1400 flats on Moosapet Road
Three out of six towers sold
Credai’s fading reputation in the market
Construction firm Cybercity Developers is a Credai Hyderabad builder who has also worked as a member of the community in the past. He has now started pre-launching. But, after signing Credai’s code of conduct, can prelaunches be done like this? Why is Credai Hyderabad acting like a mute spectator in this case without taking action against such builders who violate the basic tenets of Credai? Why not cancel its Credai membership? Why not remove builders like this who tarnish Credai’s brand image? Is it okay if Credai’s reputation is damaged by the mistakes of a few? If it had acted responsibly from the beginning, the original prelaunch scams would not have happened in Hyderabad!
Cybercity Developers, a fellow Credai Hyderabad company, has drawn up plans to build more than 1400 flats on about 12 acres in Moosapet. Since the government is not granting permission for new construction, he prepared the drawings for these six towers and put three towers up for pre-launch sale. To buy a 2 BHK starting at 1,300 square feet, Rs 10 lakh should be paid in advance. The rest of the money should be paid before March 31. From the eleventh floor, floor rise charges of Rs. 15 per square feet are also being collected. The company says that they will launch the project after getting the RERA approvals by the end of this year.
On one side, Hyderabad’s construction sector is witnessing a huge rise in pre-launches and UDS schemes. Credai Hyderabad, by organising a property show every year to sell the plots and flats of the community members, believes that it is doing a great good for society. However, if we look at the property shows from the last three or four years, these shows are not attended by prospective buyers. Because here, you have to pay Rs. 7,000 to Rs. 15,000 per square feet. In pre-launches, flats are coming at half the rate. If one Credai builder is selling RERA flats at a high price, another builder is selling them at Rs. 4,000 to Rs. 6,000 without RERA approval. For example, a company called Aurobindo Realty is building skyscrapers named Kohinoor and Pearl in Madhapur with RERA approvals. Flats are being sold at Rs. 12,000 per square feet. In Moosapet, which is three kilometres away from this project, another Credai Hyderabad builder, Cybercity Developers, is selling flats without RERA approval for Rs. 5,500 per square feet in pre-launch.
One with RERA…
other without RERA
If we think from the point of view of customers, someone will be interested in buying in the pre-launch itself! They feel that they have to buy flats at places like Aurobindo Realty, which is RERA-approved, at high prices. This is not just this one builder’s problem; the majority of Hyderabad developers are continuing to sell flats in pre-launch without RERA permission. It is noteworthy that the builders who have decided not to do pre-launches are lagging in the competition. It is noteworthy that both organisations are members of Credai Hyderabad. When faced with such a situation, how responsibly should Credai Hyderabad act? Should pre-launches be barred? Instead of just thinking about the property shows and just dusting their hands, isn’t it the responsibility of Credai to take care of issues like these? At least now, Credai must act wisely and take action on its members indulging in pre-launches.
