Introduction
The Telangana Real Estate Regulatory Authority (TS RERA) has taken strict action by imposing a hefty fine of Rs 21 crore on around 10 real estate agencies. This action was taken as these agencies were found to be violating the norms. This will seriously affect the interests of home buyers. Besides, the authority issued notices to 27 projects that violated its norms to ensure transparency and fair practices in the real estate sector.
Table of Contents
- Telangana RERA Issues Serious Alert
- 27 Projects That Violated Norms
- Violation of Rules Will Result in Strict Action
TS-RERA has been taking stringent measures to ensure that companies comply with the norms laid down by it. The fact that 1,092 orders have been issued to penalize violators since its inception is a testament to its commitment to protecting the rights of homebuyers. It’s reassuring to see such proactive steps being taken towards ensuring transparency and fairness in the real estate sector.
Telangana RERA Issues Serious Alert
The Telangana State Real Estate Regulatory Authority (TS-RERA) has issued a stern warning against pre-launch offers announced by realtors before the official launch of the project. The regulator has warned that the pre-launch offers are in violation of RERA norms and may take strict action under the law.
All construction projects must obtain approvals from agencies such as the Greater Hyderabad Municipal Corporation, the Hyderabad Metropolitan Development Authority, and the Directorate of Town and Country Planning. Or must obtain approval from other local bodies authorized to issue building permits and registration under RERA before proceeding with advertising and marketing.
27 Projects That Violated Norms
Projects initiated before RERA registration are identified either automatically or through complaints. Show cause notices are being issued. A notification from RERA announced that if found negligent, a penalty of 10% of the project cost will be levied.
So far, the regulatory body has issued notices to 27 projects for violating pre-launch offers and RERA norms and collected ₹21 crore as a fine. Awareness campaigns have been undertaken so that all advertisements in print, electronic, and social media, display complete details of the projects along with the RERA registration number on the RERA website.
Violation of Rules Will Result in Strict Action
Underscoring the authority’s autonomy and its status as a quasi-judicial body, the authority directed all realtors to ensure transparency and accountability in their projects. Agents involved in the marketing of real estate projects are also required to register with RERA. Otherwise, strict action will be taken as per the rules.
Home buyers have been asked not to invest in projects without RERA registration. So far, a total of 9,217 projects have applied for registration, out of which 8,003 projects have completed the process. A total of 3,765 agents applied and 3,621 registered.
Conclusion
Telangana RERA has been testing every structure since its inception. 21 crores fine for violation of rules. Agents involved in the marketing of real estate projects are also required to register with RERA. Otherwise, RERA will take strict action as per the rules. For more information, visit openplot.
Also read: What is Real Estate Regulatory Authority (RERA) in Real Estate?