Why TGRERA declared Bhuvanteza Infra a defaulter?; ordered ₹1.5 crore refund to four buyers
HYDERABAD: The Telangana Real Estate Regulatory Authority (TGRERA) has declared Bhuvanteza Infra Projects Pvt. Ltd a defaulter and ordered refunds totalling about ₹1.56 crore to four homebuyers in complaints related to “Project Aura, Velimela Phase-1”. The authority also terminated development activity and restrained the promoter from advertising or selling units in the project or any future projects.
The authority said the promoter committed continuous and wilful violations of the Real Estate (Regulation and Development) Act, 2016. It ordered refunds with interest at 10.70% per annum and warned of penalties for non-compliance under Section 63 of the Act.
First buyer paid ₹40 lakh for 3BHK unit
G. Venkata Naga Santhosh purchased Flat No. 407 in Block-A, a 3BHK unit measuring 1,700 sq ft in the pre-launch stage. He stated that ₹40,00,000 was paid under an agreement of sale but the project remained incomplete and possession was not delivered.
TGRERA directed the developer to refund ₹35,00,000 with 10.70% interest from October 28, 2021. The complainant was allowed to submit proof for the remaining ₹5,00,000 for refund with interest.
Second complaint over ₹30 lakh payment
In another case, the same complainant purchased Flat No. 309 in Block-B, a 2BHK unit measuring 1,300 sq ft in the same project. He stated that ₹30,00,000 was paid during pre-launch but possession was not delivered.
The authority ordered refund of ₹30,00,000 with 10.70% interest from August 28, 2021 within 45 days.
Third buyer paid ₹45.90 lakh for 3BHK
In the third complaint, Sowrabh Adwant said he purchased Flat No. 309 in Block-A, a 3BHK unit measuring 1,700 sq ft in the project. He stated that ₹45,90,000 was paid under the agreement of sale but construction was not completed and possession was not handed over.
TGRERA directed refund of ₹45,90,000 with 10.70% interest from December 9, 2022 till payment.
Fourth buyer paid ₹41 lakh in pre-launch
In the fourth case, K. Santhi Priyanka purchased Flat No. 110 in Block-A, a 3BHK unit measuring 1,700 sq ft in the same project. She stated that ₹41,00,000 was paid under an agreement of sale, but the project was not completed and possession was not delivered.
The authority ordered refund of ₹41,00,000 with 10.70% interest from October 9, 2021 within 45 days.
Project activity halted, sales banned
TGRERA declared the promoter a defaulter and terminated all development activities in the project with immediate effect. The authority restrained the company from advertisement, marketing, booking, or sale of apartments in the project or any future projects.
Failure to comply with the directions will attract penalties under Section 63 of the Real Estate (Regulation and Development) Act, 2016, the order said.
