The Telangana Real Estate Regulatory Authority (TGRERA), which was established in 2018 to regulate real estate promoters and safeguard home buyers, has imposed penalties amounting to Rs 35.75 crore on over 1,000 real estate projects. Since its inception, the regulatory body has collected Rs 15 crore in penalties from erring developers.
TGRERA’s Mission: Protecting Home Buyers and Ensuring Transparency
TGRERA was formed as part of the Real Estate (Regulation and Development) Act (RERA) introduced by the Central Government. The primary goals of TGRERA are to protect the interests of home buyers, ensure the timely completion of real estate projects, establish a transparent regulatory framework, and streamline operations for developers.
Since 2018, TGRERA has penalized a total of 1,013 real estate projects for violations of the RERA Act, with fines totaling Rs 35.75 crore. The regulatory authority has been actively collecting these penalties, having recovered Rs 15.01 crore from non-compliant developers.
Penalty Impositions by Year
TGRERA’s enforcement of penalties has steadily increased over the years. In its initial year of 2018-19, the agency imposed fines totaling Rs 3 crore on 335 projects. The following year saw a smaller penalty of Rs 79 lakh imposed on 49 projects. However, during the COVID-19 pandemic years of 2020 and 2021, only seven projects were penalized.
Once the effects of the pandemic subsided, TGRERA resumed stricter regulatory measures. In 2022-23, penalties amounted to Rs 1.7 crore for 180 projects, and in 2023-24, fines surged to Rs 26 crore on 311 projects. The current fiscal year has already seen penalties of Rs 2.9 crore levied on 131 projects.
Ensuring Compliance and Buyer Protection
TGRERA Chairman N Satyanarayana, who took over in 2023, has emphasized the agency’s commitment to ensuring transparency and protecting home buyers. He outlined several steps aimed at enforcing the RERA Act, promoting balanced development, and resolving disputes between developers and consumers.
Satyanarayana noted that real estate promoters in Telangana must register their projects with TGRERA and adhere to the RERA guidelines. Projects cannot be canceled arbitrarily, and any sale agreements must comply with the RERA Act. Additionally, promoters must upload detailed project information and case records for public viewing.
By strictly enforcing RERA provisions, TGRERA aims to protect the interests of stakeholders, especially home buyers, while regulating the state’s rapidly expanding real estate sector.