Hyderabad, March 14 -- The Telangana Real Estate Regulatory Authority (TG RERA) has imposed a fine of Rs 4,74,17,729 on Bharathi Builders Pvt Ltd for illegally collecting funds from customers through pre-launch offers without RERA registration and then failing to commence the project.

The company has been declared a "defaulter promoter" by RERA and has been asked to refund the amounts collected from buyers with interest within 60 days. The project in question is Bharathi Lake View Apartments at Kompally, Medchal-Malkajgiri district.

TG RERA has warned that such pre-launch schemes in unregistered projects are illegal and advised buyers to verify project registration on their portal before investing.

Advisory

RERA has instructed that no...