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BusinessCREDAI sounds caution on pre-sale schemes

CREDAI sounds caution on pre-sale schemes

Published: 26th Nov 2021 11:43 pm

Hyderabad: Confederation of Real Estate Developers’ Associations of India’s (CREDAI) Hyderabad and Telangana units have appealed to people not to buy unapproved properties and desist from falling prey to pre-launch, undivided share (UDS) and pre-sale schemes.

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The CREDAI units along with Telangana Real Estate Developers’ Association (TREDA), Telangana Builders Federation (TBF) and Telangana Developers Association (TDA) launched a campaign urging people to purchase only TS-RERA registered properties. They also appealed to the State government to initiate action against those who were deceiving people through pre-launch and UDS schemes.

Addressing mediapersons here on Friday, CREDAI Hyderabad president P Ramakrishna Rao said some real estate operators and others were offering attractive schemes in the guise of UDS, pre-sale or pre-launch schemes before obtaining requisite approvals from HMDA or GHMC.

A few operators were selling UDS in lands in projects at nominal and discounted price to lure innocent homebuyers, investors without registering the projects with TS-RERA. Telangana government had advised people not to buy pre-launch properties of private real estate companies as it may lead to litigations in future, he said.

“If the project is registered with TS-RERA, it has all approvals. We request consumers to purchase only RERA-approved projects,” said Ramakrishna Rao.

CREDAI Telangana chairman Ch Ramchandra Reddy said developers should not sell plots or flats to prospective purchasers without RERA registration. RERA ensures that builders were accountable for the delivery and timelines for the projects, he said.

Telangana Developers Association president GV Rao stressed on the need to adhere to urban development regulations and laws. He said to make this happen there was a need to utilise GO 111 advantages.

CREDAI Hyderabad general secretary V Rajashekhar Reddy said a sustained campaign would be conducted during the next five to six months to create awareness among buyers to purchase RERA registered properties.

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