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
Related News Articles
Investors Losing Appetite for Real Estate: Morgan Stanley Report Reveals
Morgan Stanley report highlights decline in investors' interest in real estate. Find out the reasons behind this trend.
Pune Real Estate: Mindspace Business Parks Renews Lease Deal with Nvidia Graphics
Mindspace Business Parks REIT has renewed lease for 3.75 lakh sq ft in Commerzone in Pune's Yerwada for ₹3.03 crore per month rent to Nvidia Graphics Private Limited.
India's Housing Market Sees Record Low Inventory Overhang of 22 Months in Q2 2024
As the festive season approaches, the Indian housing market is expected to gain further momentum, boosting market activity and buyer sentiment.
People Are Leaving Florida: Top Reasons for the Real Estate Exodus
The Florida real estate market is experiencing a significant slowdown, as indicated by the Monthly Housing Report. Numerous factors are driving residents to sell their homes and move out of the state.
India's Double Whammy: Inflation and Stagnant Growth
India's economy is facing a significant challenge as it battles rising inflation and a slowing growth rate. This double trouble is causing concern among policymakers, businesses, and consumers alike. The article delves into the causes, impacts, and potent
Godrej Properties Achieves ₹1000+ Crore in Sales for Hinjewadi Project Launch
Godrej Evergreen Square, a landmark development in Pune, has achieved an impressive milestone of ₹1000+ crore in sales at its launch. This success underscores the market performance and investor sentiment towards Godrej Properties, as the company continue