Hello Ishika. I can help you by answering are HMDA plots safe or not. Well, HMDA is a body responsible for planning, approving and authorizing civil construction in the metropolitan area of Hyderabad. They do cover due diligence while approving plots, but there are several projects which are HMDA-approved, but not RERA-approved, which can be a concerning thing for buyers. I will tell more below.
Is it Safe to Buy HMDA Approved Plots?
As a rule, all projects proposed for development which have an area exceeding 500 sq. m. of land or have above 8 flats need to be registered under the respective state RERA. So, you will find projects of this size and above being RERA-approved, apart from being HMDA-approved. Those plots will be safe to buy as RERA is the regulatory authority for real estate in India.
However, for plots with only HMDA approval, you should carry out proper due diligence from your end just to be sure.
HMDA comes under RERA as the latter is the superior authority which regulates HMDA. The approved projects under HMDA need to function in agreement with the provisions of the RERA Act.
As a whole, HMDA plots are safe, but you need to be responsible before investing your money. Have legal experts carry out due diligence on the plot to be on the safer side.
Get Proper Due Diligence for HMDA Plots Via Experienced Lawyers of NoBroker!
Some related information:
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As far as I knew, a RERA registered property was enough to legally proceed in constructing a house or building but then I came to know about HMDA. HMDA is the abbreviation for
Hyderabad Metropolitan Development Authority. RERA is the superior authority that regulates HMDA. So to answer
is it safe to buy
HMDA
approved plots, I will say yes it is. Investing in such plots comes with guaranteed infrastructure development so it's safe to invest here. Let me highlight some other facts on this same topic.
Get a legal and verified property? Get it easily by availing NoBroker’s Buyer Plans
What is LRS?LRS stands for Layout Regularization Scheme and under this scheme, all illegal layouts and plots can be regularised. Its main aim was actually to stop the illegal construction or use of empty plots.
Is LRS compulsory for HMDA plots?Now the next question one can ask is if HMDA makes a plot or layout legal,
does
HMDA
plots require LRS as well? I too honestly had the same query so tried to know the exact answer. After a bit of study, I learnt that LRS is not compulsory but should be done. You will face no issue if you do not get the LRS for your HMDA plot but there is a problem. Banks will not provide you with any loan without LRS. other issues you will or might face are
Lack of regular water supply
No building permission
No registration of such plots by sale
So it's better to get the LRS done for your plot.
I hope this answers
is it safe to buy
HMDA
approved plots without LRS or not.
Read More:How to apply for LRS in Telangana?
How to pay LRS in Telangana?
What is LRS in Telangana?
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Authors Of The Question
Are HMDA Plots Safe?
Ishika
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2 Year
2022-12-24T21:42:59+00:00 2025-01-31T19:19:33+00:00Comment
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