TS RERA Chairman Dr. N. Satyanarayana
TS RERA Chairman Dr. N Satyanarayana explained that RERA extends its full support to the people of Telangana state and also provides security for home aspirants money. He served show-cause notices to five real estate companies in the city. Speaking on the occasion, he warned of strict action against those who are selling flats and plots without permissions from corporations, municipalities, urban development organizations, and TS RERA registrations. He clarified that selling, marketing, and booking flats and plots without RERA approval is a crime.
It has been suggested to open a separate bank account for every project approved by RERA in the state and spend 12% of the funds on that project only. Funds from one project should not be diverted to another. He said that the certification of the concerned civil engineer, architect, and chartered accountant is mandatory to use the funds for the project. He said that every three months, the details of building construction, utilization of funds, and bookings should be submitted to the RERA.
He described that giving false assurances to consumers, not withstanding their promises made during the booking of plots, houses, and other buildings, is very wrongful. It has been clarified that it is not valid to change the plans and start construction on the allowed layouts. He said that there is scope for changes only after two-thirds of the project bookings are approved by buyers and RERA. Real estate organizations are advised to work with transparency and accountability as per the rules. RERA serves as a bridge between construction companies and buyers. It suggested people ignore advertisements issued in the media on real estate offers without RERA registration. He appealed to the buyers not to be fooled by investing in non-Rera-sanctioned projects.
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