Real Estate Projects Fined for RERA Violations
The Authority reiterated that real estate projects must obtain mandatory RERA registration before advertising, marketing, or undertaking sales
Hyderabad: The Telangana Real Estate Regulatory Authority (TSRERA) has imposed heavy penalties on real estate projects for violating RERA provisions, including selling properties without RERA registration and collecting more than the permitted amount without a sale agreement.
The authority imposed a penalty of `2,83,140 on AV Infracon Pvt. Ltd.’s AV's East Residency project, and `14,84,184 on its AV's West Heights project, for carrying out sales without RERA registration.
In another case, Adhuri Infra has been penalised `6,77,966 for collecting 25 per cent of the sale consideration without executing a sale agreement. As per the Act, a promoter cannot collect more than 10 per cent of the total cost of the apartment, plot, or building from a buyer without first executing a sale agreement, the authority said.
The Authority has also imposed a heavy penalty of `43,16,480 on SVM Aditya Homes’ Tech Homes project for carrying out sales without RERA registration and without obtaining HMDA approvals.
The Authority reiterated that real estate projects must obtain mandatory RERA registration before advertising, marketing, or undertaking sales. It also cautioned promoters not to collect more than 10% of the total cost of the apartment, plot, or building from a buyer without first entering into an Agreement for Sale.
