TG RERA directs Hyderabad builder to refund Rs 11.60 lakh along with interest
Hyderabad-based builder Jayathri Infra was ordered by TGRERA to refund Rs 11.60 lakh with 11 per cent interest to a buyer for not delivering a commercial space project on time and failing to show proof of land ownership
Hyderabad: The Telangana Real Estate Regulatory Authority (TGRERA) directed a Hyderabad-based builder, Jayathri Infrastructure India Pvt Ltd, Kukatpally, to pay Rs 11.60 lakh, along with the interest of 11 per cent, to the complainant, for non-compliance with the ‘Memorandum of Understanding’ in commercial space.
Ravikanth Neelakantam, resident of Jammikunta of Karimnagar district, had an ‘MoU’ with the builder, Jayathri Infra, Kukatpally, on October 10, 2021, and paid Rs 11.60 lakhs for the purchase of 200 sq yards commercial space, in the project of ‘Western Galaxy,’ at Gopanpally village in Ranga Reddy district.
“As per the MoU, the builder assured that the fully constructed property would be handed over within four years or on or before December 2024. However, it is alleged that the respondent has failed to hand over it,” Ravikanth complained to TG RERA.
“As the respondent has failed to hand over within the stipulated time, I am urging TGRERA to withdraw from the project,” the complainant stated.
The TGRERA directed the Engineering Staff College of India (ESCI) in October 2023 to inspect the site and submit a report. “The project site remains vacant with no progress,” ESCI stated in its report submitted to TG RERA on December 1, 2023. There is no evidence to establish the respondent’s ownership or legal authority to undertake the project, according to the ESCI report.
Based on the availability of the evidence, TGRERA authority felt that the respondent failed to execute the project. TGRERA chairman, N Satyanarayana, and two of the RERA members issued orders on July 31 and directed the builder to refund the entire amount with 11 per cent interest per annum, within 45 days from the date order.
