Real estate bodies create awareness on risks of buying UDS, pre-sales
CREDAI, TREDA, TBF, TDA members urge home buyers to stay away from spurious sale on social media
Hyderabad: Various real estate developers' associations have come forward to create awareness on sale of unauthorised properties in Telangana. They have together planned a 'Be Safe, Be Sure' Campaign with a series of awareness programmes across the State to educate and caution people on risks of purchasing UDS (undivided share), pre-launch and pre-sales properties.
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) launched an initiative to caution people to purchase only TS-RERA registered properties.
The campaign will educate the gullible customers about the risks of purchasing the projects not approved by Telangana State Real Estate Regulatory Authority (TS-RERA). The associations also aim to reach-out to the state government to initiate appropriate punitive action against unscrupulous operators deceiving people through UDS, or pre-launch sales of the property.
P Rama Krishna Rao, President, CREDAI Hyderabad, "The Telangana government has advised people not to buy pre-sale by real estate companies, as it may lead to litigation in future which are not registered with the TS-RERA. It has been noticed that some real estate operators without any experience in the business offering attractive schemes."
"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 of the cases the amounts thus collected are diverted for other purposes without utilising for the respective projects. Such projects do not get launched or get delayed indefinitely," he added.
R Chalapathi Rao, President, TREDA said "We seek Telangana government to review GO 50 and go back to GO 168 to control the density in core areas and to balance land prices. We also urge the home-buyers to make the most of the buoyant real estate sector in the city but only purchase RERA-approved projects to stay safe."
GV Rao, President of TDA, said: "To make Hyderabad a great global city, we need to adhere to urban development regulations and laws in toto. And to make this happen, we need to utilise the advantages of the environmental assets like GO 111 area and the jungles and natural open spaces in the suburban areas of Hyderabad." C Prabhakar Rao, President of TBF, 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. Apart from this the purchaser of UDS is deemed to be a 'promoter' of the project under TS-RERA and is liable for the execution of the project to other buyers."