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- Realty company campaigns with UDS, pre-launch schemes
- RERA staff went to the company office with full details
- Realty company disappears without a trace
- New company replaces the old firm
- RERA staff, buyers left in shock
- Even RERA cannot help the buyers
One after the other, the scams taking place in Hyderabad in the name of UDS and prelaunches, are coming to light. Fraudulent realtors are now helpless as the authorities are refusing to register UDS space in some areas, and thus, forcing these companies to shutdown their offices. As a result, people who purchased flats in these projects are now caught between the devil and the deep sea.
In a classic modus operandi, a real estate company has opened its office in LB Nagar and launched a huge campaign in the name of UDS and pre-launch offers. The firm collected huge amounts from gullible investors and even registered the UDS plots in the name of some investors. They ran a campaign on the social media, under the guise of pre-launch offers. This has attracted the attention of Telangana Real Estate Regulatory Authority (RERA) officials who went to inspect the company’s office. To their surprise, the realty company had vanished overnight and a new company was opened in the same location. While the RERA authorities themselves were shocked over the development, it remains to be seen what is in store for those who purchased flats in the venture.
As the flats were purchased under UDS scheme in an unauthorised project, the RERA officials are not empowered to take any action. Now, the victims have no option but to lodge a complaint with the police against the fraudsters. The government should also take this issue into consideration and otherwise, many innocents are in danger of being deceived at the hands of such realtors.
According to the Telangana RERA Authority regulations, the promoter who develops more than eight plots and flats in an area exceeding 500 yards must be registered with the Telangana RERA Authority. Among projects with RERA approval, nearly 70 per cent of the money will be collected from buyers where the amount will be deposited in a separate escrow account. Similarly, they must update the RERA authorities about the latest developments. The RERA will certainly assist those who purchased properties in RERA-approved projects. The company must take up the management or maintenance responsibilities of the property complex for next five years.
