TS-RERA issues notices to Prestige Group, Sumadhura, 12 other realtors
Happy Dreams project agent, Virata Developers agent David Raju, Urban Yards project agent Lakshminarayana, Seven Hills project agent J Venkatesh and others were also issued show cause notices by the authority
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Hyderabad: The Telangana Real Estate Regulatory Authority (TS-RERA) has issued show cause notices to 14 real estate developers and agents in the city on Wednesday.
Prestige Group Projects, Sumadhura Infra Projects, Neemsboro Group, Excellence Properties, Sanali Group, Urban Yards Projects, Happy Dream Homes, Viratha Developers, Rivendell Farms, Kavuri Hills, Seven Hills and Buildox were issued the notices for taking up advertising and marketing activities without obtaining the RERA registration.
JB's Nature Valley and JB Infra Projects were also given show cause notices for not mentioning the RERA registration number in their advertisements and other promotional activities, said TS-RERA Chairman Dr N Satyanarayana. He directed the RERA team to issue show cause notices to the real estate companies and agents who have violated the RERA regulations and submit the response within 15 days.
He warned that posting advertisements, conducting pre-launch sales and taking up other business activities without obtaining the RERA registration is against the rules, and strict action will be taken as per the RERA Act. It should not be forgotten that the RERA Act is to protect the rights of buyers, builders, promoters, agents and work with transparency and accountability.
The TS-RERA Chairman said that it is the responsibility of real estate agents to provide correct information to the buyers regarding the purchase of immovable property and ensure that they are not exposed to fraud. The agents violating the rules will be liable to fine and punishment under the RERA Act, he cautioned.
Happy Dreams project agent, Virata Developers agent David Raju, Urban Yards project agent Lakshminarayana, Seven Hills project agent J Venkatesh and others were issued show cause notices by the TS-RERA.
Satyanarayana warned that real estate companies and agents should display the RERA registration number in their business advertisements (print, electronic, social media) otherwise appropriate action will be taken as violation of RERA regulations.
He suggested that the property buyers should check the RERA registration number as well as all the approvals obtained by the real estate company from the HMDA/ DTCP/ GHMC/ UDA/ Municipal and other local bodies to avoid any kind of fraud and buy only after being fully convinced.
