Some of the buyers who have brought their flats in pre-launch offers in Kolluru near here are in a state of limbo. The buyers are in a state of severe anxiety in the absence of necessary permissions for their structure. During the past three years, realtors executed several projects as part of the pre-launch offers. Generally, when a region becomes a hot destination the realtors land there and tighten their belts to develop real estate ventures whether the region has roads, drainages, power connections no such facilities there.
They will find a site or two hurriedly and pay advance to the land owner and would sell the projects in pre-launch offers. It has become customary for the developers. During the past three years, the realtors sold plots, flats and villas in pre-launch offers at the price dictated by their whims and fancies.
Even after several months, the civic authorities are not coming forward to extend necessary permissions, causing severe anxiety to the buyers. They have been questioning the authorities when they will get the necessary clearances. The authorities have tough time convincing them.
Some realtors and developers pay 5% to 10% of the cost of the land as advance to the land owner. Some of such developers have delayed payment of necessary fees to HMDA. But, the experts say that the projects sold in pre-launch offers are not likely to get necessary clearances due to problems in Dharani portal and other inherent problems. Therefore, the buyers of properties in such projects are in a state of limbo.
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