Builders shocked with penalties imposed by regulatory authority
The Hindu
Over 600 builders receive notices for not filing returns
It has been a double whammy for builders across the State, thanks to the penalties imposed on them by the AP Real Estate and Regulatory Authority (AP-RERA) for not filing quarterly returns in the stipulated time period.
With the slump in the realty market and skyrocketing of material cost, many builders reportedly shelved their projects in different parts of the State, including Vizianagaram and Srikakulam districts.
They faced another shock in the form of huge penalties imposed by the AP RERA officials.
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