FCC

TS RERA slaps Rs 175 mn penalty on three real estate firms

2023-09-26

The Telangana State Real Estate Regulatory Authority (TS RERA) has fined three real estate companies approximately Rs 175 million for their failure to adhere to the RERA Act.

Among the list of violators are Mantri Developers, headquartered in Bengaluru, Sahiti Infratec Ventures, based in the same city and currently under investigation by the Enforcement Directorate (ED) for suspected fund misappropriation, and Sai Surya Developers, also located in Hyderabad.

N Satyanarayana, the chairman of TS RERA, issued a statement on Friday, explaining that these penalties were levied following a thorough evaluation of each builder's actions. This assessment considered the breaches of the 2016 Act and its associated regulations, stemming from failures to meet project completion deadlines and various other discrepancies discovered during the investigation.