TG RERA imposes a penalty of Rs. 4.54 lakh against Hyderabad-based builder
TG RERA chairman N Satyanarayana and two other members issued orders on July 19 and directed the respondent to pay a penalty and refund the entire amount as per the sale agreement, with interest at the rate of 11%, within 30 days.
Hyderabad: The Telangana Real Estate Regulatory Authority (TG RERA) directed a city-based builder, Roy All Diamond Infra Developers, Singareni Colony, to pay a penalty of Rs. 4,54,682 for committing fraudulent misrepresentation and cheating buyers.
The complainant, Madikonda Mallesh, a resident of Mallapur, approached Kethavath Nagesh Naik, who claimed to be the owner of the venture, ‘Kaasvi E-City’ located in Ferozguda village, Ibrahimpatnam, to buy 150 sq yards of plot and paid Rs 9 lakh as an advance towards the total amount of Rs 36 lakh.
Mallesh in his complaint to TG RERA, alleged that Kethavath Nagesh Nayak showed no interest in executing a sale agreement, and after several reminders, finally executed the sale of agreement. Since then, he has been completely unresponsive and unreachable.
Later, the complainant discovered that the land belongs to ‘Suvarnalakshmi Developers’, not ‘Kaasvi E-City’, and realised he had been cheated and misled.
TG RERA verified the evidence and the secretary TG RERA to issue show cause notices to the builder, seeking explanation on how the respondent was permitted to market and collect payments on the project.
TG RERA chairman N Satyanarayana and two other members issued orders on July 19 and directed the respondent to pay a penalty and refund the entire amount as per the sale agreement, with interest at the rate of 11%, within 30 days.
