HYDERABAD: The Telangana Real Estate Regulatory Authority (TGRERA) has imposed a penalty of 8.5 lakh on Greenspace Housing and Engineers Private Limited for failing to register its apartment project, Greenspace Grand, under the RERA Act, 2016.
The case was taken up by TGRERA following a complaint against Greenspace Housing for not registering the project as required under Sections 3 and 4 of the RERA Act. Although the complaint was withdrawn, TGRERA continued the case due to the violation.
After a show-cause notice was issued in June, Greenspace Housing stated that the project originally began in 2016 under ownership of a different partner and had received approvals from Hyderabad Metropolitan Development Authority (HMDA).
But due to delays related to the Covid-19 pandemic, further regulatory compliance, including relinquishment of mortgaged flats, was completed only in 2020, it said.
TGRERA, however, concluded that the project was ongoing at the time the RERA Act was enacted in 2016. Since it did not possess a completion certificate by then, TGRERA ruled that the project was obligated to register within three months of the Act’s commencement.
The authority noted that the project was fully completed in 2020, which necessitated compliance with the Act.
Consequently, TGRERA imposed the penalty under Section 38, read with Sections 59 and 60 of the RERA Act. The penalty has to be paid within 30 days to the TGRERA Funds.
Greenspace Housing has also been directed to submit a registration application for Greenspace Grand project in compliance with Section 4 of the RERA Act. It was warned that failure to comply with this directive could result in additional penalties under Section 63 of the Act. The penalty order was issued by the TGRERA led by its chairperson by N Satyanarayana.
Source Homevior.in
