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Friday, February 3, 2023
HomeNewsIndustry NewsBuilders warned by Telangana RERA for dealing with undivided land share

Builders warned by Telangana RERA for dealing with undivided land share

A strong message was put forward by Telangana RERA to the builders dealing in undivided land share. The Telangana government has advised the people not to buy Undivided Share (UDS) in land in private real estate companies as it may lead to litigation in future which are not registered with the Telangana Real Estate Regulatory Authority (RERA).

Recently, Chief secretary Somesh Kumar held a meeting with the CREDAI representatives and other real estate organizations regarding issues related to undivided share of land. Registration and Stamps department commissioner notified that it has come to their notice that some builders, promoters, developers and others in the dealing with undivided share of land in projects, which are yet to be launched or constructed at nominal and discounted price.

The builders are offering residential and commercial space in the form of UDS in the proposal land for development. The amounts collected are being diverted for other purposes without utilizing for the respective projects. There is a danger that the gullible purchasers may be defrauded if the project is not launched or delayed or not at all constructed,” the commissioner said in his circular.

‘Sale of UDS land without prior registration of the project with TS RERA would attract penalty up to 10% of the total project cost under section 59 of the RERA Act, 2016. He also warned to initiate action against the promoters and builders if they indulge in such activities and violate the rules’, RERA chairman Somesh Kumar said.

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