Some realtors and some buyers, coupled with their greed as well as inexperience and ignorance. Together, they are bleeding the construction sector in Hyderabad to death. Builders are planning to construct multi-storey structures and skyscrapers, without considering their capabilities and resources. Similarly, the buyers too are getting lured by the prices cheaper than the market rate. They are selling off their land or gold ornaments and obtaining loans from people known to them, to handover the entire money to these builders.
But little did they realise that the greed of the builder and the buyer would be engulfing the entire realty sector in Hyderabad. This unruly game, started by a couple of developers, has spread like a disease across the construction sector. Some builders are selling flats soon after giving an advance payment to the land owner, obtaining the plot dimensions and getting the plans drawn by the architect. They are not even bothered to obtaining necessary permissions from the local bodies or inform the land owner in this regard. Further, a portion of the amount collected from buyers is being paid as advance to the land owner.
But if there is a misunderstanding between the realtor and the landlord or they fail to reach an agreement, what is the fate of the buyers? Even if the agreement was reached, what if the land title was not clear and the local authorities do not give permission to build an apartment on it? Even if permission is granted, will the respective builders capable to undertake the construction work due to the exceptionally high construction material prices? For instance, an advertisement is being circulated on social media offering a flat in a 15-storey apartment at just Rs 2,199 per sq.ft, in a location like Rudraram near Patancheru. Seeing this advertisement, the realty agents would lure the prospective buyers to invest in this project and pocket their 10 per cent commission. Whether the builder would complete the construction or not, is another matter. The gullible buyers are being lured to purchase the property by offering such lower prices and are being forced to make cent per cent payment.
* Upon learning about such advertisement, one could not help but wonder whether the builder was really aware of the number of permissions to be obtained from different government authorities? Are they aware of the exact cost per square feet for construction of a 15-storey apartment? If they can explain how one can construct a 15-storey apartment in five acres at just Rs 2,199 per sq.ft, wouldn’t the entire realty industry follow the same rules to deliver flats at affordable prices? Why don’t these builders share the secret with everyone?
A glance at the plans for prelaunch and UDS projects, would reveal that certain architects have no social responsibility. When asked by some builders to come up with plans to undertake prelaunch sales, these architects are drawing plans and handing them over to builders. They appear to be worried only about their payment. But why isn’t the Indian Institute Architects taking action against such architects? What stops them from issuing a public statement asking the architects not to give plans to such prelaunch and UDS projects? Thus, they can discourage at least the certified architects from providing building plans to the prelaunch promoters.
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