TGRERA Orders Builder to Refund Rs 11.25 Lakh with Interest for Delayed Project

The Telangana Real Estate Regulatory Authority (TGRERA) has ordered Hyderabad-based Jayathri Infrastructure India to refund Rs. 11.25 lakh, with 10.80% interest, to a buyer for failing to deliver on a commercial property deal.

The complainant, Kalvala Suman, a resident of Chowdaryguda, had entered into a Memorandum of Understanding (MoU) with Jayathri Infrastructure India in 2022. He paid Rs. 10.25 lakh for the purchase of 250 square yards of commercial space in the project Western Galaxy, located at Gopanpally village. The builder had assured that the fully constructed property would be handed over by December 2024.

However, the project faced significant delays, and the complainant approached TGRERA for relief. In October 2023, TGRERA directed the Engineering Staff College of India (ESCI) to inspect the site and submit a report. The ESCI report stated that the project site remained vacant with no progress.

The complainant sought a full refund of the total amount as the builder had failed to fulfill its contractual obligations as per the terms of the MoU. TGRERA, after reviewing the ESCI report and the complainant's grievances, ordered Jayathri Infrastructure India to refund Rs. 11.25 lakh, including 10.80% interest, to the complainant.

This decision by TGRERA highlights the authority's commitment to protecting the interests of real estate buyers and ensuring that developers adhere to their contractual obligations. It also serves as a warning to other builders to comply with the terms of their agreements and avoid delays that can lead to financial losses for buyers.

The real estate sector in Telangana has seen significant growth in recent years, but it has also faced challenges such as delayed projects and non-compliance with regulatory norms. TGRERA plays a crucial role in maintaining transparency and accountability in the sector, ensuring that both buyers and developers are treated fairly.

For more information on TGRERA and its functions, you can visit the official website or contact the authority directly. The TGRERA is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016, to promote the healthy growth of the real estate sector in Telangana and protect the interests of homebuyers and investors.