TGRERA orders SVB Estates to refund ₹26 lakh to buyer with 10.75% interest
HYDERABAD: Telangana Real Estate Regulatory Authority (TGRERA), through an order dated October 31, 2025, has directed SVB Estates, to refund ₹26,00,000 with 10.75% interest to complainant Yogesh Sadula within 30 days.
The Authority invoked Section 37 of the Real Estate (Regulation and Development) Act, 2016, to direct the refund of the total sale consideration paid by the complainant for an open plot in the “Bird of Paradise” layout. The refund is to carry interest at the State Bank of India’s highest marginal cost of lending rate (MCLR) of 8.75% plus 2%, totalling 10.75%, from the date of each payment till the refund date, as per Telangana Real Estate (Regulation and Development) Rules, 2017.
TGRERA also cautioned that failure to comply would attract penalties.
Allegations by complainant
According to the complaint, Yogesh paid ₹26 lakh between August 8, 2019, and December 7, 2022, through a mix of cheque, cash, and bank transfers, towards a 200-square-yard residential plot in the “Bird of Paradise” layout, located in Peddatopra village, Shamshabad mandal, Ranga Reddy district. The total sale consideration for the plot was ₹34 lakh, as per the Agreement of Sale dated December 6, 2022. The project was marketed and managed by SV Bhrugu Estates, a firm linked to SVB Estates.
Yogesh said the registration was promised by December 30, 2022, but the developers kept delaying, changing the allotted plot thrice without consent, and later became unreachable. He alleged that he was coerced into making further payments under false pretexts, including ₹2 lakh in June 2022, ₹5 lakh in September 2022, and ₹2 lakh via RTGS in October 2022.
Developer’s alleged conduct
The Yogesh further stated that an agent linked to the developer, identified as Valipi Ankaiah alias Avinash, persuaded him to shift from an earlier layout named “Fortune Paradise” to “Bird of Paradise”. After the transfer, he claimed, he was repeatedly misled about layout approvals and registration timelines.
Yogesh also said that ₹8 lakh refunded to him by Fortune Realty was wrongly claimed by Venkat Rao as belonging to the firm. The complainant alleged harassment and threats when he refused to hand over the amount.
The Authority, after examining the evidence and submissions, held the developers responsible for refunding the paid amount with statutory interest and disposed of the complaint with no order as to costs.
