Don’t register plots in Square Yard Factory ventures, rules RERA

The Telangana RERA has directed the Stamps and Registration Inspector-General to suspend registration of properties in five ventures of the Square Yard Factory, the Hyderabad-based real estate developer, as the realtor has been selling flats in pre-launch events. The realtor’s five ventures have ‘no permission’ from the RERA. The RERA has asked the authorities not to register the firm’s properties as its actions are against the RERA rules. Similarly, the RERA had written to the panchayat raj department in this regard.

The RERA Authority has made it clear that the developer’s projects — Golden Palms Enclave and Green Square developed on a 12-acre site in Chevella, Prime Avenue developed on 10.5-acre site in Kistapur, Majestic Villas developed on an 11.5-acre site in Rakamcharla and Star Colony project developed on a 3.5-acre site in Rakamcharla have no clearance from local bodies as required under Section 3 (1) and 4 (1) of the RERA Act 2016.

The concerned Panchayat have been asked to not to allow any works to be executed in the blacklisted ventures. It passed on the information to the concerned gram panchayats. The buyers are expressing joy over the RERA getting tough with fraudulent realtors. They feel that several buyers would have been saved had the RERA cracked the whip on fraudulent realtors two years ago. One has to adopt a wait-and-watch attitude to find how the RERA would make the realtors, who have been served notices, toe the line.