Hyderabad: The Telangana Real Estate Regulatory Authority (RERA) issued a directive to a real estate developer to refund money collected from property buyers along with interest for failing to deliver its project on time. The decision followed complaints from two buyers regarding breach of agreement and non-compliance with agreed terms.In one case, a buyer from Musunuru Siva Sankara Rao from Peerzadiguda approached RERA after Jayathri Infrastructure failed to deliver a commercial space in Western Galaxy project by Dec 2024. The MOU was signed in Feb 2021. The complainant paid Rs 16 lakh to the developer for a 300 sqft commercial space, according to the complaint. The payment was made in two instalments. The MOU outlined that the property would be delivered by December 2024, and in case of delay, compensation would be provided, including rent payments. The MOU stated that the developer would provide rent of Rs 50 per square foot up to December 2024, and Rs 100 per square foot from January 2025 onwards.After reviewing the case, RERA directed the developer to refund the full amount with an interest of 10.8% per annum from date of the MOU until the date of realisation. In another case involving the same project, RERA gave a similar order. RERA noted that over 20 similar complaints had been filed against Jayathri Infrastructure concerning the same project. It also ordered similar action in over 20 similar complaints against the developer concerning the same project. TNNIn another case, Kalvala Suman, from Ghatkesar, also filed a complaint against Jayathri Infrastructure regarding delivery delay in the same project. Suman paid Rs 11 lakh in three instalments. The RERA gave an order similar to the first case. Based on this, the authority issued the same order as in the first case: the developer must refund the entire amount along with 10.8% interest per annum, and the refund must be made within 45 days from the date of the order.MSID:: 123001125 413 |
