Categories: TOP STORIES

Demand to take action on Pre-Launch Promoters

There are over 40-50 real estate promoters in Hyderabad market who have been selling properties in pre-launch events of projects for the past two or three years offering properties at a cheaper price. They sell residential flats, housing plots and commercial complexes, space for IT units, metro stalls and rental homes offering inducements to the prospective buyers. Thus the nefarious realtors are amassing crores of rupees prior to launch of their projects. But, how far the state and central government officials are justified in harassing builders who follow the rules while leaving the pre-launch developers go scot-free?

The officials harass the builders who follow the rules in more ways than one. They harass them to issue the NOCs to their projects. They adopt dilly-dallying techniques not giving the builders NOCs on time. The officials have a rate card for every work and give permissions only after receiving bribe. Otherwise, the builder would have to go through a lot of troubles. The revenue, GHMC, DTCP, municipal, water board, electricity, PCB authorities are no exception to this practice.

But, the developers selling properties in pre-launch events of the projects would have no problems at all because they rarely start construction of their projects! It was atrocious to note that such nefarious developers entering the market who hesitate to make investments to build projects having received money from prospective buyers upfront. The authorities leave them go scot-free and give head-aches to the builders who weather problems like non-availability of construction material, shortage of skilled work force, delay in sale of units, inability to pay interest on time and stand up to fulfill their commitment and complete the projects. How far the government authorities are justified?

The international recognition the global city of Hyderabad is getting will become obscure if the authorities fail to rein in the nefarious builders. The city’s brand image is at stake due to these shady elements. Therefore, the government should take steps to make them toe the line.

Several builders like Bhuvanateja, RJ Group, Jaya Group, Paarijatha Developers, AV Infracon, Fortune 99 Homes, Yoshita Infra, IRA Realty, EIPL, Hallmark Constructions, Urbanrise, Sumadhura and so on sell their units in pre-launch events. But the question is how many of them would be able to give possession of properties on time? Is there any account of how many units did they sell in pre-launch events and how much they collected from buyers? What is the current status of their projects? When are they going to complete the project and give possession to buyers? What is the current financial position of these firms? The RERA Telangana should gather all such info immediately so that the RERA would be armed with information with it to render justice to the buyers in the event of anyone of the builders going bankrupt tomorrow.