TGRERA cautions customers not to enter into sale agreement with Hyderabad real estate firm Shiravari Constructions
The Telangana Real Estate Regulatory Authority issues interim orders against the Shrivari Brundavanam project in Bandlaguda Jagir, citing delays and complaints. The builder is barred from marketing or selling units, and registrations are suspended until further notice
Hyderabad: The Telangana Real Estate Regulatory Authority (TGRERA) has issued a caution advising customers against entering into either a sale agreement or registration with the real estate project Shrivari Brundavanam at Padmashri Hills in Bandlaguda Jagir of Gandipet mandal.
The TGRERA issued the alert after receiving multiple complaints against real estate firm Shiravari Constructions. The real estate project involved the construction of 80 flats in collaboration with landowners on an equal share basis.
As per the agreement of sale executed with individual allottees, possession was to be delivered by February 2023 and May 2024. However, despite substantial payments made by the allottees, the builder failed to complete the construction and hand over possession within the agreed timelines, a release from TGRERA said on Thursday.
To safeguard the interests of the allottees, the TGRERA passed interim orders and stated that this real estate project is kept in abeyance and also restrained the real estate firm from marketing, booking, offering for sale, or inviting any person to purchase units until further orders.
The TGRERA issued interim orders to the Sub-Registrar of Gandipet not to entertain any registration of sale transactions related to the real estate project until further instructions.
