1 week ago
TG-RERA orders developer to refund Rs 42 lakh plot buyer
A property company sold plots in a project that was not registered with the real estate authority.
Two buyers complained that they had been told the project had all the necessary approvals.
They also said they were encouraged by claims that famous people had bought plots there.
Telangana’s real estate authority ordered the company to return more than Rs 42 lakh.
The company must also pay 10.70% yearly interest on the refundable amount.
The interest starts from June 7, 2022, when the buyers made their final payment.
The company has 60 days after receiving the order to pay.
The authority also instructed officials to consider a penalty against the company.
TG-RERA ordered Trishakthi Homes Consultancy to refund Rs 42,20,479 to plot buyers.
The refund carries 10.70% annual interest from June 7, 2022, until payment.
The company must pay within 60 days of receiving the order.
Complainants said they were assured of HMDA and RERA compliance before investing.
TG-RERA found the company facilitated plot sales in the unregistered Sai Balaji Venture project.
- Who
- TG-RERA, Trishakthi Homes Consultancy Private Limited, and complainants V Praveen Krishna and Manjula Praveen Krishna.
- What
- TG-RERA ordered the company to refund Rs 42,20,479 plus 10.70% annual interest and directed officials to pursue a possible penalty.
- Where
- Hyderabad, Telangana; the disputed project was Sai Balaji Venture.
- When
- The order was issued on Wednesday; interest is calculated from June 7, 2022, until the refund is made.
- Why
- The authority said the company facilitated the marketing, booking, and sale of plots in an unregistered project in violation of real estate regulations.
Key facts
- Refund ordered
- Rs 42,20,479, described as the balance due after an earlier Rs 10,00,000 refund
- Interest rate
- 10.70% per year
- Interest period
- From June 7, 2022, until the actual refund
- Payment deadline
- Within 60 days of receiving the order
- Project
- Sai Balaji Venture
- Complainants
- V Praveen Krishna and Manjula Praveen Krishna
- Regulatory action
- Officials were directed to initiate steps for a possible penalty under Section 62
Sources
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