This directive follows the regulator’s observation of widespread non-compliance by promoters, raising serious concerns about transparency and accountability within the real estate sector.

During a recent review meeting, HRera highlighted that numerous promoters had failed to submit these mandatory reports, despite being issued repeated reminders.

Consequently, the authority has begun issuing show-cause notices to defaulting promoters. These notices stipulate a strict deadline for compliance and warn that failure to adhere will result in substantial financial penalties.

In its official order, HRera stressed that failing to file annual reports constitutes a significant breach of the Real Estate (Regulation and Development) Act, 2016 (RERA Act).

Promoters who do not comply within 30 days of receiving the notice will face an initial penalty of ₹5 lakh. Additionally, for non-compliance extending beyond 60 days, an incremental penalty of ₹10,000 per day will be imposed.

The submission of annual reports is a vital obligation under Section 4(2)(l)(d) of the RERA Act. Promoters are required to ensure their project accounts are audited by a certified chartered accountant within six months after the conclusion of each financial year.

This audit must confirm that funds collected for a project are used solely for its intended purpose and that withdrawals correspond accurately to the project’s progress.

HRera has further cautioned that any promoter who provides false information or violates the provisions of Section 4 may face penalties of up to 5% of the estimated project cost, as outlined in Section 60 of the Act.

This measure underscores the critical importance of upholding financial integrity in real estate projects.
The regulator has reiterated that these steps are designed to enhance transparency and accountability within the industry.

Promoters are strongly urged to comply with these statutory requirements promptly to avoid facing severe financial and legal consequences.

HRera’s strict stance reflects its dedication to protecting homebuyers’ interests and ensuring that project funds are managed responsibly. Through these actions, the authority aims to reinforce trust and ethical practices in the real estate sector.

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The complainant, Sharath, alleged that Buildox was promoting and accepting payments for a project named The Continent located at Kondapur/Hafeezpet without RERA registration.

Sharath revealed that he discovered the project through Facebook, which led to a WhatsApp chat with a person named Kamal. This interaction was followed by a meeting at the Buildox office with a representative, Damodara Prasad, who introduced himself as a director of Hexasky Infra Projects managing Buildox sales.

Assured of the project’s authenticity and promised possession by 2028, Sharath paid a token amount of ₹2 lakh in February. However, he later discovered that the project lacked mandatory approvals and the land was embroiled in legal disputes. Consequently, he filed a complaint with TG RERA.

In its defense, Buildox denied all accusations, asserting that the Facebook page advertising the project was unauthorized and fraudulent.

The company claimed it neither had a project named The Continent nor any association with individuals named Kamal or Damodara Prasad. Additionally, Buildox stated they had not received any payments related to the project. The company further alleged that their attempt to refund ₹2 lakh was obstructed due to a block imposed by the complainant.

Upon reviewing the evidence, TG RERA concluded that Buildox failed to substantiate its claims, including the justification for receiving funds, and did not comply with interim orders to provide bank statements.

The authority determined that Buildox had violated Section 3 of the Real Estate (Regulation and Development) Act, 2016, by marketing and collecting payments without the required approvals.

On November 11, TG RERA imposed a penalty under Section 63 of the Act, instructing Buildox to refund the ₹2 lakh booking amount to Sharath within 15 days. The authority also cautioned the company that failure to comply would result in additional action under Section 63.

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On Wednesday, the court directed the state government, development authorities, and urban bodies to ensure that no developer or builder can sell properties without complying with construction regulations.

The court mandated that the Urban Development & Housing Department (UDH) first issue a certificate to confirm whether a residential colony or society is fit for habitation before developers can sell properties.

The ruling was delivered by a bench consisting of Chief Justice MM Shrivastava and Justice Madan Gopal Vyas during a hearing of a Public Interest Litigation (PIL) filed by residents of Ansal Sushant City and the Sushant Lok Residents Welfare Society. The next hearing of the case is scheduled for the last week of this month.

The PIL was initially filed in 2021 by residents of Sushant City in Jodhpur, who had been deprived of drinking water for over 20 years.

The petition highlighted the severe difficulties faced by people living without basic amenities, with the builder having sold land and homes without providing essential infrastructure such as a drainage system or electricity connections.

During an earlier hearing on December 23, 2023, the High Court had issued stringent orders to the Jodhpur Development Authority, instructing officials to resolve the issues.

However, the court reprimanded officials during a subsequent hearing, noting that the previous order had not been followed up on for more than seven months.

In this hearing, the High Court issued further instructions to the UDH secretary, stating that the department should thoroughly inspect privately developed colonies and issue certificates only after confirming the availability of basic amenities. Only then should builders be allowed to sell houses, flats, or plots.

The court also emphasized that the state and development authorities must protect individual buyers from being misled by builders.

It held the development authorities responsible for ensuring that all development adheres to the planned guidelines, preventing a situation where thousands of people are left without access to vital services like water.

The UDH secretary and all relevant development authorities across the state have been instructed to issue appropriate directives to this effect.

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