Telangana RERA imposes Rs 67.61 lakh penalty on four real estate projects
Hyderabad, Aug 12 (TNT): The Telangana Real Estate Regulatory Authority (RERA) has imposed a total penalty of Rs 67.61 lakh on four real estate projects for violating provisions of the RERA Act, including undertaking sales without mandatory registration and collecting more than the permissible amount without executing agreements for sale.
The Authority imposed a penalty of Rs 2,83,140 on AV Infracon Pvt Ltd’s AV’s East Residency project and Rs 14,84,184 on its AV’s West Heights project for undertaking sales without RERA registration.
Adhuri Infra was fined Rs 6,77,966 for collecting 25 per cent of the sale consideration from buyers without executing an Agreement for Sale, the regulatory said in a release hereon Wednesday.
Under the RERA Act, a promoter cannot collect more than 10 per cent of the total cost of an apartment, plot or building from a buyer without first executing an Agreement for Sale.
The Authority also imposed a penalty of Rs 43,16,480 on SVM Aditya Homes’ Tech Homes project for undertaking sales without RERA registration and without obtaining HMDA approvals.
The combined penalty imposed on the four projects amounts to Rs 67,61,770.
The Telangana RERA Authority reiterated that real estate projects must obtain mandatory RERA registration before advertising, marketing, accepting bookings or undertaking sales.
It also cautioned promoters against collecting more than 10 per cent of the total cost of an apartment, plot or building from buyers without first entering into an Agreement for Sale.
TNT TS
