TGRERA Slaps Rs 5 Lakh Penalty on Hyderabad Builders for False Information

The Telangana Real Estate Regulatory Authority (TGRERA) has taken strict action against two Hyderabad-based builders, Suvarnabhoomi Infra Developers and Maha Infra and Developers, for submitting false information. The authority has imposed a penalty of Rs 5,97,237 on the builders and directed them to complete the Suvarna Sampada-2 project within 60 days.

Complainants, including B. Suresh Goud, S. Lakshmi Chowdhary, V. Dushyanth Reddy, Kukunuru Somi Reddy, Chitti Ramesh Kumar, and Chitti Ratnakar, approached the RERA against these two builders. They alleged that the builders failed to complete the project 'Suvarna Sampada-2,' which was supposed to be completed within three years of receiving HMDA registration on June 30, 2021. Despite the lapse of over six years, the project remains unfinished.

The complainants also reported that the layout was being used as a dumping yard by neighboring villagers due to the negligence of the builders. This misuse of the site has caused significant inconvenience to the residents and potential buyers.

TGRERA Chairman, N Satyanarayana, issued a directive to the builders to pay the penalty of Rs 5,97,237 for submitting false information. Additionally, they have been instructed to complete the development along with the promised infrastructure and hand over possession within 60 days from the date of the order.

The TGRERA's decision is a strong message to real estate developers in Telangana, emphasizing the importance of transparency and accountability in the industry. It aims to protect the interests of homebuyers and ensure that builders adhere to the regulations set by the authority.

The TGRERA, established under the Real Estate (Regulation and Development) Act, 2016, plays a crucial role in regulating the real estate sector in Telangana. It ensures that developers comply with the rules and regulations, promotes transparency, and protects the rights of homebuyers. This recent action against Suvarnabhoomi Infra Developers and Maha Infra and Developers is a testament to the authority's commitment to maintaining the integrity of the real estate market.

Homebuyers in Hyderabad and across Telangana can now feel more secure knowing that the TGRERA is actively monitoring and penalizing developers who do not adhere to the regulations. This move is expected to instill greater confidence in the real estate market and encourage more responsible behavior among developers.

In conclusion, the TGRERA's action against these two builders is a significant step towards ensuring a fair and transparent real estate market in Telangana. It sets a precedent for other developers to follow and highlights the importance of compliance with regulatory standards.