TS RERA cracks whip on 5 developers
Issues show cause notices to Radhe Group, Om Shree Builders & Developers, Bhuvana Teja Infra Projects, TMR Construction Company and Suvarna Bhumi Infra Developers
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Hyderabad Telangana Real Estate Regulatory Authority (TS-RERA) has cracked its whip on five developers in the city. According to the instructions of its Chairman, Secretary of RERA Balakrishna recently issued a show cause notice to the following real estate projects and ordered the said real estate projects to submit their proposals within 15 days.
A show cause notice was issued Radhe Group Real Estate Company for theviolation of regulations atits project named Radhe Panorama. This ventureat Osman Nagar in Ramachandrapuram Mandal of Sangareddy District was allegedlyput up for pre-launch sale without obtaining any registration from TS-RERA.
Om Shree Builders Developers was also issued a show cause notice for taking up an extra block in the project under the name of Om Shree Signet. It has obtained registration permission from the TS-RERA only for A, B, C and D Blocks, however, it has taken up the construction of E Block also without any permission.
The ownership of BhuvanaTeja Infra project was issued a show cause notice for pre-launch sales not only in Hyderabad but also in other cities claiming as low-cost plots. Another show cause notice was issued against TMR Construction Company for carrying out promotional activities through pamphlets and brochures without displaying the registration number, despite having the TS-RERA registration.
Further, a show cause notice was issued to Suvarna Bhumi Infra Developers for sale of plots in Ellapur near Patancheru of Sangareddy district in the name of Lake View without TS-RERA registration. The authority warned that any sales activities of real estate projects including pre-launch/UDS/EOI without approvals from HMDA/GHMC/UDA/ local bodies and TS RERA registration will face strict action.
“TS-RERA shall apply to constructions of more than eight plots and constructions in area exceeding 500 sq meter, and concerned projects under the purview of GHMC/HMDA/UDA/ He suggested that those who obtained permissions from local bodies, should be registered with TS-RERA compulsorily,” TS-RERA Chairman Dr N Satyanarayana said.
He stated that selling, marketing and bookings without TS-RERA registration is a crime. He explained that RERA provides security for the hard earned money of the buyers and provides security for their property investments. He said that a separate bank account should be opened for each project and 70 per cent of the funds should be kept in that account and spent only for that project. Satyanarayana said, “The funds of one project should not be diverted to another project so that the project can be completed on time. The relevant certifications from the civil engineers, architects and charted accountants are mandatory to draw and use funds for the project. Once in every three months, the details of building construction, usage of funds and bookings must be submitted to the TS-RERA.”
He made it clear that giving false assurances, changing the terms of booking of plots, houses and other buildings, changing permitted layouts and plans and taking up constructions are not valid under the “RERA” Act.
