- Prestige will not sell flats in Delhi,
Mumbai without RERA’s approval! - But why its selling in in Telangana?
- Do it think the government doesn’t care here?
- Is TS RERA Authority is turning blind eye?
- No matter how big the builder is,
strict actions are taken if presale is done
Firms like Jones Lang LaSalle (JLL) are at the forefront of corrupting Telangana’s construction sector. Companies that do not do pre-sales anywhere in Mumbai, Bengaluru, Delhi, on arrival in Hyderabad, are selling flats in pre-launches. Bengaluru-based company Prestige Estates is building a prestigious project named Prestige City in major cities of the country. In this regard, around 180 acres project is already being finished in Bengaluru, and also in Mumbai and Delhi. However, Prestige Estates, which does not sell flats without RERA permission in those cities, has prepared the ground for selling flats in pre-sales when it comes to Hyderabad. Companies like JLL are providing support for this. The question here is if the company does not know that it must comply with RERA regulations here too?
JLL, which has an office at Salarpuria Sattva Knowledge Park in Madhapur, on Thursday mailed an Expression of Interest to customers asking them to pay Rs. 5 lakh first to book flats in Prestige City. The representative of Real Estate Guru who saw this mail, called the executive included in that mail and enquired about the complete details about Prestige City. According to the information given by him about Prestige City project, it is learnt that Prestige is selling flats in pre-launch without RERA permission.
Project in one hundred acres!
Prestige Corporation has launched a project called Prestige City on about 100 acres next to the Agricultural University in Rajendranagar. It will develop apartments, villas, forum mall etc. Five thousand flats will be constructed in 36 floors. This project, which currently does not have RERA permission, will be officially launched in September. The price of that flat will be told only then. If you book now, they will sell it at Rs. 6000 per square ft. But, even if it is launched, the price will be between Rs. 6500 and Rs.7000. It is a terrible thing that a company called Prestige is trying to lure public with such offers. They are also constructing villas in an area of 700 to 1000 sq yards. It is not sure why Telangana government is not taking strict action against them as these companies show interest in selling flats here but do not follow RERA rules here. Telangana RERA Authority’s actions are now called into question as to why they are not taking action against big builders. Along with Prestige Estates, JLL should also be fined by Telangana RERA Chairman. Strict action must be taken on the city’s construction sector so that no big builder dares to sell flats without RERA permission.
Damage to construction companies?
Do you know who is losing out due to pre-sales in Prestige City? It’s those whose projects were launched two to three years ago and 50 to 70 percent of project is completed. Because the rate the pre-sale people offer is much lesser than the rate the builders whose projects are almost completed. So people are preferring flats that are lesser in price. With this, many buyers are coming forward to buy such products without looking at the final stages of construction. And, if the construction sector is to be happy for the next four seasons, such prelaunch sales need to be ironed out.
