Say many promoters
Some big builders in the market have prepared themselves very well to face RERA’s consequences. They are okay even if 10 percent of the project value is fined. They are collecting more money from buyers per square feet and are prepared to pay that extra money to TS RERA. Market experts say that plans are being made to collect this fine amount from the buyers in advance, even in pre-launches. Therefore, real estate analysts are of the opinion that instead of just collecting fines from the builders who do pre-launches and leaving them, they should be imprisoned so that they do not repeat any such mistake.
From small builders to big developers, those who are selling plots and flats in pre-launches without taking RERA permission in Telangana state must be punished. Not only Telangana builders, but builders from neighbouring states like Andhra Pradesh, Karnataka, Chennai, Rajasthan, and Gujarat are also continuing their pre-launch business in Hyderabad. This pre-launch rush, which has been going strong since 2018, has picked up momentum during the COVID period.
If we analyse the reasons for this, interesting things have come to light. The prices of flats on the market have increased significantly. In this background, if the rate offered by any builder is low, people are buying from him without giving it a second thought. Many realtors have understood that if the price is low, common and middle-class people will pay more in advance. People from other fields who understood this matter also entered the construction field. After all, many landlords are also incarnated as developers. Most of the buyers who bought from such people are going from pillar to post for justice after being cheated.
The TS RERA has been silent for some time now, but since the general elections are two weeks away, it has issued a showcause notice to 13 real estate companies at once. Moreover, real estate agents working for many organizations have also been given notice. The real estate sector was suddenly shocked after receiving notices. The interesting thing is that among the companies that received the RERA notice, a big company did not care much. The employees of the company also say that if a penalty is imposed according to RERA, they will collect another Rs. 100 to 200 per square feet extra from the buyers. With this, many market experts say that the pre-launch companies should be taught a lesson. It is said that the respective builders should be sent to jail along with a heavy fine. It is also suggested that the respective builder and the company be banned from undertaking the construction.
It is noteworthy that among the companies that have received notices from TS RERA, there are companies like Prestige Estates of Bangalore along with new real estate companies. Excluding this company, the list of companies that have received TS RERA notice is as follows:
TS RERA has issued notices to 13 companies and four agents. However, it is advised not to believe in all the falsified stories told by builders. Firms and agents with evidence of pre-launches should be fined without fail. Otherwise, this prelaunch rush will not be stopped in the state. If RERA doesn’t act responsibly, there is a danger that people will be cheated into buying flats in Telangana states like Noida and Gurgaon. It is noteworthy that buyers are already circling several prelaunch firms to recoup their hard-earned money. So, TS RERA has a heavy responsibility to save the hard work of innocent people.
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