TGRERA freezes builder’s accounts for failing to complete Bachupally project
Hyderabad: Several homebuyers in Bachupally have welcomed the Telangana Real Estate Regulatory Authority’s (TGRERA) decision to freeze the bank accounts of a real estate company for allegedly not completing the construction of the project.
The real estate regulator on Wednesday not only ordered the freezing of accounts of the realtor Jayathri Infrastructures led by Kakarla Srinivas but also issued interim orders prohibiting it from registering any flat apart from suspending the permission it granted for the project.
Under the umbrella of Jaya Diamonds Welfare Association, dozens of homebuyers had approached TGRERA seeking its intervention in the matter. The complaint claimed that they paid money to the realtor for buying 83 apartments in the Jaya’s Diamond project at Bachupally in Nizampet mandal.
The customers also complained that the realtor had promised to hand over their flat by December 2022. A deadline was also mentioned in the sale agreement which was given to them after the registration of their flats in February 2022, however, no progress was seen in the project’s construction. The builder clarified that the construction work was stalled due to financial constraints.
Following the hearings from both sides, the regulatory authority ordered that the RERA registration for the project be suspended. The authority also ordered the builder “to immediately cease all activities relating to advertising, marketing, booking, selling, or offering for sale, and inviting persons to purchase any apartment in the said project until further orders.”
RERA authority also restrained the respondents from “alienating, transferring, or encumbering any units or the underlying land of the Jaya Diamond project.” The matter was posted for next hearing on April 25, 2025.
