By Staff Member
In a bid to uphold regulatory compliance and ensure transparency in the real estate sector, the Telangana State Real Estate Regulatory Authority (TSRERA) has taken stringent action against three management entities for their failure to adhere to various rules and regulations. These penalties send a clear message about the importance of compliance with RERA norms and regulations.
The following three management entities have been fined for their respective violations:
- Sri Nivasam Developers, Kompally, Medchal-Malkajgiri: A penalty of Rs. 3 lakh has been imposed on Sri Nivasam Developers for non-compliance with regulatory requirements, including advertising projects without the mandatory RERA registration.
- DNS Infra, Suchitra Circle, Qutbullapur Road: DNS Infra has been levied a substantial penalty of Rs. 36.50 lakh for multiple violations, including advertising projects without the requisite RERA registration.
- Suvarna Bhoomi Infra Developers Private Limited, Patancheru, Sanga Reddy: This management entity has also faced penalties amounting to Rs. 25 lakhs for violations related to project advertising without proper RERA registration.
TSRERA had previously issued show cause notices to these three management entities, requesting an explanation within a 15-day window regarding their regulatory violations. However, due to their failure to respond and address the concerns raised, TSRERA has taken the necessary steps to enforce penalties on these companies.
These fines not only serve as a deterrent to real estate management entities but also underscore the significance of adhering to RERA regulations. Compliance with RERA norms is crucial to ensure transparency, protect the interests of homebuyers, and maintain the integrity of the real estate market.
TSRERA’s commitment to enforcing regulatory standards demonstrates its dedication to creating a fair and accountable real estate ecosystem in Telangana. It sends a clear message that regulatory breaches will not be tolerated, emphasizing the importance of compliance for all stakeholders in the real estate industry.