NRI Real Estate and Property Investment in India
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Govt. Initiates Steps against Pre-Launch Offers
Monday, October 08, 2007

Pre-launch offers by real estate India developers are under a cloud, and the Ministry of Corporate Affairs is keeping tabs on such announcements ever since malpractices under the scheme came to light.

The Ministry has received a host of complaints from individual investors against some real estate companies who are resorting to unethical business practices through this medium.

Field officers of the Ministry have already been issued instructions to watch out for such announcements from the developer community, as well as check their claims on having the necessary approvals in place.

The issue could be taken up the Monopolies and Restrictive Trade Practices Commission (MRTPC).

Haryana has already taken the step of banning pre-launch offers, where real estate developers have collected large sums of money before any approval was received.

Real estate consultants Jones Lang LaSalle Meghraj warns that investors are at a risk if the builder goes for a pre-launch offer without getting the mandatory approvals.

The builder needs to be transparent with the customer on these issues when he makes a pre-launch offer, as is the practice in other countries.

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