The company management claims to be developer of some biggest projects in Hyderabad!
New project proposed in Shatamrai near Shamshabad
Takes up prelaunch sales, prior to approval
Such a major builder turns out to be cheaper
King Johnson Koyyanda: Some builders in Hyderabad are playing a dangerous game with investors and buyers. They are starting skyscrapers without much planning and preparedness. Flats are being sold in other projects under prelaunch schemes to pool money for these massive projects. Why should one take up massive projects with people’s money from other projects when the company cannot fund itself? Exactly due to such behaviour, several major builders in the NCR region of Delhi landed up at the police stations, forced to spend days or months in prison and also lost their reputation as well.
Those who hailed these companies to be one of the best in construction industry, got irked at very mention of the same company. If one does not want such a dangerous trend to be witnessed in Hyderabad, municipal bodies like GHMC and HMDA should act together with regards to permissions, penalties and punishment to such companies.
A well-known construction company is selling flats under pre-launch offer under its new project at Shatamrai near Shamshabad, even before obtaining relevant approvals from the local authorities. The company is so smart that it is taking all sorts of precautions to keep its name under wraps and revealing its identity only to its customers. Under these circumstances, several buyers approached the Real Estate Guru to decide whether or not to buy flats from this projectem. With this, the entire episode came to light.
According to the details provided by the company to the buyers, a two-bedroom flat with an area of 1,285 sq.ft is being sold for Rs 4,200 per sq.ft. Thus, the total flat rate is around Rs 53.97 lakh. In the gated community projects coming up in the vicinity, the flats are priced around Rs 5,900 sq.ft. The company is hinting that upon getting all the approvals, the flats will be sold as per the existing market prices. By adding another Rs 10 lakh towards amenities and other expenditure, the total price of the flat could be around Rs 85.81 lakh which is 59 per cent appraisal when compared to original investment. As the project is expected to be completed by 2024, the company management is claiming that the price of the said flat would be around Rs 99.95 lakh i.e. at the rate of Rs 7,000 sq.ft. Thus, the company is attracting investors as well as buyers who have received 85.20 per cent appreciation in just two years period. The prices of 2.5-bedroom flat will appreciate by 83.43 per cent, while the three-bedroom flat will appreciate by 84.25 per cent.
Home buyers are shocked after witnessing such a prelaunch offer coming up from a major builder company which has huge experience in Bengaluru and had recently debuted in the Hyderabad construction sector. Surprisingly, the buyers are raising doubts over the financial capabilities of the company to complete the project. The management is unable to understand the fact that with such primitive mindset, it would only lose its reputation as well as customers. If the company is really committed to benefit the loyal customers, it would not have sold flats in an illegal manner without getting registered with Telangana RERA authority. However, there is an urgent need for the RERA authorities to look into the number of such companies in Hyderabad, their antecedents, how much money was collected from how many people so far and so on.