The Telangana State Real Estate Regulatory Authority (TS-RERA) is tightening its grip on the real estate sector in the state. In a recent statement, the regulatory body issued a stern warning against developers offering pre-launch offers and marketing unregistered projects.
Pre-Launch Offers Deemed Illegal
TS-RERA has declared pre-launch offers a violation of RERA rules. These offers often entice potential buyers with attractive deals before securing the necessary approvals and registrations. The authority has threatened strict action against developers who continue this practice, including penalties amounting to 10 per cent of the project’s total cost.
RERA Registration Mandatory for Advertising
The regulatory body reiterated that all real estate projects in Telangana must be registered with TS-RERA before developers can begin advertising or marketing them. This registration ensures transparency and protects homebuyers’ interests. Additionally, projects must possess building permission approval from authorised local bodies like the Greater Hyderabad Municipal Corporation (GHMC) or the Hyderabad Metropolitan Development Authority (HMDA).
Show-Cause Notices Issued and Fines Levied
TS-RERA has actively identified projects flouting the rules, either through proactive measures or based on complaints received. The authority has issued show-cause notices to 27 projects for pre-launch offers and other RERA violations. As a consequence, penalties totalling Rs 21 crore have already been collected.
Promoting Transparency and Accountability
TS-RERA emphasises its role as an independent and quasi-judicial body. The regulatory body urges real estate developers to prioritise transparency and accountability in their projects. This includes ensuring that all marketing materials, including those displayed in print, electronic, and social media platforms, prominently display the RERA registration number. Additionally, complete project details should be readily available on the TS-RERA website.
Focus on Buyer Protection
TS-RERA’s efforts extend to safeguarding homebuyers’ interests. The authority strongly advises against investing in any real estate project that lacks RERA registration. As of April 01, 9,217 projects have applied for registration, with 8,003 successfully completing the process. Similarly, out of 3,765 real estate agents who submitted applications, 3,621 have been duly registered.
By cracking down on pre-launch offers and unregistered projects, TS-RERA aims to create a more transparent and secure real estate environment for both developers and homebuyers in Telangana.
