People urged to buy RERA registered properties only

CREDAI Hyderabad president P. Rama Krishna Rao (right), general secretary V. Rajashekar Reddy (left) and president of Telangana Real Estate Developers Association R. Chalapathi Rao (center) at a press conference in Hyderabad on Friday.  

The Confederation of Real Estate Developers’ Associations of India (CREDAI) Hyderabad and Telangana, Telangana Real Estate Developers' Association (TREDA), Telangana Builders Federation (TBF), and Telangana Developers Association (TDA) jointly launched an initiative to caution people to purchase TS-RERA (Real Estate Regulatory Authority) registered properties only, on Friday.

The objective of the ‘Be safe, be sure’ campaign, which has brought all the real estate bodies together, is to educate people about the risks of purchasing unapproved, UDS (undivided share) properties and the pre-sales, pre-launch properties without taking the required approvals from regulatory agencies like the HMDA/GHMC, and RERA.

The campaign was launched by P. Rama Krishna Rao, CREDAI Hyderabad president, general secretary V. Rajashekar Reddy, Ch. Ramchandra Reddy, CREDAI TS chairman, president D. Murali Krishna Reddy, R Chalapathi Rao, TREDA president, secretary general B Sunil Chandra Reddy, C Prabhakar Rao, president of Telangana Builders Federation (TBF), G.V. Rao - president of Telangana Developers Association (TDA), and others. The real estate bodies want to educate the customers about the risks in purchasing unapproved, UDS, pre-launch and pre-sale properties and about the benefits of purchasing those registered in TS-RERA. They also aim to reach out to the government to initiate appropriate punitive action against ‘unscrupulous’ operators resorting to such illegal sales.

“Some firms are offering attractive schemes before taking any plan approvals or RERA registration to lure home-buyers and investors. The cost at which they are selling the properties is not sufficient to cover the construction expenditure so can never be successfully completed. The amounts thus collected could be diverted for other purposes,” they charged.

“Projects registered under RERA only should be advertised and sold as it steps in to protect buyers’ rights. In the event of developers failing on their promises, little can be done for pre-launch and UDS works,” they explained.

TS-RERA registered properties guarantees transparency in approvals, timely execution and delivery, they said and appealed to the government to curb such ‘high-risk illegal practices’, strengthen RERA and also take action against those resorting to such “unhealthy business deals.”

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Printable version | Jan 19, 2022 5:15:08 PM | https://www.thehindu.com/news/cities/Hyderabad/people-urged-to-buy-rera-registered-properties-only/article37712451.ece

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