The Real Estate Regulatory Authority (RERA) has issued notices to several real estate firms, including Neemsboro Group, Excellence Properties, Prestige Group, Urban Yards, Happy Dream Homes, Seven Hills, Kavuri Hills, Rivendell Farms, and Sumadhura Infra Projects, for advertising projects and pre-launches without obtaining RERA registration. This crackdown extends to real estate agents involved in selling open plots on behalf of infrastructure companies without proper registration. The notices demand responses within 15 days, emphasizing RERA's commitment to enforcing regulatory compliance in the real estate sector. This action reinforces the importance of adherence to regulatory procedures and transparency within the industry.
In a decisive move against real estate firms engaging in the sale of open plots and flats without proper registrations, the Real Estate Regulatory Authority (RERA) wielded its authority by issuing notices to several companies. Among those served notices are prominent entities such as Neemsboro Group, Excellence Properties, Prestige Group, Urban Yards, Happy Dream Homes, Seven Hills, Kavuri Hills, Rivendell Farms, Sumadhura Infra Projects. The receipts of the notices have been reprimanded of advertising projects and pre-launches without obtaining RERA registration. The lack of RERA registration not only raises legal concerns but also denies potential buyers the transparency and information they are entitled to under the regulatory framework. The crackdown extends beyond just companies, as RERA has also served notices to real estate agents involved in selling open plots on behalf of infrastructure companies without proper registration. The notices demand a response from the concerned firms and realtors within a stipulated 15-day period, reinforcing RERA's commitment to enforcing regulatory compliance within the real estate sector. This stringent action by RERA underscores the importance of adherence to regulatory procedures and transparency within the real estate industry. The notices serve as a warning to companies and real estate agents alike, emphasizing the need for strict compliance with RERA guidelines to protect the interests of homebuyers and maintain the integrity of the real estate market. The move is seen as a positive step towards fostering a more accountable and transparent real estate ecosystem, where adherence to regulatory frameworks becomes paramount. As RERA continues to monitor and enforce compliance, it sends a clear message that unauthorized or unregistered real estate activities will not be tolerated, ultimately safeguarding the rights and interests of both consumers and stakeholders in the real estate sector. The 15-day response window provides the accused companies and agents an opportunity to rectify their non-compliance and demonstrate a commitment to operating within the legal and regulatory frameworks governing the real estate industry.
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