Hyderabad: The Telangana Real Estate Regulatory Authority (TGRERA) has issued a strong warning to the public. They advised people not to buy or make any deals for plots in projects claimed to be run by M/s Krithika Infra Developers Private Limited and M/s Krithika Infra Developers.
According to TGRERA officials, several people have filed complaints against these developers. The complaints say that the buyers had signed Agreements of Sale with the companies for plots in a project called “Sheshadri’s Silver Oak.” This project is located in Survey No. 215 of Boduppal Village, Medipally Mandal, in the Medchal-Malkajgiri District. The buyers also stated that they had paid either the full amount or part of the cost for the plots.
However, RERA officials found that the “Sheshadri’s Silver Oak” project is not registered with TG RERA. The developers never applied for registration under the Real Estate Act. They also did not get the required building and layout permits from local authorities such as HMDA and GHMC.
Because of these violations, TGRERA fined M/s Krithika Infrastructure Private Limited nearly Rs 8 crore (Rs 7,99,6250). The company had advertised and promoted the project without proper registration, which is against Section 3 of the Real Estate (Regulation and Development) Act, 2016.
Section 13(1) of the Act says that a developer should not take more than 10% of the property cost as advance without signing a written agreement for sale and registering it. But these companies took large sums from customers without signing or registering any agreements. This shows that the developers cheated people by collecting money without following the rules.
TGRERA has urged the public to be cautious and avoid dealing with these companies or investing in their unapproved projects.
