The CREDAI (Confederation of Real Estate Developers' Associations of India) has asked the Telangana Government to keep tabs on the extremely unhealthy and illegal practices by some real-estate players that are luring gullible customers into buying spaces in unviable projects.
Asking the Government to strengthen the RERA (Real Estate Regulatory Authority) to curb these practices by initiating stringent punishment against the players that are cheating the people.
“Some real-estate operators and some others without having any experience in the business are coming out with attractive schemes and offering to sell undivided share of land even before securing approvals,” P Rama Krishna Rao, President of CREDAI Hyderabad, has said.
The leaders of CREDAI have gathered here on Friday to caution the public about the unhealthy marketing strategies of some realestate players.
“They are selling such products at a nominal and discounted price to lure innocent home-buyers and investors. The cost at which they are selling the properties is not sufficient to cover the cost of construction,” he said.
He alleged that the proceeds were not being on the projects. “Sometimes the projects do not get launched or get delayed indefinitely due to many legal and statutory issues, putting the purchaser at a huge risk,” he said.
Ch Ramchandra Reddy, Chairman of CREDAI Telangana, said that the realestate market in the State continued to be resilient and robust post the Covid-19 waves unlike other cities in the country.
“The developers should not sell plots or flats to prospective purchasers without getting RERA registration. Purchases made in projects without RERA registration are risky for the buyer,” he said.