Buy a cell phone at a lower rate or clothes, if there is a discount. But, do not purchase flats on discounts. It is not a cakewalk to buy a flat. It takes a lot of hard work. Choosing the right place, preparing floor plans, getting all permissions, and finishing everything from the foundation to handing over the flats to the home buyers as per schedule, is nothing short of performing a yajna which requires micro planning and precise execution. This can only be done with a lot of commitment, hard work from hundreds of people. Then how committed and trustworthy are sellers of flats under UDS or pre launch? Think once, better twice or thrice.
What sort of commitment does people who prefer to sell flats only by distributing brochures, have towards completing the project. They would be only interested in selling the flats, making the money and investing elsewhere, but not on living up to their commitment to finish the project and hand it over to the buyers. If you think otherwise and trust them, you are mistaken. Do not trust those who sell flats without required permissions from relevant authorities under any circumstances. What if they take the money and run away? Who is responsible for it?
The focus of the sellers of flats on UDS and pre-launches, will be only to get your money, but not completing the construction. It is common sense that the developers who are committed to complete their projects, would not sell the flats under UDS and pre-launches as it would be a loss for their business. All permits must be taken systematically and projects should be executed in a systematic manner. Otherwise, it should be suspected that the flats are being sold illegally. Those who buy flats in such projects, must remember that there is no question of the project being completed. Investors have to go through a lot of hardships to enter their property. Looking at the situation of some home buyers in Gurgaon and Noida in Delhi right now, this would be the fate of those who bought flats at a low rate. They have not been able to realize their dream of owning a home even after years. They are all currently running around the courts in this regard.
The number of projects that have received approvals from RERA in the last three years is estimated to be around 2 lakh flats. Apart from these, sources in the real estate sector say that at least one lakh more homes might have been sold through UDS or pre launch offers, so far. Apart from these, the number of houses built by minor builders and masons in the suburbs of Hyderabad and other major cities, can account for another 50,000. It is estimated that at least 20,000 flats are sold annually in Hyderabad.
Accordingly, only 60,000 flats have been sold in the last three years and another 1.4 lakh flats have remained unsold. At the current rate of purchases, it takes at least another five and a half years to sell them. In addition, genuine sales in the market have plummeted due to UDS and pre-launch projects. These days majority people are purchasing flats under UDS and pre-launch offers as they are available at cheaper price. In Kondapur and surrounding areas, the flat rates range from Rs 8,000 to Rs 9,000 per sq.ft, but some developers are selling them at the rate of Rs 4,000 to Rs 5,000 per sq.ft for those who pay 100 per cent. If this trend continues any further, the ultimate loser would be the construction sector in Hyderabad. Here’s why.
Just imagine. What if there are legal implications regarding the land after the flats are sold under UDS or pre-launch offers. Who will resolve them and when? For instance, some people bought land in Sultanpur in such a project at a lower rate. The venture did not take off even after three years due to the legal complications involved. The land rate has increased considerably. But what is the benefit as the project did not start at all. The buyers continue to suffer. So, do not buy pre-launches under any circumstances. If you buy flats in RERA approved projects, you will get full support from the government, even if you have a problem with the builder. Do not forget that the RERA will resolve any problems faced by the investors and buyers from the developer.
Honor Homes Group has revealed that they are not selling flats at a Pre launch in Moosapet. The company alleged that some people were deliberately defaming it by spreading rumors. Though they are taking up the project, it is obtaining all the requisite permissions. It has been reported that some agents were sharing details of their projects and falsely claiming that they were offering flats at a low rate as a pre-launch offer. Therefore, the company has cautioned buyers to be vigilant in this regard and informed that they have no connection with the respective sellers.
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