In a stern move aimed at upholding the regulations governing the real estate sector, the TS Real Estate Regulatory Authority (TS RERA) has imposed a hefty fine of Rs.50 lakh on three real estate developers for advertising their project in Kollur without the mandatory RERA registration.
The developers in question, namely Jayatri Infrastructure (Jaya Group), AGS Srinivasam Properties Private Limited (AGS Group), and Engineers Association Private Limited, found themselves in hot water when they promoted their project without obtaining the requisite RERA registration. Under RERA regulations, all real estate projects must secure proper registration before any advertising or marketing activities can commence.
The TS RERA promptly issued show-cause notices to the management of the unregistered project, seeking an explanation for their non-compliance. However, when the management failed to provide any satisfactory response or justification for their actions, the regulatory authority swiftly moved to impose a substantial penalty of Rs.50 lakh.
This strong action sends a clear message that TS RERA is committed to ensuring that all real estate developers adhere to the prescribed legal framework. RERA registration is crucial for transparency and consumer protection, as it helps potential homebuyers make informed decisions while also holding developers accountable for project timelines and quality.
The fine imposed serves as a stark reminder to developers that RERA regulations are not to be taken lightly, and any deviation from these regulations will result in severe consequences. TS RERA’s actions underline the importance of compliance and the need for all real estate projects to follow due process, ultimately benefiting both developers and consumers.
This incident serves as a valuable lesson for the real estate industry, emphasizing that strict adherence to RERA guidelines is not just a legal obligation but also a necessary step towards promoting trust and credibility in the real estate market. TS RERA’s unwavering commitment to enforcing these regulations helps create a fair and transparent environment for all stakeholders involved in real estate transactions.