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The Telangana Real Estate Regulatory Authority (TG RERA) has fined real estate agent Jakkepalli Sri Lakshmi INR 6.17 lakh for promoting an unregistered project and impersonating the builder in transactions. The case involved a buyer couple who transferred over INR 1.2 crore for two flats, but only INR 44.9 lakh reached developer Aaditri Housing. RERA found fabricated receipts and directed Aaditri Housing to complete and register the flats, warning of further penalties for delays. This action underscores RERA's crackdown on fraudulent real estate practices.
The Telangana Real Estate Regulatory Authority (TG RERA) has recently imposed a financial penalty on a real estate agent in Hyderabad, Telangana. This action targets alleged fraudulent transactions and the promotion of an unregistered real estate project, following a ruling against the agent in a complaint case.
The Telangana Real Estate Regulatory Authority has fined real estate agent Jakkepalli Sri Lakshmi INR 6.17 lakh. The fine was imposed for promoting an unregistered real estate project and for allegedly impersonating the builder to issue fabricated receipts to buyers.
The case originated from a complaint filed by Venkata Naga Sai Gupta Chegu and his wife. They stated they transferred over INR 1.2 crore for two flats in 'Aaditri's Empire' between 2019 and 2023. However, it was discovered that only INR 44.9 lakh of this amount actually reached the developer, Aaditri Housing Pvt. Ltd. The remaining amount was reportedly paid to the agents and not credited to the builder.
RERA also found that receipts and documents shared by the agent through WhatsApp were fabricated in the builder's name. In addition to the fine, RERA directed Aaditri Housing to complete the flat and register it in the complainant's name after the release of the mortgage. RERA also issued a warning of further penalties for any delays in compliance with its order.
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