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.
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.
