September 28, 2023: The Telangana State Real Estate Regulatory Authority (TSRera) has slapped penalties totalling Rs 17.5 crore on three real estate firms in Hyderabad and Bangalore for violations of Rera rules and regulation. The offending firms include Sahiti Infratech Ventures, Mantri Developers and Sai Surya Developers. TSRera, under the chairmanship of N Satyanarayana and members K Srinivasa Rao and Laxmi Narayana Jannu, conducted three hearings before imposing the penalties.
See also: TS RERA imposes Rs 50 lakh fine on three realty firms
A penalty of Rs 10.74 crore has been imposed on Sahiti Infratech Ventures due to the non-registration of three of its projects- Sahiti Sishta Abode, Sahiti Sitara Commercial and Sahiti Sarvani Elite- taken up in Gachibowli, Gundla Pochampally village of Medchal and Ameenpur with TSRera, a clear violation of sections 3 and 4 of the Real Estate (Regulation and Development) Act, 2016. According to authority officials, Sahiti Infra continued its advertising and marketing activities without TSRera registration despite warnings and requests to submit the required documents, leading to 132 complaints being filed against them. Failure to pay the penalty within the stipulated 15 days resulted in the hefty fine.
See also: TSRERA issues notice to three developers, launches virtual hearing
Mantri Developers was slapped with a penalty of Rs 6.50 crore. The penalty followed hearings conducted by TSRera, which found violations of various provisions under the Real Estate (Regulation and Development) Act, 2016, and related rules. The company had undertaken a project near Jubilee Hills Check Post, submitting incorrect information in Form-B, and failing to provide mandatory quarterly, half-yearly and annual reports as required by the regulations. Jubilee Hills Landmark, associated with the same project, was directed to pay the penalty by TSRera.
Sai Surya Developers was fined Rs 25 lakh for its project ‘Nature County’ among others. This penalty was imposed due to violations under Section 3 of the Real Estate (Regulation and Development) Act, 2016, and for engaging in unauthorised advertising and marketing for real estate ventures.
The regulatory authority said that the penalties were levied following a thorough review of each builder’s conduct and a careful consideration of violations under the Act, 2016, and its associated rules. The penalties are aimed at ensuring that builders comply with the regulations and timelines specified in the Act. Failure to comply with the imposed penalties may result in further legal actions in accordance with the provisions of the Act, 2016.
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