The Telangana Real Estate Regulatory Authority (TG RERA) has fined Paradise Peak Private Limited INR 11.5 lakh for failing to register its 12-acre layout project, violating the Real Estate (Regulation and Development) Act. The penalty followed a complaint by buyer M Santhosh, who highlighted irregularities and ongoing disputes between the landowner and developer. TG RERA barred the developer from advertising, marketing, or selling plots until the project is registered and ordered compliance within 15 days. Chaired by N Satyanarayana, TG RERA emphasized safeguarding buyers and enforcing transparency in Telangana's real estate sector.
The Telangana Real Estate Regulatory Authority (TG RERA) has fined Paradise Peak Private Limited INR 11.5 lakh for not registering its 12-acre layout project with the authority, as mandated by the Real Estate (Regulation and Development) Act. The penalty came after a buyer, M Santhosh, filed a complaint, claiming that plots were sold without the required registration, pointing out irregularities in the process.
The complaint also pointed out ongoing disputes between the landowner and the developer, which led to arbitration and put buyers at even greater risk.
At the hearing on November 20, the complainant attended, but the developer did not. After reviewing the case, TG RERA, chaired by retired IAS officer N Satyanarayana, along with members K Srinivasa Rao and Laxmi Narayana Jannu, determined that although the complainant wasn't directly harmed in a legal sense, it was clear that Paradise Peak had violated regulations.
TG RERA found that the project exceeded the legal limit requiring mandatory registration, and the developer had violated the provisions of the Act.
As a result, TG RERA ordered the developer to pay the penalty within 30 days and submit an application for registration under Section 4 of the Act within 15 days. Until the project is registered, the developer is strictly barred from advertising, marketing, or selling any plots. TG RERA stressed the need for compliance to safeguard buyers' interests and maintain regulatory standards in real estate development.
Paradise Peak Private Limited, incorporated on November 28, 2017, is a private real estate company based in Zaheerabad, Telangana. Its directors are Mohd Sikander Rayees and Mohd Mehboob. The Telangana Real Estate Regulatory Authority (TG RERA) is a government body established to oversee and regulate the real estate sector in Telangana. Its primary objectives include promoting transparency, protecting consumer interests, and ensuring compliance with the Real Estate (Regulation and Development) Act, 2016.
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