RERA Inspected Fortune 99 Homes

The days are over for playing gimmicks by realty firms in the name of pre-launch offers and UDS sales. The Telangana RERA has begun probe into the sale of plots and flats by realtors without RERA permission. With permission from the state government, RERA team had decided to inspect several projects in the city undertaking field visits. It is currently gathering evidence about selling of plots or flats or villas without RERA permission.

A complaint has been lodged with the RERA against Fortune 99 Homes to the effect that it is selling flats in its Medicity venture at Muchcharla. The RERA gathered information that Fortune 99 Homes is selling projects through Face book and WhatsApp. The RERA visited the firm’s projects and gathered information from its offices. It came across several important aspects during its probe.

• The Fortune 99 Homes applied to the HMDA for permission. It collected Rs 2 lakh from each buyer towards advance in spite of not securing HMDA approval and without applying to Telangana RERA for permission. As such it is violative of RERA Act. As per the Section 3 91) of the RERA Act, Telangana RERA permission is necessary for a promoter to insert advertisements for sale of its flats or plots. But Fortune 99 Homes did not seek permission, yet it received advance from buyers. As per Section 59 of the RERA Act, the RERA would impose a fine of 10 per cent of the project cost.