Wednesday, May 22, 2024
More
    HomeTelanganaTrend of Builders in Hyderabad Selling Skyscrapers Before Obtaining Approvals

    Trend of Builders in Hyderabad Selling Skyscrapers Before Obtaining Approvals

    Related stories

    Telangana State Road Transport Corporation (TSRTC) Rebranded as TGSRTC

    Telangana RTC MD Sajjanar announced that TSRTC is now...

    Special Officer Shruthi Ojha works to expedite the procurement process.

    In Gadwal, the District Special Officer and Intermediate Education...

    “Ensure Your Vote Counts: Eatala”

    Former minister and senior BJP leader Eatala Rajender spoke...

    Builders in Hyderabad are collecting funds from individuals to construct skyscrapers without obtaining approval from RERA (Real Estate Regulatory Authority). This practice, known as pre-launches, has become popular as builders promise generous square footage to property owners. One example is Team 4, a company without a track record of completing projects, promoting another pre-launch project near HDFC Bank in Miyapur. This raises concerns about RERA’s actions in the construction sector.

    Team 4 consists of four members. Prosper Group has initiated “The Drizzle” project in Alkapuri Township, which is currently under construction. The completion date is uncertain, and buyer satisfaction will depend on the final delivery. Jyothirmaye Properties, another member of Team 4, has an unfinished project called “Palm Springs” in Amaravati. Rajesh Prasad from the Lansum Group has completed a skyscraper named “Etania,” but no other member has successfully finished a skyscraper. Kondaiah from Yula Constructions has completed three apartment buildings, but they lack extraordinary features.

    - Advertisement -
    Also read:  Mathademia- 24 organized by MATH in Hyderabad

    It is concerning that companies with no history of constructing skyscrapers are marketing such projects. Buyers trust these developers and purchase flats during the pre-launch phase before RERA approval. Experts in the construction industry see this as the government rewarding dubious practices. To address this issue, hefty fines should be imposed on companies selling flats through pre-launches. RERA should advise local authorities to revoke licenses of such companies and refrain from granting permission to similar projects. Stricter measures will discourage pre-launch sales in Hyderabad.

    - Advertisement -
    Rajesh M
    Rajesh Mhttps://www.telanganatribune.com
    Latest News from Hyderabad, Telangana, India & World!

    Follow us

    3,565FansLike
    179FollowersFollow
    1,202FollowersFollow
    965SubscribersSubscribe

    Contribute News

    You can contribute an article to Telangana Tribune by dropping a mail at newsdesk@telanganatribune.com

    Latest stories

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here