TGRERA freezes bank accounts of Realtor for not completing apartment complex in Bachupally

A real estate company which did not complete the project after colleclting money from people got its bank accounts frozen by the TGRERA

Hyderabad: The Telangana Real Estate Regulatory Authority (TGRERA) has ordered freezing of bank accounts of a real estate company and restrained the realtor from registering any flat apart from suspending the permission it granted for the project.

The strictures were passed against the real estate company, Jayathri Infrastructures (represented by Kakarla Srinivas), which took up construction of Jaya’s Diamond project at Bachupally  in Nizampet mandal.

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The RERA order was issued on Wednesday.

The complaints included all the customers who paid money to the company for buying 83 apartments in the project which was to be taken up in 3787 yards. There was no progress in construction of the project from February2022. As per the agreements, the project was to be completed by December 2022.

The Authority ordered that the RERA registration for the project be kept in abeyance and ordered the promoter “to immediately cease all activities relating to advertising, marketing, booking, selling, or offering for sale, and inviting persons to purchase any apartment in the said project until further orders”.

The Respondents were also restrained from “alienating, transferring, or encumbering any units or the underlying land of the project “Jaya Diamond.”  Further jurisdictional Sub-Registrar was asked to “ensure that no registrations or conveyances are effected in relation to this project until further directions”.

To finalise other aspects of the case, the RERA scheduled the further hearing on April 25.