TG-RERA Slaps 43.71 Lakh Penalty On Realtor Over Manikonda Project
Hyderabad, Feb 21 (Maxim News): The Telangana Real Estate Regulatory Authority (TG-RERA) has stepped up enforcement against real estate developers for violations of the Real Estate (Regulation and Development) Act, 2016, taking strict action to protect homebuyers and ensure compliance across ongoing projects.
In a major interim order, TG-RERA imposed a penalty of ₹43,71,211 on Pranith Koncepts Private Limited for illegally marketing and selling units in its residential project, “Pranith Koncepts Ambience,” located at Puppalguda.
The Authority found that only Blocks A, C, and D of the project had received mandatory RERA registration. Despite this, the developer promoted and offered for sale units in Blocks B, E, F, and G, including additional floors, without obtaining prior approval as required under Section 3(1) of the Act. TG-RERA termed this a clear violation of statutory norms and levied the penalty under Section 59 of the Act.
The regulator also expressed concern over delays in completing even the registered portions of the project, which had an originally declared completion deadline of December 2024.
To ensure transparency and accountability, TG-RERA directed the developer to submit a detailed construction progress report, a full account of project fund utilisation, and a revised timeline for completion within two weeks. The revised schedule must be supported by a sworn affidavit.
In a move to safeguard the interests of homebuyers, the Authority also allowed allottees to independently initiate the formation of an Association of Allottees. The developer has been instructed to provide the complete list of buyers along with all necessary project-related documents to facilitate the formation of the association.
The action underscores TG-RERA’s continued efforts to curb irregularities in the real estate sector and strengthen protections for homebuyers in Telangana. (Maxim News)
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