Over 30-40 real estate firms have been building sky-rise structures at Nanakramguda, Poppalguda, Kokapet, Narsingi, Gacchi Bowli, Lingampalli and other areas of Hyderabad city. The construction activity is going on at a feverish pitch. While some of the structures are still in the nascent stage, others are in advanced stage of construction. The per square foot price in these structures varies between Rs 8000 and Rs 12,000.
Perhaps to affect the marketing of the units of these developers, Team-4 barged onto the real estate market with its pre-launch jadoo.
The Team-4 has drawn up plans to build six towers on a 9.25-acre site close to the hillock in Manikonda but opposite to Lanco Hills.
The towers were designed by Genesis Architects to build G+43 structures in Mivan Shuttering style. Flashing the plans, the Team-4 has started selling flats in the pre-launch mode in the name of expression of interest. It has neither the permission of the GHMC nor the RERA permission. Yet, it claims to build 43-storeyed structures and selling flats at the rate of Rs 6200 per square feet for those who pay up the entire sum upfront.
In the name of expression of interest, first it collects Rs 10 lakh from prospective buyers. Does the Team-4 not know that collecting money without RERA permission is illegal?
Even if it does knowingly, is it emboldened thinking that there is none to check its authority? Does it mean to say “nothing doing” with the GHMC or the RERA?
Where is the need for four significant persons in society who have earned good name in society to conduct themselves so cheaply?
In fact, those who keen to build a huge gated community in a strategic location in Hyderabad city should have lofty ideas. Then only, they will be able to complete the project.
Did they ever think that how cheap their position will become in the market if they were to receive Rs 10 lakh from each customer without the RERA permission?
Who the foursome is?
The REG News enquired about the background of the four members of the Team-4. The team comprises Prospera Group, Jyotirmayi Properties of Guntur, Lansum Atonia Group (Rajesh Prasad) and YULA Constructions (Kondaiah).
The websites of these companies disseminated several interest facts. They are as follows:
- The Prospera Group has launched The Drizzle project in Alkapuri Township to build six towers in three acres. But it did not give possession of the flats to the buyers so far. The designs of the project with awe-inspiring graphics are mind-boggling. No wonder if the NRIs and IT experts are drawn towards it. It would take some more time to find out when the project is going to be completed and to obtain the feedback from customers.
- A person called Murali Krishna is using the name of Jyotirmayi Projects of Guntur was a part of the Team-4. In fact, there is no relation whatsoever between him and Jyotirmayi projects, according to Reg News investigation. However, he is using the name of Jyotirmayi project’s name in the Manikonda project.
- Lansum Etania group partner Rajesh Prasad walked out of the firm and joined hands with Team-4 Life Spaces team. He was a member of the organization that successfully executed skyscraper titled Atonia. Barring him, no other partner of the Team-4 has any experience on how to execute sky-scraper projects.
- Kondaiah of YULA Constructions so far executed three apartment projects wherein the number of floors did not cross five. He did not execute at least one sky-scraper. It was high-time the Team-4 company shelved its pre-launch jadoo in Manikonda and obtained RERA permission to sell units to make a killing.
