Hyderabad Realty Agent Penalized ₹6.17 Lakh by TG RERA for Fraud
The Telangana Real Estate Regulatory Authority (TG RERA) recently imposed a hefty penalty of ₹6.17 lakh on real estate agent Jakkepalli Sri Lakshmi. This strong move targets fraudulent transactions and unregistered project promotion in Hyderabad's property market, signaling stricter regulatory enforcement.
Exposed Deceptive Practices
Venkata Naga Sai Gupta Chegu, a bank manager from Khammam, filed a complaint after booking two flats in 'Aaditri's Empire' project between 2019-2023. He transferred over ₹1.2 crore but found only ₹44.9 lakh reached builder Aaditri Housing Pvt. Ltd. Key revelations from TG RERA's investigation include:
- Agents received payments through multiple channels while pretending to be the builder
- Fake transaction receipts and documents in the name of Aaditri Housing.
- Sri Lakshmi operated with official identification credentials despite claiming to be a mere intermediary
Regulatory Measures and Directives
TG RERA's comprehensive order includes:
- Immediate completion of Flat A-104 by Aaditri Housing
- Registration of the flat in complainant's name post-mortgage release
- Strict compliance timeline with warnings of additional penalties
- Emphasis on payments flowing exclusively through registered project accounts
The Authority underscored that such financial mismanagement violates core RERA principles requiring fund accountability.
Sector-Wide Implications
This case forms part of TG RERA's intensified crackdown on non-compliance, joining:
- ₹6.45 lakh penalty against Bhuvan Teza Infra's 'Happy Homes' project
- ₹3 lakh fine on Ashritha Group for 'Jewels County' registration failure
Homebuyers should implement these safeguards:
- Verify RERA registration status through the official portal before transactions
- Confirm payment channels lead directly to the developer's escrow accounts
- Cross-check document authenticity with the builder's registered office
Prospective investors must recognize that regulatory tolerance for such violations has dramatically decreased. Hyderabad's booming real estate market demands heightened vigilance RERA's actions prove they're actively protecting legitimate stakeholders while purging fraudulent operators from the system.