- The construction company launched its third prelaunch project
- A fine of ten percent should be imposed
- Builder’s license should be canceled
- RERA needs to take strict action against the prelaunch
An unfortunate situation in the construction sector of Hyderabad that many people are facing is that it has become fashionable for builders to collect money from people by claiming that they are building skyscrapers even before getting RERA’s permission. It has become a trend to do pre-launches by promising to give high SFT to the landlords. By paying a lot of advances, they are acquiring spaces wherever possible. A direct example of this is the recently launched third prelaunch project by Team 4 near HDFC Bank in Miyapur. Team 4, a company that has no history of completing even a single project so far, is selling another project in pre-launch. People in the construction sector are calling RERA’s actions into question. Who are the members of Team 4 in this order? Real Estate Guru tried to find out their story, and here is what we found:
Among the four members of Team-4 are Prosper Group, Jyothirmaye Properties of Guntur, Rajesh Prasad of Lansum Etania Group, and Kondaiah of Yula Constructions. If you look at their websites, some interesting things have been revealed, and here is what they are:
Like this, companies with no past history of building skyscrapers are entering the market and selling skyscrapers. Why are buyers blindly believing these sellers? After selling the flats in the pre-launch, the same company again goes to RERA and gets permission. Experts in the construction industry feel about the present scenario as if the government itself is awarding a thief who committed a theft. Therefore, a heavy fine should be imposed on the company selling flats in pre-launches. RERA should recommend to the local bodies that they cancel the builder’s licence of the respective company. Moreover, under no circumstances should RERA permission be granted to such projects. When RERA takes tough decisions like this, no one dares to sell flats in pre-launches in Hyderabad.
