RERA Raps Krithika Infra For Default
The interest will be calculated from November 5, 2022, the date of the sale agreement.
Hyderabad:The Telangana Real Estate Regulatory Authority (TGRERA) has directed Krithika Infra Developers to refund Rs 54,26,190 with 10.75 per cent annual interest to a buyer who was not handed over the flat despite full payment. The interest will be calculated from November 5, 2022, the date of the sale agreement.
According to TGRERA, the developer collected the entire amount in instalments from 2022 but failed to even begin construction. Krithika Infra Developers, based in LB Nagar, had offered pre-launch sales for its residential project Sheshadri’s Silver Oak, located in Survey No. 215 of Boduppal village, Medipally mandal, Medchal–Malkajgiri district.
TGRERA noted that the pre-launch sale was illegal and that the company’s failure to initiate construction amounted to a violation of the Real Estate (Regulation and Development) Act.
In another case, Jayathri Infrastructures, located in Kukatpally Housing Board Colony Phase 6, was penalised Rs 18,35,000 for selling a flat in its Sky Exotic project at Gopanpally without registering with TGRERA.
Similarly, Sunrise Constructions in Ramchandrapuram was fined Rs 5 lakh for delaying the execution of the sale deed of a flat in its Sunrise Abode project. TGRERA directed the firm to register the flat in the complainant’s name within 30 days, in addition to paying the penalty.