Mantri Developers, Sahiti Infratec & Sai Surya Developers fined Rs 17.5 crore for RERA violations, ET RealEstate

September 23, 2023

HYDERABAD: The Telangana State Real Estate Regulatory Authority (TS RERA) has imposed a penalty of about Rs 17.5 crore on three real estate groups for not complying with the RERA Act.

The list of defaulters includes Bengaluru-based Mantri Developers Pvt Ltd, Sahiti Infratec Ventures Pvt Ltd from the city, that is already under the Enforcement Directorate’s (ED) scanner for alleged diversion of funds, and Sai Surya Developers Pvt Ltd, also from Hyderabad.

In a release on Friday, chairman of TS RERA, N Satyanarayana, stated the “penalties have been imposed after a meticulous review of each builder’s conduct, taking into account the violations of the provisions under the Act 2016 and the rules thereunder, for non-compliance of project completion timelines and such other discrepancies that came to light during investigation”.

Sahiti Infratec has been asked to cough up Rs 10.7 crore for not registering three of its projects — Sahiti Sishta Abode, Sahiti Sitara Commercial and Sahiti Sarvani Elite – with RERA.

  • Published On Sep 23, 2023 at 09:05 AM IST

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