`Be Safe, Be Sure': CREDAI asks people not to buy properties without TS approval

CREDAI have appealed to the people not to buy properties without the approval of TS-RERA or GHMC/HMDA.

By Newsmeter Network  Published on  27 Nov 2021 4:01 AM GMT
`Be Safe, Be Sure: CREDAI asks people not to buy properties without TS approval

Hyderabad: Confederation of Real Estate Developers Association of India (CREDAI)-Hyderabad, Telangana Real Estate Developers' Association (TREDA), Telangana Builders Federation (TBF), and Telangana Developers Association (TDA) have appealed to the people not to buy properties without the approval of TS-RERA or GHMC/HMDA.

Launching "Be Safe, Be Sure'' on Friday, CREDAI-Hyderabad President Rama Krishna Rao, General Secretary V Rajashekar Reddy, CREDAI-Telangana Chairman Ch Ramachandra Reddy, CREDAI-Telangana President D Muralai Krishana Reddy, TREDA President R Chalapathi Rao, TBF President Prabhakar Rao, and TDA President G V Rao said the purpose of the campaign is to educate the people about the risks of purchasing unapproved, UDS properties and pre-sales, pre-launch properties without required approvals from HMDA/GHMC and RERA.

The associations also appealed to the state government to take stern action against unscrupulous operators deceiving people through UDS, or pre-launch sales of the property. The associations will continue the awareness campaign for the next five-six months by giving advertisements and among other ways, they added.

Rama Krishna Rao said it has been noticed that some Real Estate operators and others without any experience in the business offer attractive schemes in the guise of undivided share of land presale / prelaunch in the projects before pre-requisite approvals from HMDA/GHMC and Registration with TS-RERA sell UDS property at a nominal and discounted price to lure innocent home-buyers, investors.

He said the price at which they are selling the properties is not sufficient to cover the cost of construction and in such an event the projects will never be successfully completed.

In most cases, the amounts thus collected are diverted for other purposes without utilizing them for the respective projects. Sometimes the projects do not get launched or get delayed indefinitely due to many legal and statutory issues, putting the purchaser at a huge risk of loss of hard-earned money, Rao said.

Ch Ramachandra Reddy said the real estate market of Hyderabad and the Telangana state continued to be resilient and robust post the COVID pandemic unlike other cities in India due to proactive state government enforcing good policies.

Taking advantage of this situation, some projects are coming up with Pre-Sales, Pre-Launches without adequate permissions like building permission & RERA. Purchasers should understand their legal rights and invest in only RERA registered projects," he said.

G V Rao said that the city of Hyderabad is a global city and has a good brand name. It would be defamed with the illegal activities of real estate. Murali Krishna Reddy, Chalapathi Rao, and Prabhakar Rao also spoke on the occasion.

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