TGRERA directs Kokapet builder to refund Rs 6.81 crore to villa allottees

The Telangana Real Estate Regulatory Authority (TGRERA) has directed Goldfish Abode Pvt Ltd to refund Rs 6.81 crore to the ZRESTA Villa Owners Maintenance Cooperative Society, which includes corpus and maintenance charges collected from buyers.

Hyderabad: The Telangana Real Estate Regulatory Authority (TGRERA) has directed a city-based real estate developer, Goldfish Abode Private Limited in Kokapet to transfer Rs 6.81 crore including Rs 3.96 crore collected towards corpus fund and Rs 2.85 crore towards advance maintenance charges along with applicable interest to the allottees, once the project is handed over to the ZRESTA Villa Owners Maintenance Mutually Aided Cooperative Society.

ZRESTA Villa Owners Maintenance Mutually Aided Cooperative Society Ltd. comprising 42 owners complained that the real estate developer failed to complete the construction and instead, sold several villas to the complainant society members and delivered possession without completing the project.

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“When (we) as Villa owners raised concerns about the delay, the respondents and their staff were unresponsive and displayed a lackadaisical attitude, failing to register the project under the RE(R&D) Act 2016 and violated the statutory requirements and deprived us,” according to the complainant. As a result, complainants sought TGRERA’s help to refund the amounts wrongfully collected, along with interest.

After TGRERA examined the complaint, the authority directed the respondents to transfer Rs 6.81 crore to the Society. The respondents also directed to apply for registration of the project ‘Goldfish Zresta’ with the authority within 30 days from the date of the order.