Crackdown on Hyderabad Real Estate Firms: Six Companies Served Notices for Violating Norms
The Telangana Real Estate Regulatory Authority (TGRERA) has served notices to six real estate companies in Hyderabad for flouting norms
HyderabadReal EstateTgreraReraRegulatory AuthorityReal EstateMay 26, 2024
One of the companies, Bharti Lake View Towers, has reportedly cheated 350 people of Rs.60 crore. The company, along with the others, has been asked to reply to the notices within 15 days.
According to Srinivasa Rao, member-2 of the TGRERA tribunal, the notices were served based on complaints from people, online advertisements, and publicity through pamphlets. He said that the violations can range from cheating and not registering with TGRERA, among others.
The TGRERA has been working to regulate the real estate sector in the state, and in the 11 months since its formation, 210 complaints have been adjudicated. So far, 8,270 projects have been registered with the authority, and 918 projects were found to have violated RERA norms. The authority has imposed a delinquency fee of Rs.30.99 crore and has recovered Rs.13.7 crore.
The Telangana Real Estate Regulatory Authority (TGRERA) was established to regulate the real estate sector in the state and protect the interests of customers. The authority is responsible for registering real estate projects, ensuring compliance with RERA norms, and addressing customer complaints.
The Telangana Real Estate Regulatory Authority (TGRERA) is a statutory authority established under the Real Estate (Regulation and Development) Act, 2016. Its primary objective is to regulate the real estate sector in the state and ensure that customers are protected from fraudulent practices.
Frequently Asked Questions
What is the Telangana Real Estate Regulatory Authority (TGRERA)?
The TGRERA is a statutory authority established under the Real Estate (Regulation and Development) Act 2016 to regulate the real estate sector in the state and protect the interests of customers
How many real estate companies were served notices by TGRERA?
Six real estate companies were served notices by TGRERA for violating norms including pre-launch sales and cheating customers
What is the penalty imposed on companies violating RERA norms?
A delinquency fee of Rs 30 99 crore was imposed on companies violating RERA norms and Rs 13 7 crore was recovered
How many projects have been registered with TGRERA?
So far 8 270 projects have been registered with TGRERA
What is the objective of TGRERA?
The primary objective of TGRERA is to regulate the real estate sector in the state and ensure that customers are protected from fraudulent practices
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