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Builders in Hyderabad Sell Skyscrapers Pre-Approval Trend
A concerning issue plaguing the construction sector in Hyderabad is the emerging trend where builders are collecting funds from individuals under the guise of constructing skyscrapers even before obtaining RERA's (Real Estate Regulatory Authority) approval.
Hyderabad: A concerning issue plaguing the construction sector in Hyderabad is the emerging trend where builders are collecting funds from individuals under the guise of constructing skyscrapers even before obtaining RERA's (Real Estate Regulatory Authority) approval. This practice of pre-launches has gained popularity, with promises of offering generous square footage to property owners. By securing substantial advances, these builders are procuring spaces wherever possible. An exemplar of this issue is the recent unveiling of Team 4's third prelaunch project in close proximity to HDFC Bank in Miyapur. Notably, Team 4, a company without a track record of completing any projects to date, is promoting yet another pre-launch endeavor, prompting scrutiny of RERA's actions within the construction sector.
Here are the four members of Team 4:
Prosper Group: This group has initiated a project called "The Drizzle" in Alkapuri Township, consisting of six towers on a three-acre plot, which is currently under construction. The crucial question remains about the project's completion date, as it initially enticed buyers with virtual visuals and enticing descriptions. The final delivery will determine buyer satisfaction.
Jyothirmaye Properties: Muralikrishna, a partner in this group, is involved with Team 4. A visit to the company's website reveals that their "Palm Springs" project in Amaravati remains unfinished, with three structures within five floors as per the site's information.
Rajesh Prasad: Hailing from the Lansum Group, Rajesh Prasad has joined the Team 4 Life Spaces team. He has successfully completed a skyscraper named "Etania." Apart from him, no other member possesses experience in successfully finishing even a single skyscraper. Similar to other projects, Etania was also pre-sold.
Kondaiah of Yula Constructions: Kondaiah has completed three apartment buildings so far, all within five floors, devoid of any extraordinary architectural features.
In a worrying trend, companies lacking a history of constructing skyscrapers are entering the market and marketing such projects. The question arises as to why buyers place their trust in these developers. After selling flats during the pre-launch phase, these companies then seek RERA approval. Experts within the construction industry view this scenario as though the government itself is rewarding those who engage in dubious practices. Consequently, it is suggested that hefty fines be imposed on companies selling flats through pre-launches. RERA should also advise local authorities to revoke the builder's license of such companies. Moreover, RERA should refrain from granting permission to projects of this nature. When RERA adopts stringent measures, it will deter anyone from engaging in pre-launch sales in Hyderabad.
