The Telangana Real Estate Regulatory Authority (TS RERA) has taken stringent action against real estate agencies for violating norms violation, imposing a hefty penalty of Rs. 21 crore. This article explores the recent developments regarding TS RERA’s actions and their implications for the real estate sector in Telangana.
Penalty Imposed:
TS RERA has penalized around 10 real estate agencies and issued notices to 27 projects for flouting norms. Since its establishment, TS RERA has issued 1,092 orders related to penalizing companies that have violated norms, demonstrating its commitment to enforcing regulatory compliance in the real estate industry.
Warning Against Pre-Launch Offers:
In a press release, TS RERA cautioned the public against purchasing properties in pre-launch offers. It specifically highlighted a case where Buildox sold flats in Hafeezpet Survey No. 80—a disputed site—with no construction activity taking place. This serves as a reminder for prospective buyers to exercise caution and conduct thorough due diligence before investing in real estate projects.
Upcoming Hearing and Complaints:
The real estate development group under scrutiny will face a hearing on April 4 following a complaint lodged earlier this year. This comes after a similar complaint was filed against the company in October 2023, indicating a pattern of non-compliance with regulatory norms. Such actions underscore the importance of accountability and transparency in the real estate sector.
Registration Status:
TS RERA disclosed that out of 9,217 project applications, 8,003 projects have undergone scrutiny and completed the registration process. Similarly, 3,765 agents have applied for registration, with 3,621 agents successfully completing the registration process. This highlights the regulatory body’s efforts to streamline registration processes and ensure compliance among real estate agents and developers.
Conclusion: The imposition of a Rs. 21 crore penalty by TS RERA for norms violation sends a clear message to the real estate industry regarding the importance of adherence to regulatory guidelines. As TS RERA continues its crackdown on non-compliant entities and issues warnings against risky investment practices, stakeholders must prioritize compliance and transparency to maintain the integrity of the real estate market in Telangana.
