Plots for sale: TGRERA cautions buyers against illegal sale of plots by real estate firm
TGRERA imposed a penalty of Rs.9.96 lakh on Krithika Infrastructure Private Limited for engaging in marketing and advertising in violation of different rules.
Hyderabad: The Telangana Real Estate Regulatory Authority (TGRERA) has cautioned buyers and general public not to enter into transactions or purchase any plots in real estate projects purported to be promoted by Krithika Infra Developers.
TGRERA imposed a penalty of Rs.9.96 lakh on Krithika Infrastructure Private Limited for engaging in marketing and advertising in violation of different rules.
This was after several people lodged complaints with the TGRERA stating despite receiving the amount, the firm failed to execute and register the sale of deeds.
TGRERA said the complainants had entered into agreements of sale with Krithika Infra Developers Private Limited for purchase of plots in “Sheshadri’s Silver Oak” at survey no 215, Boduppal Village, Medchal-Malkajgiri.
Following complaints, TGRERA observed that “Sheshadri’s Silver Oak” project at Boduppal was not registered with the authority. No application was submitted by the promoters for registration and the management did not obtain requisite building permission and layout permissions from HMDA and GHMC.
Further, the management collected amounts exceeding the prescribed limits from allottees without executing and registering any written agreement for sale.
“The entity has fraudulently collected substantial amounts from the general public without fulfilling their legal obligations, thereby cheating and misleading innocent allottees,” TGRERA said in a press note.
