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The Telangana Real Estate Regulatory Authority (RERA) imposed a fine of INR 18.5 lakh on Jubilee Hills Co-operative House Building Society Ltd for launching the 'Jubilee Hills Phase IV' project without required registration. The society had collected around INR 90 crore from roughly 1,800 members, linking membership to flat purchases. The project lacked necessary approvals from both RERA and the Hyderabad Metropolitan Development Authority (HMDA). The decision follows a complaint by a society member, highlighting regulatory violations and unauthorized project promotion.
The Telangana Real Estate Regulatory Authority (RERA) has levied a penalty of INR 18.5 lakh on Jubilee Hills Co-operative House Building Society Ltd for launching the 'Jubilee Hills Phase IV' project without obtaining mandatory registration under the Real Estate (Regulation and Development) Act. Advertisement
The society had been advertising the project and collecting funds from prospective buyers. Located in Manchirevula village, Gandipet mandal, Ranga Reddy district, the society reportedly collected INR 5 lakh each from nearly 1,800 members, totaling approximately INR 90 crore. Brochures promoting the project were circulated even before securing approvals.
Admission to the society was linked to flat purchases worth around INR 2 crore each. Verdant Builders, responsible for developing the flats, had not received approvals from either RERA or the Hyderabad Metropolitan Development Authority (HMDA).
The proceedings were triggered by a complaint filed earlier this year by advocate K Jyothi Prasad Kosaraju, a member of the society, pointing out irregularities in project promotion. The society argued that the complaint was not submitted in the prescribed format and questioned the complainant's status as an "aggrieved person," also alleging political motives behind the complaint.
Despite the society's objections, RERA used its suo motu powers to proceed. The authority confirmed the penalty and directed the society to deposit the fine within 30 days into the RERA fund. It also prohibited the society from advertising, marketing, booking, selling, or offering any unit for sale in the project until full registration is completed and compliance with RERA rules is ensured.
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