Telangana RERA Fines Four Realtors Rs 3.69 Lakh for Fraud

Hyderabad: The Telangana Real Estate Regulatory Authority (TGRERA) has imposed a fine of Rs 3.69 lakh on four realtors for alleged fraud. This decision comes after a detailed investigation into the practices of these real estate agents, who were found to be in violation of the RERA Act 2016.

One of the four respondents, Sikha Balaraju of Vijayawada, approached Anji Reddy, the managing director of Viana Homes Pvt Ltd, Gachibowli. Balaraju proposed that he had a substantial client base interested in purchasing commercial space in Poojitha Tech Park, a commercial complex measuring 2.10 acres (10,890 sq yards) located in Kokapet village in Gandipet mandal of Ranga Reddy district. He expressed his intention to mediate prospective transactions.

Despite initial discussions, the complainant’s company, Viana Homes, never finalised an agreement with Balaraju. Subsequently, the respondents introduced the complainant to several prospective purchasers, leading to the execution of some sale agreements with those individuals. However, the complainant later discovered that Balaraju and his companies, Infy Projects Ltd, Bell Square, and Bellcom India Ltd, had falsely represented themselves as licensed and authorised RERA agents.

The complainant filed a complaint with TGRERA, alleging that the respondents had engaged in fraudulent activities, including forging and fabricating signatures and receipts of the complainant company representatives. The complaint also mentioned that FIRs had been registered by the Economic Offences Wing (EOW) of Cyberabad police station against Balaraju for the alleged fraud and cheating to the tune of Rs 4 crore regarding the complainant’s project, Poojitha Tech Park.

The TGRERA authority established that the respondents were real estate agents not registered with the RERA Act 2016. Thus, they were found to have gravely violated the Act and were liable for a penalty under Section 62 of the RERA Act 2016. The authority issued an order on May 17, granting the relief sought by the complainant and imposing a maximum penalty on the respondents.

This action by TGRERA underscores the importance of regulatory compliance in the real estate sector and serves as a warning to other potential violators. The authority’s decision is expected to enhance transparency and accountability in the real estate market, protecting the interests of both developers and consumers.

For more information, you can refer to the official order issued by TGRERA, which is available on their website. The fine imposed on the realtors is a significant step towards maintaining the integrity of the real estate market in Telangana.