Hyderabad: The Telangana Real Estate Regulatory Authority (TG RERA) has ordered Adhuri Infra Pvt Ltd to pay a penalty of Rs 6,77,966 for allegedly collecting more than the permitted advance from a homebuyer without registering an Agreement for Sale.
The homebuyer, Sudheer Babu Motana, paid Rs 11,12,500, which was equal to 25 per cent of the total sale value of the property.
Developer collected 25 pc without registered agreement
TG RERA found that Adhuri Infra accepted the payment before executing and registering the required Agreement for Sale.
As per Section 13 of the Real Estate (Regulation and Development) Act, 2016, a promoter cannot collect more than 10 per cent of the cost of an apartment, plot, or building as an advance or application fee unless a written and registered Agreement for Sale has been entered into.
Adhuri Infra gets 30 days to pay
The Authority has directed Adhuri Infra to deposit Rs 6,77,966 into the TG RERA Fund within 30 days from receiving the order.
The developer can pay the penalty either through a Demand Draft or by online transfer to the bank account designated by the Authority.
Failure to comply within the specified period could result in further action under Section 63 of the RERA Act without any additional notice.
