Save your hard earned money from being wasted on pre- launched projects whether they are commercial or residential. Some builders or real estate developers collect money even before there projects is launched and then just vanish leaving small investors in a lurch. Sale of a flat or land before its proper launch is called pre- launch and is strictly against the law. This is illegal and against the property development rules. It is a clear-cut violation of real estate development rules and may result in high penalty and even imprisonment.
A recent note by Punjab Government says that during a meeting of Empowered Committee on Mega Projects held under the chairmanship of chief minister on 28th February 2006. An in- principle approval was given to few major real estate projects. These developers are required to submit the layout of their proposed project with their respective authority and get their project approved and then start advertising for sale of their plot or apartments or pre- launch of their schemes of any kind.
On the same front last year Jaipur Development Authority issued warnings and alerts in prominent newspapers, asking people to be careful while buying property along the Jaipur- Ajmer road. Jaipur- Ajmer road is upcoming as a new hub of real estate activities. This issue was to save people's money from being wasted on pre- launch of projects. This is because developers make false promises and make people invest huge money and then run away leaving the investors stranded.
In the same way Haryana Town and Country Planning Department filed an FIR against a builder for illegally starting pre- launch bookings in Rewari NCR. There are still many more real estate developers who are dealing in illegal pre- launch categories of their property. They are under surveillance and will be arrested soon.
A developer who worked on small scale started pre- launch of his projected residential project in Indirapuram and collected around Rupees 3 crores and then ran away leaving 75- 80 investors in big loss.
Government has passed strict rules and pre- launch activities are strictly against the property development rules.
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