Telangana RERA Clamps Down on Unregistered Real Estate Agents
Hyderabad: The Telangana Real Estate Regulatory Authority (TGRERA) has taken strict action against three individuals and their companies for illegally operating as real estate agents and misleading buyers in a project at Kokapet. The complaint was filed by Viana Homes, the developer of Poojitha Tech Park, a project registered under RERA.
The company alleged that Sikha Balaraju, along with his firms Infy Projects and Bell Square, falsely represented themselves as authorised agents of the builder without a formal agreement or the necessary registration required under the Real Estate (Regulation and Development) Act, 2016.
According to the complaint, Balaraju approached the builder in 2022, claiming he had potential clients interested in purchasing office spaces in the tech park. While there were initial discussions, no agreement was signed. Despite this, Balaraju and his companies proceeded to deal with buyers, collected funds, and misrepresented themselves as the marketing heads of the project.
After several hearings, RERA concluded that Balaraju and his companies acted as agents but failed to register with the Authority, thereby violating the RERA Act. The Authority imposed a penalty of Rs. 3.69 lakh on them and barred them from facilitating any real estate transactions in RERA registered projects without proper registration.
The Real Estate (Regulation and Development) Act, 2016, was introduced to protect the interests of homebuyers and promote transparency in the real estate sector. It mandates that all real estate agents and projects must be registered with the respective RERA authorities. This ensures that buyers are not misled and that transactions are conducted in a fair and transparent manner.
The TGRERA's decision sends a strong message to unregistered agents and developers, reinforcing the importance of compliance with the RERA Act. The Authority has been proactive in monitoring and regulating the real estate market in Telangana, ensuring that all stakeholders adhere to the regulations.
Developers and buyers are advised to verify the registration status of agents and projects before engaging in any transactions. This can be done by checking the RERA website or contacting the RERA office directly. By doing so, they can avoid potential legal issues and ensure a smooth and secure transaction process.
The TGRERA's actions are a step towards creating a more regulated and trustworthy real estate market in Telangana. Homebuyers and investors can have greater confidence in the projects they choose, knowing that they are protected by stringent regulatory measures. The Authority's efforts to crack down on unregistered activities are crucial for maintaining the integrity of the real estate sector and protecting the interests of all stakeholders.
