Hyderabad: The Telangana Real Estate Regulatory Authority (TG RERA) has penalized 22 real estate projects Rs 5.64 crore for not registering themselves with the regulatory body. Some of the penalised realtors were Sai Surya Developers, Vrise Builders and Developers LLP, Maha Homes, Suchir India Infratech Pvt. Ltd., Sree Sai Raghavendra Constructions and Parijatha Homes and Development Pvt. Ltd.
Realtors must register their projects before selling or advertising properties and not doing so can lead to big fines. To register their projects with RERA, developers have submit the project details, ownership documents, approved plans and proof that 70 per cent of the funds collected from buyers will be maintained in a separate account for construction and land costs. For phased developments, each phase must be registered separately.
Failure to follow these rules, as seen in these cases, leads to penalties. However, certain projects are exempt from registration, including those with land smaller than 500 square meters or fewer than eight flats, projects with a completion certificate before RERA’s introduction and renovations without new sales or marketing.
“To ensure their safety and make informed decisions, homebuyers should always visit the RERA website and verify if the project they are interested in is registered. By purchasing only RERA-registered properties, buyers can safeguard themselves from potential fraud,” said K. Srinivas Rao, a member of TG RERA.
