TGRERA Imposes Penalties on Hyderabad-Based Realtors for RERA Violations

The Telangana Real Estate Regulatory Authority (TGRERA) has taken strict action against three Hyderabad-based realtors for violating the Real Estate (Regulation and Development) Act (RERA). The penalties were imposed for various infractions, including unregistered projects, unregistered agreements, and non-registration of sale deeds.

In the first case, TGRERA Chairman N Satyanarayana responded to a complaint filed by Sumit Kumar Soni and Ranjana Bansal from Gachibowli against Jayathri Infrastructures Pvt Ltd, based in Kukatpally. The construction company was fined Rs 18.35 lakh for selling and marketing flats in the ‘Sky Exotica’ project without registering it as required by the RERA Act.

In the second case, TGRERA imposed a penalty of Rs 54.26 lakh on Krithika Infra Developers, located in LB Nagar. The complaint was lodged by Anuparthi Sandhya Rani from Uppal, who accused the real estate firm of executing an unregistered Agreement of Sale.

In the third case, TGRERA imposed a penalty of Rs 5 lakh on Sunrise Constructions, based in Ramachandrapuram, for not registering the sale deed in favor of Shiva Shankar Reddy from Bhagathnagar in Karimnagar district. The TGRERA orders specified that the firm must execute and register the sale deed for flat no: 411 in ‘Sunrise Abode’, located at Beeramguda Main Road, Mallikarjuna Nagar, Ramachandrapuram, within 30 days from the date of the TGRERA orders.

These penalties highlight the TGRERA's commitment to ensuring compliance with the RERA Act and protecting the rights of homebuyers. The regulatory authority has been actively monitoring real estate projects in the state to ensure that all developments are registered and that all agreements are in compliance with the law. This move is expected to enhance transparency and accountability in the real estate sector, fostering a more trustworthy and reliable market for both developers and buyers.

The TGRERA's actions serve as a deterrent to other realtors who might be considering similar violations. The authority's proactive approach is crucial in maintaining the integrity of the real estate market and ensuring that homebuyers are not cheated or misled. Homebuyers are advised to verify the registration status of projects and agreements before making any financial commitments to avoid legal complications and financial losses.

For more information on the RERA Act and how to verify the registration status of real estate projects, homebuyers can visit the official TGRERA website or contact the authority directly. The TGRERA's efforts are a significant step towards a more regulated and transparent real estate market in Telangana.