Fortune99 Ordered to Refund Rs 56.8L for Undelivered Plots
3 May 2025 10:17 PM IST3 May 2025 10:17 PM IST
TGRERA orders Fortune99 Homes to refund ₹56.8 lakh with interest for unregistered, undelivered plots
Telangana Real Estate Regulatory Authority (TGRERA) (Image:DC)
Hyderabad: The Telangana Real Estate Regulatory Authority (TGRERA) has directed Fortune99 Homes Infra Pvt. Ltd to refund Rs 56.8 lakh with 11 per cent annual interest to complainants for failing to deliver plots in its Fortune Pharma City 1 project. The buyers paid the amount in 2021 for six open plots in Rangareddy district. Despite paying nearly half the price and additional sums later, the plots were neither registered nor developed.
The complainants said the project was advertised as having all approvals. After an initial payment of Rs 31.8 lakh, they were pressured to pay another Rs 25 lakh, citing changes in plot size and layout. However, the plots remained unregistered and promised infrastructure such as roads and sewage systems was never built.
TGRERA found that the project had not been registered with the authority, a mandatory requirement under the Real Estate (Regulation and Development) Act, 2016. The promoters failed to respond to repeated notices or appear before the authority.
Holding the developers guilty of violating Sections 3 and 4 of the Act, the TGRERA ordered a refund with 11 per cent interest from August 11, 2021 — the date of agreement — within 90 days. It also imposed a penalty of Rs 10.38 lakh for not registering the project, to be paid within 30 days. The developers were further directed to immediately apply for project registration and halt all sales, advertisements or bookings until registration is granted.
Holding the developers guilty of violating Sections 3 and 4 of the Act, the TGRERA ordered a refund with 11 per cent interest from August 11, 2021 — the date of agreement — within 90 days. It also imposed a penalty of Rs 10.38 lakh for not registering the project, to be paid within 30 days. The developers were further directed to immediately apply for project registration and halt all sales, advertisements or bookings until registration is granted.
Citing Supreme Court rulings, TGRERA said buyers have an unconditional right to claim refunds with interest if possession is not delivered. Failure to comply with the order will invite action under Section 63 of the Act, the Authority warned.
( Source : Deccan Chronicle )
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