Hyderabad: In a landmark order concerning a stalled housing project in Bachupally of Medchal-Malkajgiri district, the Real Estate Regulatory Authority (RERA) has transferred the construction responsibilities of the “Jay Diamonds” apartment project to the buyers’ body, the Jay Diamonds Welfare Association, formed by affected flat purchasers.
The authority directed the association to complete the pending works within 24 months.
The project, being developed by Jayatri Infrastructures India Limited, had allegedly witnessed inordinate delays in handing over flats to buyers.
A total of 63 aggrieved purchasers approached RERA, stating that the flats were scheduled for delivery by December 2022, but there has been little to no progress so far. Citing prolonged delay, they formed an association and sought regulatory intervention.
RERA hands over execution responsibility to buyers body
After conducting an inquiry, RERA not only handed over execution responsibility to the association but also ordered the formation of a special monitoring committee. The committee will be headed by a zonal commissioner-rank official from the Municipal Administration Department to oversee the completion process.
RERA directs opening of escrow account
RERA further directed the association to open an escrow account and instructed Jayatri Infrastructures to deposit all funds collected from buyers — including amounts related to cancelled flats — into the account to ensure transparency and proper utilisation of funds for completing the project.
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