- RERA furious at developers
- collecting full cost of property
Hyderabad: The Real Estate Regulatory Authority (RERA) here is angry with the pre-launch projects that are collecting full money from innocent customers claiming to offer the projects at a low cost.
It may be recalled that the RERA has been collecting information about the pre-launch projects from social media platforms like facebook, twitter, WhatsApp and Instagram. Going one step further, the RERA served show-cause notices on the developers or firms of pre-launch projects that collect 100 per cent cost of the property claiming to offer properties at a low cost.
Some of the developers responded to the show-cause notice and gave their clarification. The RERA is preparing the ground to impose fines on some of the developers who did not take the show-cause notices with all the seriousness they deserve.
The RERA has intensified the programme to impose at least 10 percent of the cost of the project as fine. As part of the programme, the RERA officials will visit the projects to fix the fine amount.
