Delayed Delivery Chief Worry For Homebuyers

Hyderabad: The most common complaint among homebuyers in the state pertains to late delivery of houses by realtors, according to an analysis of the 1,685 complaints filed with the Telangana State Real Estate Regulatory Authority (TS-RERA) since its inception in 2017.

Realty experts said that the number of complaints could be multi-fold, as many cases go unreported.

Currently, complaints pertain to late delivery of houses in eight major real estate projects, most of which comprise multiple towers and host over 1,000 flats.

Homebuyers are having to run from pillar to post as while the agreement of sale is executed under the pre-launch offer to a customer, the delivery is being done to other parties for higher prices, it was found.

Also, in multiple instances where developers had taken advance from customers pre-launch, groundwork on projects was yet to start.

Most of the complaints pertain to high-end flats in premium condominiums or gated societies, costing Rs.1.5 crore to Rs.12 crore each.

Officials of TS-RERA said that they have taken action on realtors by imposing fines of Rs.17.25 crore.

 “Since the formation of TS-RERA, 1,087 orders were issued related to penalising the companies that flouted norms. In addition to this, we have served dozens of notices to the ones who do not comply with norms. Recently, three companies executing eight projects have been penalised over Rs.17.25 crore,” said K. Srinivasa Rao, a member of TS-RERA.

Rao, one of the three-member TS-RERA panel, cautioned potential buyers against pre-launch offers.

 “People should only buy properties that are registered with RERA and should not fall in the trap of pre-launch offers. If there is a delay in project delivery or if the person has any other complaint, he/she should register a complaint with us,” he said.

Rao also said that as per norms, realtors cannot deviate from the original layout plan unless two-thirds of homebuyers agree to it.