HYDERABAD: Real estate bodies have appealed to people to purchase only TS-RERA (Real Estate Regulatory Authority) registered properties. They cautioned buyers against risky purchases of unapproved, Undivided Share (UDS) properties or pre-sales, pre-launch properties which do not have required approvals from HMDA/GHMC and RERA.
The Confederation of Real Estate Developers’ Associations of India (CREDAI) Hyderabad and Telangana in association with Telangana Real Estate Developers Association (TREDA), Telangana Builders Federation (TBF) and Telangana Developers Association (TDA), on Friday, came together to launch a campaign ‘Be safe, Be sure’ to educate gullible customers.
P Rama Krishna Rao, president, CREDAI Hyderabad said some real estate operators offer projects without requisite approvals at nominal and discounted prices to lure innocent investors. “The cost 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 such cases, the amounts thus collected are diverted for other purposes,” he warned.
Ch Ramchandra Reddy, chairman, CREDAI Telangana, pointed out that developers should not sell plots/flats to prospective purchasers without RERA registration.C Prabhakar Rao, president, Telangana Builders Federation, expressed happiness over the real estate sector witnessing a spurt in demand for housing and commercial spaces. However, people ought to be cautious of unethical sellers, he said.
“If the builder fails to complete the project, the purchaser is left helpless as he cannot transfer the UDS or apartment or commercial space to any third party. Also, the purchaser of a UDS is deemed to be a ‘promoter’ under RERA and is liable for the execution of the project to other buyers,” he said.