FCC

Developers fined Rs 17.5 crore for RERA violations

2023-09-27

The Telangana State Real Estate Regulatory Authority (TS RERA) has imposed substantial penalties totalling approximately INR 17.5 crore on three prominent real estate groups for their failure to comply with the provisions of the Real Estate (Regulation and Development) Act, 2016 (RERA). Among the list of defaulters are Mantri Developers Pvt Ltd, based in Bengaluru, Sahiti Infratec Ventures Pvt Ltd from the same city ? which is already under the scrutiny of the Enforcement Directorate (ED) for alleged fund diversion ? and Hyderabad's Sai Surya Developers Pvt Ltd.

N. Satyanarayana, the Chairman of TS RERA, announced this decision through a press release issued on Friday. He explained that the penalties were imposed following a thorough examination of each builder's conduct, taking into account violations of the provisions outlined in the 2016 Act and its associated regulations. These violations primarily pertained to non-compliance with project completion timelines and various other discrepancies that were uncovered during investigations.

Sahiti Infratec Ventures Pvt Ltd, in particular, has been instructed to pay a hefty penalty of INR 10.7 crore. This significant fine is attributed to the company's failure to register three of its projects ? namely Sahiti Sishta Abode, Sahiti Sitara Commercial, and Sahiti Sarvani Elite ? with RERA, as mandated by the regulatory framework.

The imposition of these penalties underscores TS RERA's commitment to enforcing compliance with the RERA Act and ensuring transparency and accountability within the real estate sector. It serves as a stern warning to developers to adhere to the regulatory requirements to safeguard the interests of homebuyers and maintain the integrity of the industry.