TG RERA must clarify!
Companies like Godrej Properties from Mumbai, Brigade Group from Bengaluru, Prestige Group, along with some local builders, are selling flats under the name of Expression of Interest (EOI). What these builders are cleverly doing is running this operation through channel partners, making sure to stay clear of any direct involvement. Meanwhile, TG RERA, which states that flats cannot be sold without their approval, is silent while some builders continue to sell flats under EOI. According to RERA regulations, can any builder sell flats in this manner? Or has TG RERA granted some builders special privileges? The TG RERA department under the leadership of Telangana CM Revanth Reddy needs to respond to this issue.
According to RERA regulations, no builder is allowed to sell flats without TG RERA’s approval. However, some local builders, along with construction companies from other states, are selling flats in Hyderabad under the name of Expression of Interest. They are successfully carrying out these sales through channel partners. So, why is TG RERA failing to regulate these illegal sales happening in the city, which are against RERA regulations? Why is TG RERA unable to stop bookings being made under the name of EOI through registered agents and channel partners? Some builders are openly just taking cheques, saying they will deposit them in the bank only after RERA’s approval. Is this acceptable? TG RERA must provide clarity on this issue. If TG RERA clarifies that selling flats under EOI is allowed, then all builders will follow the same rule. Therefore, CM Revanth Reddy needs to give clarity about TG RERA.
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