Hyderabad: The Telangana Real Estate Regulatory Authority (TGRERA) has ordered the prosecution of Sahiti Infratec Ventures for violations under the TPDFE Act.
The economic offences wing of the Central Crime Station, Hyderabad has attached the land under the Telangana Protection of Depositors from Financial Establishments Act, TGRERA, led by chairperson N Satyanarayana, members K Srinivasa Rao, and Laxmi Naryana Jannu, stated in their order.
The issue began in Jan 2020 when Sahiti Infratech entered into a development agreement with landowner SVNR Infra to build a multi-storied residential apartment complex with an area of 1.25 lakh square feet.
In its judgment, TGRERA authorised its registrar to launch a prosecution, under Section 80 of the Real Estate (Regulation and Development) Act, against Sahiti Infratec before the metropolitan magistrate concerned. The developer was also directed to refund payments to buyers.
The authority further issued several other orders regarding the project, including a directive to prevent the company from entering into any further development agreements.
The developer’s name would be posted in the list of defaulters, and the photographs of promoters — Boodati Laxminarayana and Boodati Parvathi would be displayed on the TGRERA website.
Hearings on the complaints, including those from five homebuyers like Katakam Santosh, began in Aug 2023. Following these hearings, the complainants formed ‘Sahiti Shista Abode Welfare Association, Kompally’.
Despite being served notices, Sahiti Infratec failed to appear before TGRERA. “Sahiti Infratec Ventures India Private Limited is restrained from advertising, marketing, booking, selling or offering apartments for sale in the project. The developer must refund the payments made by the complainants, along with interest at the rate of 10.85% per annum,” the order read.
Sahiti Shista Abode is unregistered, and the present stage of work at the project site is just at the excavation level, with limited basement work in only the ‘H’ block and no progress in the ‘G’ block, ‘F’ block, and the amenities block, it further added.
