Pre-launch housing scams in Hyderabad?

[karthik]

Yesterday, there is lot of news on pre-launch scams.
Anyone faced them recently?

 

[sagar]

Investing in Prelaunch projects is always a risk and it is a well known fact. Investing in projects owned by renowned builders is the best way to do..

Few of them are:

My Home

Aparna

Phoenix

Prestige

Aurobindo

Sumadhura

Rajapushpa

Hallmark

Vertex

SMR Holdings

Indis group

[shiva]

Sharing this WhatsApp forward

 

Real estate bubble

 

Significantly, all these real estate transactions are being done in the open market in full view of RERA and HMDA but there is no one taking action on these realtors.

It is being feared that this unscrupulous elements could lead to dooming of the realty sector in Hyderabad. Once the demand-supply formula goes for a toss, it is feared that National Captial Region-like scene in Delhi might repeat in Hyderabad.

 

In Delhi’s NCR too, pre-launch offers worth Rs 2 lakh crore were made to the customers but many of them either did not take off or were not completed in the given time leading to an unprecedented crisis.

 

Telangana Credai is worried that a similar situation is likely to occur in Hyderabad and that thousands of customers are likely to be deceived.

The pre-launch business is more like the multi-level marketing scam which would harm the people in the long run and customers, it is feared, would eventually lose trust in realtors due to such arm-twisting tactics.

 

https://www.gulte.com/trends/77508/pre-launch-cheating-rife-in-hyderabad-realty

[Gowtham]

There is always a risk with builders that are not well established. 
As long as demand stays well, there should not be an issues.

If demand falls small builders with less capitol scramble. 

[Paul1606]

On 4/7/2021 at 10:29 PM, sagar said:

Investing in Prelaunch projects is always a risk and it is a well known fact. Investing in projects owned by renowned builders is the best way to do..

Few of them are:

My Home

Aparna

Phoenix

Prestige

Aurobindo

Sumadhura

Rajapushpa

Hallmark

Vertex

SMR Holdings

Indis group

 

How is Ashoka Developers And Builders? Are they trust worthy ? i am planning to invest in one of their Pre-launch project, should i go ahead? 

[VijayCheby]

Hi Paul .. can you please share the details of the ashoka pre-launch project you mentioned ?

[Paul1606]

On 4/27/2021 at 10:54 AM, VijayCheby said:

Hi Paul .. can you please share the details of the ashoka pre-launch project you mentioned ?

Hi Vijay.. Its called Ashoka Specrta

[VijayCheby]

On 4/29/2021 at 4:09 PM, Paul1606 said:

Hi Vijay.. Its called Ashoka Specrta

Thanks for that. Looks like this project's pre-launch was announced long time back (around 2018) and no further updates/progress after that. Do you have any latest news/confirmed details on the pre-launch ?

Edited May 1, 2021 by VijayCheby

[GouriSan]

Not sure if anyone is aware of Jaya Groups they did huge publicity in last 2 years and came up with prelaunch in almost every prime area and all of a sudden they are silent now. They named their projects Kondapur -Lexico park and anothe in chandanagar -Hilton? 

 

Almost a year now and we don't hear any updates from the builder and no proper response from MD Srinivas too. 

 

They claimed 10acres land in Kondapur ans showcased it as their own for the proposed project and sadly the reality is they don't own that property.

 

From last 1 yr they have saying that they are in process of getting approvals and when asked for proofs they are simply trying to escape. Can someone confirm if this builder is genuine and did they really own the Kondapur land?

[Gowtham]

On 11/3/2021 at 5:08 AM, GouriSan said:

From last 1 yr they have saying that they are in process of getting approvals and when asked for proofs they are simply trying to escape. Can someone confirm if this builder is genuine and did they really own the Kondapur land?

Most of them generally don't meet the timelines, at least before the consturction.
Did they give you any timeline? 

[GouriSan]

It's shocking to know that they don't have any land registered on their name in Kondapur like they mentioned in the MOU (10 acre) and they provided complete false information from day 1

 

Their timelines are just to fool the customers no realistic

Edited November 8, 2021 by GouriSan

[515ntt]

Did you get the Refund ?