Hyderabad Builders Fined for Non-Registration of Flats Under RERA
Hyderabad: The Telangana Real Estate Regulatory Authority (TG RERA) has imposed a combined penalty of Rs 8,57,697 on builders Green Metro Pvt. Ltd and Sree Venice Property Private Limited for failing to register their flats.
ReraTg ReraReal EstateHyderabadBuildersReal EstateJan 25, 2025
The builders, Green Metro Pvt.
Ltd and Sree Venice Property Private Limited, have been fined a combined amount of Rs 8,57,697.
The TG RERA, established to protect the interests of homebuyers and promote transparency in the real estate sector, has been vigilant in enforcing the provisions of RERA.
The recent penalties are a clear indication of the authority's commitment to maintaining high standards in the industry.
Green Metro Pvt.
Ltd, known for its residential projects in and around Hyderabad, was fined Rs 4,28,848 for failing to register its flats.
Similarly, Sree Venice Property Private Limited was slapped with a penalty of Rs 4,28,849.
Both companies were found to be in violation of RERA regulations, which mandate that all real estate projects must be registered before they are marketed or sold.
The TG RERA, in its order, stated that the builders had been given ample time to comply with the regulations but had failed to do so.
The authority emphasized that non-compliance would not be tolerated and that stricter actions would be taken if the builders continued to flout the rules.
The move by TG RERA has been welcomed by consumer rights activists who have long advocated for stricter enforcement of RERA.
Homebuyers in Hyderabad have often faced issues such as delayed projects, poor quality construction, and lack of transparency.
The recent penalties are expected to serve as a deterrent to other builders who might be tempted to overlook the regulations.
Mir Naqvi, a consumer rights activist, said, 'This is a positive step by the TG RERA.
It sends a strong message to the real estate developers that they must adhere to the law.
We hope this will lead to more responsible behavior in the industry and better protection for homebuyers.'
The TG RERA has also issued a warning to other builders in the state to ensure that they are in compliance with the act.
Builders who fail to register their projects by the deadline will face similar penalties and legal actions.
The Real Estate (Regulation and Development) Act (RERA) was introduced in 2016 to regulate the real estate sector and provide a level playing field for all stakeholders.
The act mandates that all real estate projects must be registered with the respective state regulatory authority.
It also ensures that homebuyers are provided with accurate and transparent information about the projects they are investing in.
For more information on TG RERA, visit their official website or contact their helpline.
The authority is committed to ensuring a fair and transparent real estate market in Telangana.
Frequently Asked Questions
What is RERA and why is it important?
RERA, or the Real Estate (Regulation and Development) Act, is a law introduced in 2016 to regulate the real estate sector in India. It ensures transparency, accountability, and fair practices for all stakeholders, including homebuyers, builders, and real estate agents. RERA mandates that all real estate projects be registered with the respective state regulatory authority, providing homebuyers with accurate and transparent information.
What penalties can builders face for not registering their projects under RERA?
Builders who fail to register their projects under RERA can face significant penalties, including fines and legal actions. The penalties vary, but the recent case in Hyderabad saw builders being fined up to Rs 8,57,697 for non-compliance.
What does the Telangana Real Estate Regulatory Authority (TG RERA) do?
The Telangana Real Estate Regulatory Authority (TG RERA) is responsible for regulating the real estate sector in the state of Telangana. It ensures that all real estate projects comply with the provisions of RERA, protecting the interests of homebuyers and promoting transparency and accountability in the industry.
How can homebuyers ensure that a project is RERA-compliant?
Homebuyers can check the RERA compliance of a project by visiting the official website of TG RERA or contacting the authority’s helpline. They can also request to see the RERA registration certificate from the builder before making any investment.
What are the benefits of RERA for homebuyers?
RERA provides several benefits for homebuyers, including transparency in project details, timely completion of projects, protection against fraudulent practices, and the right to a refund with interest if the project is delayed. It also ensures that homebuyers are provided with accurate and reliable information about the projects they are investing in.
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