Experts Recommendation: Only Buy RERA-Approved Properties in Hyderabad

 

A campaign to safeguard buyers' interest started by the real estate body in Hyderabad has urged people to only buy properties approved by TS-RERA. The “ be safe, be sure” campaign seemed imminent by joint efforts from CREDAI (The Confederation of Real Estate Developers' Associations of India), TREDA (Telangana, Telangana Real Estate Developers' Association), TBF (Telangana Builders Federation), TDA (Telangana Developers Association) after several fraud cases surfaced in Hyderabad real estate market. 

 

What does TS-RERA do for the buyers and investors?

RERA rules and regulations are put in place to safeguard the interest of the people looking to buy or invest in real estate in Hyderabad. Over the years Hyderabad real estate market has observed tremendous growth, which has given rise to many fraudsters and scammers coming up with fake projects to steal money from people. That is why RERA has made it mandatory for property owners who are looking to sell their properties to be RERA approved. But still, a lot of people are fouling victim to sophisticated scams.

 

The objective of the “be safe, be sure” campaign

The main objective is to educate the public about the real estate industry and what not to do while buying a real estate property. Additionally, this campaign aims at listing all the approvals to look for while purchasing a property from someone, such as -

 

• Flat purchase checklist 
• Verify the identity of the seller
• Conversion and land-use permissions
• Construction approvals
• Occupancy certificate
• Status of tax payment
• Encumbrance
• Physical survey and access to the property
• Observance of the Real Estate (Regulation and Development) Act of 2016. (RERA)
• Documents required if a loan is still outstanding

 

Who launched the campaign?

The campaign was launched by P. Rama Krishna Rao, CREDAI Hyderabad president, general secretary V. Rajashekar Reddy, Ch. Ramchandra Reddy, CREDAI TS chairman, president D. Murali Krishna Reddy, R Chalapathi Rao, TREDA president, secretary-general B Sunil Chandra Reddy, C Prabhakar Rao, president of Telangana Builders Federation (TBF), G.V. Rao - president of Telangana Developers Association (TDA), and others. They also intend to bring this issue to the attention of the government, so that tighter surveillance can be maintained to protect the public from scams.

To conclude, you might be a seasoned investor but can still for the sophisticated scams in the market, so maintaining caution is of utmost importance. For any real estate news, you can follow RERA News and keep yourself updated.

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