue to emerge in the market. Does the actual company have the expertise to complete its projects? Or did the project start with buyers coming forward to buy flats in the pre-launch? The matter should be investigated by TS-RERA. RERA must respond and take appropriate action in the first days of such projects. Those structures should be fully controlled. There is no use if RERA reacts after the public has already lost their money.

They are trying to attract buyers by saying that the flat price in Kollur is Rs 4,000 per sq ft. The point that buyers should note here is that if they pay another Rs 1000, flats will be available in Kollur in RERA-approved projects. Moreover, it is sufficient to pay 20% of the money in advance for the respective constructions. The rest can be secured with a bank loan. Hence, Real Estate Guru advises buyers not to waste their efforts by falling prey to such prelaunch scams.

Some people are coming to Hyderabad from different parts of the country. They are taking a place somewhere with the help of their acquaintances. They are selling flats at very low rates. They are enjoying the money they get out of this. Moreover, most of those who have taken money from people selling flats at half rate have not even started the construction work. In this order, don’t be fooled by someone who offers a low rate. Know for sure whether the actual project will be completed or not. If you have someone selling flats in pre-launches, be it a builder or agent, you need to find out many things beforehand.

Prelaunch? Know these!

If someone is selling flats in pre-launch, find out whether that company built a project anywhere in the past. If the builder says yes, find out how many have been built so far. Try to know in advance where you are tied. Most of the builders start the construction work on time, but when they complete it, it might be a bit late. So, find out how soon your builder completes the project after starting it. For this, if possible, visit the respective projects. If possible, talk to the people staying there and find out their experiences. Some builders complete the apartment on time but do not care about the quality at all. Remember to check all these boxes before going ahead with such offers.