The Telangana Real Estate Regulatory Authority (TS Rera) has taken stringent action against real estate agencies found in violation of norms, imposing a hefty penalty of Rs. 21 crore on approximately 10 agencies. Additionally, notices have been issued to 27 projects for flouting regulatory guidelines. This move underscores TS Rera’s commitment to upholding transparency and accountability in the real estate sector.
Penalties and Enforcement Measures:
Since its establishment, TS Rera has issued 1,092 orders related to penalizing companies for non-compliance with regulatory norms. The recent penalty of Rs. 21 crore serves as a stark reminder to developers and agencies regarding the consequences of violating established regulations. TS Rera’s proactive approach aims to deter future violations and safeguard the interests of homebuyers.
Warning Against Pre-Launch Offers:
In a press release, TS Rera cautioned individuals against purchasing properties in pre-launch offers, citing an instance where Buildox sold flats in Hafeezpet Survey No. 80—a disputed site—with no construction activity underway. This advisory underscores the importance of due diligence and legal scrutiny before investing in real estate projects.
Upcoming Hearings and Complaint Resolution:
The regulatory authority has scheduled a hearing for April 4 in response to a complaint lodged against a real estate development group in March. A similar complaint was previously lodged against the same company in October 2023, highlighting the significance of timely and thorough investigation into alleged violations. TS Rera remains committed to addressing grievances and ensuring accountability within the industry.
Registration Status and Scrutiny Process:
TS Rera revealed that out of 9,217 project applications for registration, 8,003 projects have undergone scrutiny, and their registration process has been completed. Similarly, 3,765 agents have applied for registration, with 3,621 agents successfully completing the registration process. This systematic approach to registration underscores TS Rera’s efforts to regulate the real estate market effectively.
Conclusion:
TS Rera’s imposition of a significant penalty for norms violation sends a strong message to developers and agencies regarding the importance of compliance with regulatory guidelines. By actively scrutinizing projects and enforcing penalties, TS Rera aims to foster transparency, trust, and accountability in the real estate sector, ultimately benefiting both consumers and industry stakeholders.