Hyderabad: The Telangana Real Estate Regulatory Authority imposed a total penalty of ₹4.74 crore on Bharathi Builders Pvt Ltd for multiple violations in a housing project at Kompally.
The action relates to the “Bharathi Lake View Apartments” project in Kompally of Medchal–Malkajgiri district.
Officials said the promoter collected funds through pre-launch offers in 2021. However, the company failed to complete the project within the promised 24 months.
Authorities found that the builder collected money without obtaining mandatory registration under the Real Estate Act. Therefore, officials flagged serious violations.
Bharathi Builders declared defaulter promoter by TG RERA
TG RERA directed Bharathi Builders to refund the entire amount collected from buyers. Accordingly, the refund must include interest under Telangana Real Estate Rules, 2017.
The Authority asked the promoter to complete refunds within 60 days.
Officials also held that another entity, Sree Bharathi Builders, qualifies as a promoter. Therefore, both entities will remain jointly responsible for refunds.
TG RERA declared Bharathi Builders as a “Defaulter Promoter” for violating statutory provisions. Further, the Authority imposed a penalty of ₹3.55 crore in the latest order.
This amount adds to an earlier penalty of ₹1.18 crore imposed in previous proceedings. Thus, the total penalty reached ₹4.74 crore.
TG RERA warned homebuyers against investing in pre-launch schemes of unregistered projects. In addition, officials said such projects lack regulatory oversight and safeguards.
The Authority advised buyers to verify project registration on the official TG RERA portal before investing.