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The Telangana State Real Estate Regulatory Authority (TS RERA) has exercised its regulatory muscle, imposing a substantial penalty of approximately Rs 17.5 crore upon three prominent real estate conglomerates. These penalties are the result of their failure to adhere to the stringent provisions of the RERA Act. Among the transgressors, Mantri Developers Pvt. Ltd., headquartered in Bengaluru, stands prominently accused. This well-known real estate entity now faces the consequences of its non-compliance with the robust regulations outlined in the RERA Act. Similarly, Sahiti Infratec Ventures Pvt Ltd, another firm from the same city, finds itself in a precarious position, already under the scrutiny of the Enforcement Directorate (ED) for alleged financial improprieties, thus amplifying its predicament.
Joining this roster of transgressors is Sai Surya Developers Pvt. Ltd., a local player in the real estate domain. The decision to levy such substantial penalties was not made lightly but was the culmination of a comprehensive evaluation of each builder's actions. N. Satyanarayana, the chairman of TS RERA, has unequivocally stated that these penalties were not arbitrary; they were imposed only after a rigorous investigation into the conduct of these builders. The penalties were calculated meticulously, taking into account a litany of violations of the provisions set forth in the RERA Act of 2016 and its accompanying regulations. These violations ranged from non-compliance with project completion timelines to a plethora of discrepancies that were unearthed during the extensive investigation.
Sahiti Infratec Ventures Pvt Ltd, in particular, found itself in the crosshairs of regulatory authority. Their financial liability under these penalties stands at a staggering Rs 10.7 crore. This substantial amount was imposed due to their failure to register three of their ambitious projects with RERA. These projects, Sahiti Sishta Abode, Sahiti Sitara Commercial, and Sahit Sarvani Elite, all fell short of the stringent RERA registration requirements, leading to this hefty penalty.
The actions of the Telangana State Real Estate Regulatory Authority underscore their unwavering commitment to ensuring transparency and accountability within the real estate sector. By holding these prominent entities accountable for their transgressions, TS RERA sends a resounding message to the industry at large: that non-compliance with the RERA Act and its regulations will not be tolerated.
In conclusion, the imposition of these significant penalties represents a decisive step towards creating a more accountable and trustworthy real estate landscape in Telangana. These actions serve as a stark reminder to all real estate entities of the importance of adhering to the stipulated laws and regulations and the consequences that await those who choose otherwise.
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