Hyderabad: The Telangana Real Estate Regulatory Authority (TGRERA) has imposed a fine of Rs 3.69 lakh on four realtors for alleged fraud.
One of the four respondents, Sikha Balaraju of Vijayawada had approached complainant, Anji Reddy, managing director of Viana Homes Pvt Ltd, Gachibowli and proposed that he had a substantial client base interested in purchasing commercial space in Poojitha Tech Park, a commercial complex, measuring 2.10 acres (10,890 sq yards) located in Kokapet village in Gandipet mandal of Ranga Reddy district, and expressed his intention to mediate prospective transactions.
Despite this, the complainant’s company, Viana Homes, discussed the terms of the agreement, but Sikha Balaraju never finalised it.
Thus, no express agreement was entered into with the respondents. Subsequently, the respondents introduced the complainant to several prospective purchasers, leading to the execution of some sale agreements with those individuals.
The complainant complained to TG RERA that Sikha Balaraju used his companies, Infy Projects Ltd, Bell Square/Bellcom India Ltd, falsely stating these potential purchasers are licensed and authorised RERA agents.
However, they have not entered into any agency agreements with Sikha Balaraju and three other respondents. “The respondents falsely represented themselves,” he complained to TG RERA.
The complainant said that FIRs had also been registered by the Economic Offences Wing (EOW) of Cyberabad police station against Sikha Balaraju for the alleged fraud and cheating to the tune of Rs 4 crore regarding the complainant’s project, Poojitha Tech Park.
The respondents have engaged in forging and fabricating signatures and receipts of the complainant company representatives. The complainant also filed a police complaint against the respondents to take immediate action against them.
The authority established that the respondents were real estate agents not registered with the RERA Act 2016.
Thus, TG RERA authority felt that they had gravely violated the Act and were liable for a penalty under Section 62 of the RERA Act 2016.
The RERA authority said in its order issued on May 17 that the relief sought by the respondent regarding imposing a maximum penalty had been granted.
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