Majority of the Pre Launch Projects of the builders in karnataka has not taken off. The top end builders, who have launched their projects in 2009 are still jeopardy and till date possession has not been handed over. Crores and Crores of rupees were collected by these buildings in the name of Pre Launch, but it never took off.
Under the New Real Estate Bill, the developer/builder must deposit 75% of the project money with the escrow Account, but, as it had not been notified, these builders are in a hurry to COLLECT AND SWALLOW, the left out money in the market and from the buyers with all clumsy and silly OFFERS.
Many pre launch projects are under litigation:
Some of them are:
Hiranandani at Bannergatta Road, DLF at Bannergatta road and Some are under life long litigation like PRESTIGE WHITE MEADOWS, WHICH THE GOVERNMENT TOOK OVER.
There are agents/marketers/e marketing portals, full of advertisement, catching the buyers with pre launch offers. There are others advertising the offer in newspapers by spending several lakhs and crores to catch the buyers.
Those who have already launched have not produced the property documents and approvals even after two years and now they have come up with new projects.