TS-Real Estate Regulatory Authority (TS-RERA) has begun to crack down on recalcitrant real estate companies and has imposed fines ranging from ₹50,000 to ₹5 lakh in the last few days.
TS-RERA chairman N. Satyanarayana has informed in a press release on Tuesday that Jayatri Infrastructure (Jaya Group) and AGS Srinivasam Properties Private Limited have been fined ₹50 lakh each for indulging in marketing and advertising in violation of the rules.
Similarly, Suvarna Bhoomi Infra Developers Pvt. Ltd, Yellapur, Patancheru, Sangareddy has been levied a penalty of ₹25 lakh, DNS Infra company, Suchitra circle, Qutbullapur road, Medchal-Malkajgiri has been levied a penalty of ₹36.50 lakh and Sri Nivasam Developers, Devender Nagar Colony, Kompally, Medchal-Malkajgiri district a penalty of ₹3 lakh.
The chairman cautioned the real estate firms from taking up marketing or advertising their respective projects before taking the mandatory registration from the regulatory authority. But, these firms had not only taken up publicising their respective projects but had also disregarded the notices issued by TS-RERA seeking explanations for their act within a fortnight.
Mr. Satyanarayana has advised the real estate companies to act with responsibility and make themselves aware of the TS-RERA provisions as the rights of the consumers are protected under the Act, said a press release.
