Construction companies from Mumbai and Bengaluru come to Hyderabad and sell flats under the guise of Expression of Interest (EoI), while the TG RERA authority seems to be unconcerned about it. No one seems to understand why TG RERA Chairman Satyanarayana has such an affinity for these companies. Some construction firms are now questioning whether Telangana CM Revanth Reddy is aware of this situation. These companies are openly selling flats in pre-launches in Kokapet, and what if they suddenly claim that the rates were unprofitable or that they didn’t make much of a profit and just abandon the project as they wish? This may be a concern, especially since some construction companies from Mumbai have previously acted in a similar manner without facing consequences.
While channel partners on social media freely sell flats in pre-launches as they wish, the same behavior by real estate companies in Hyderabad is met with notices from TG RERA. If these companies submit their agreements through consultants, TG RERA quickly accepts them. However, it can be said that TG RERA has not been very useful for buyers. Authorities, who should be taking strict action against builders making mistakes, are handling matters lightly, which could further damage the Hyderabad construction industry. There are widespread criticisms that TG RERA is not doing much to benefit the construction sector, as it seems to be issuing rulings in some cases without taking substantial actions to improve the industry.
Channel partners with little understanding of TG RERA are using social media platforms to sell flats under the guise of “Expression of Interest” (EOI) and pre-launches. But who will explain to these channel partners that, according to regulations, flats should not be sold in this manner? These very individuals have previously deceived innocent buyers by showing them “heaven” at low rates and collecting money. So, why isn’t TG RERA responding to the pre-launch advertisements that are surfacing on social media? Why isn’t TG RERA taking action against these channel partners? These are questions being raised by enthusiastic buyers.
The real estate sector in Hyderabad is facing severe setbacks, and the lack of interest from genuine buyers in this sector could be attributed to TG RERA’s inefficiency. If TG RERA had acted effectively, pre-launch companies wouldn’t have sprung up in Hyderabad. According to state government sources, after understanding this issue, there is a possibility that the Chief Minister may consider replacing the TG RERA Chairman.