TGRERA Orders Bhuvanteza Infra to Refund Flat Buyers Amid Construction Delays
Hyderabad: The Telangana Real Estate Regulatory Authority (TGRERA) has ordered Bhuvanteza Infra Projects Pvt Ltd to refund customers the money they paid for flats in the company’s Aura Phase-2 project, along with interest.
The buyers had booked flats in 2022 with promises that construction would begin soon and all approvals would be secured by the end of that year. However, even by mid-2024, not a single brick had been laid, causing significant distress among the complainants.
The complainants approached RERA as they were burdened with paying both house rent and home loan EMIs. They accused the developer of misleading them with false advertisements that promised luxury homes and timely possession. The buyers were also concerned that the builder might sell the same flats to someone else, as construction had not begun and the project was not registered with RERA.
Despite being given notice, the developer and directors did not attend the hearings at the RERA. Consequently, the case was decided in their absence. The authority found that the builder had violated rules under the Real Estate (Regulation and Development) Act, 2016. Not only did they fail to deliver the flats, but they also did not register the project with RERA, which is mandatory for all real estate projects.
RERA ordered the builder to refund the full amounts paid by the buyers, along with interest. It also directed the developer to register the project immediately. This decision aims to protect the rights of homebuyers and ensure transparency and accountability in the real estate sector.
The Real Estate (Regulation and Development) Act, 2016, was enacted to regulate the real estate sector and promote transparency, efficiency, and accountability. It mandates that all real estate projects be registered with the respective state RERA authorities, and developers must adhere to strict guidelines to ensure timely completion and delivery of projects.
Bhuvanteza Infra Projects Pvt Ltd, a prominent real estate developer in Hyderabad, has been a notable player in the local market. However, this incident highlights the importance of regulatory oversight and the need for developers to uphold their commitments to buyers.
The decision by TGRERA is expected to set a precedent and deter other developers from engaging in similar practices. It also underscores the importance of due diligence for homebuyers, who should verify the credibility and compliance of developers before making any financial commitments.
For the affected buyers, this ruling brings a sense of relief and justice. They can now seek a refund and explore other options for their housing needs without the additional financial burden of paying rent and EMIs simultaneously.
In conclusion, the TGRERA's decision to order Bhuvanteza Infra to refund the buyers is a significant step towards ensuring the integrity and reliability of the real estate market in Telangana. It serves as a reminder to developers to adhere to regulatory guidelines and maintain the trust of their customers.
