Some realtors have become so carefree that they are selling plots, flats, and villas in pre-launches regardless of where they are located, be it a GO 111 land, UDS, or a conservation zone. So, if you don’t want to get cheated by buying such properties, you must go through government regulations and only then take a final decision regarding the investment to be made.
Big builders in Delhi’s Noida and Gurgaon also cheated innocent people in pre-launches. A large percentage of those who poured their hard-earned money into these pre-launches have failed to own a house even today. Even after ten to fifteen years, some buyers are still fighting against the companies in court. The last Congress government framed the RERA Act to prevent such illegal sales, and the BJP government at the Centre implemented it. According to this RERA law, any builder who constructs more than eight flats in an area of more than 500 yards has to get RERA permission from the local body. Corporations, urban development organisations, municipalities, and panchayats—wherever they build apartments, layouts, individual houses, or villas, RERA permission must be obtained without fail. Otherwise, the structure will be considered an illegal structure.
A step forward is only possible if there is RERA..
If apartments, villas, or private houses are constructed without RERA permission, RERA will issue a notice to the respective builder. If the correct answer is not received from him, a fine of 10 percent of the value of the respective project will be calculated. Remember that the builder will also face jail time. However, what some builders have been doing since 2016–17 is selling flats and villas in UDS and pre-launches without getting permission from the RERA authority. They are collecting money from innocent people by running a campaign on social media saying they can buy properties at a lower rate than the market rate. If you fall for the tricks of such developers and end up paying 100 percent of the money, then surely you will have to face the consequences of it. Hence, under no circumstances, buy flats and villas in GO 111 without RERA permission and in conservation zones. Don’t get into trouble unnecessarily.
Some builders’ smart way to cheat!
What some builders are doing is downloading beautiful buildings, interiors, exterior photos, and videos from the internet and sending them to people. In other words, they are misleading people by indirectly showing that the structure they are going to build will be the same. Believing it to be true, some people pay 100 percent of the total flat value. After that, there were many incidents where the project didn’t take off. So, if you don’t want to join the list of cheated people, the Real Estate Guru suggests you choose only RERA-approved projects.
