TS-RERA Takes Action Against Violating Real Estate Companies
A crackdown has been initiated by the TS-Real Estate Regulatory Authority (TS-RERA) on real estate companies that have been non-compliant with regulations. In the past few days, fines ranging from ₹50,000 to ₹5 lakh have been imposed by the authority.
Fines Imposed on Jayatri Infrastructure and AGS Srinivasam Properties Private Limited
On Tuesday, TS-RERA Chairman N. Satyanarayana announced that Jayatri Infrastructure (Jaya Group) and AGS Srinivasam Properties Private Limited have been fined ₹50 lakh each. The hefty penalties were imposed as these companies engaged in marketing and advertising activities that violated the rules set by TS-RERA.
Penalties Leveled Against Suvarna Bhoomi Infra Developers Pvt. Ltd and DNS Infra
In addition to the aforementioned fines, Suvarna Bhoomi Infra Developers Pvt. Ltd in Yellapur, Patancheru, Sangareddy has been subjected to a penalty of ₹25 lakh. Similarly, DNS Infra company situated in Suchitra Circle, Qutbullapur road, Medchal-Malkajgiri, has been fined ₹36.50 lakh. Furthermore, Sri Nivasam Developers located in Devender Nagar Colony, Kompally, Medchal-Malkajgiri district, has been penalized with ₹3 lakh.
Taking Precautionary Measures to Avoid Violations
The chairman of TS-RERA has issued a stern warning to real estate firms, advising them to refrain from marketing or advertising their projects without obtaining the mandatory registration from the regulatory authority. These firms not only disregarded this warning but also ignored the notices sent by TS-RERA, which sought explanations for their actions within two weeks.
Importance of Adhering to TS-RERA Provisions
Mr. Satyanarayana emphasized the importance of real estate companies acting responsibly and familiarizing themselves with the provisions laid out by TS-RERA. The Chairman highlighted that consumers’ rights are protected under the Act, emphasizing the need for compliance in a press release.
Conclusion
The recent penalties imposed by TS-RERA on real estate companies engaging in marketing and advertising violations serve as a clear reminder that regulatory standards must be followed. It is crucial for companies in the real estate sector to obtain proper registration before embarking on marketing activities. Ignoring notices from regulatory authorities can lead to substantial fines, as demonstrated by the penalties imposed on Jayatri Infrastructure, AGS Srinivasam Properties Private Limited, Suvarna Bhoomi Infra Developers Pvt. Ltd, DNS Infra, and Sri Nivasam Developers. By acting responsibly and abiding by TS-RERA provisions, real estate companies can ensure the protection of consumer rights and avoid legal complications.