Hyderabad: The Telangana Real Estate Regulatory Authority (RERA) has directed a real estate developer to refund the amount paid by a buyer along with interest for failing to honour the terms of an agreement.
Case details
The complaint was filed by Visakhapatnam resident Kolimala Roopachandrika, who said she had entered into an agreement on June 4, 2021, with Jayatri Infrastructure India Limited for the purchase of a 200-square-foot commercial space in the Western Galaxy project being developed at Gopanpally in Serilingampally mandal.
According to the complainant, she paid a total of Rs. 11 lakh towards the purchase. However, the developer failed to hand over the property within the promised timeline.
She told RERA that the agreement stipulated that the project would be completed and handed over by December 2024. It also stated that if the project were not completed by then, the developer would pay rent compensation of Rs. 50 per square foot per month.
Alleging that the company had failed to fulfil its obligations under the agreement, Roopachandrika sought a refund of the amount paid along with interest.
After hearing arguments from both sides, RERA directed Jayatri Infrastructure India Limited to refund the amount paid by the complainant within 45 days, along with annual interest at the rate of 10.70 per cent.
