Hyderabad: The Telangana Real Estate Regulatory Authority (TGRERA) has directed Fortune99 Homes Instra Pvt. Ltd will refund Rs 56.8 lakh, 11% interest per year, and the complainant failed to deliver the land in its wealth Pharma City 1 project. Buyers paid for six open locations in the Rangareddy district in 2021. Despite nearly half of the price and additional payments, the plots were neither registered nor developed.
The complainant said the project was advertised for all approvals. After the initial payment of Rs 31.8 lakh, they were forced to pay Rs 2.5 lakh, citing changes in plot size and layout. However, these plots still do not have registered and committed infrastructure such as roads and sewage systems.
Tgrera sentences the developer to a crime of violating Articles 3 and 4 of the Act, and ordered a refund of 11% of the interest within 90 days from August 11, 2021 (the date of agreement). It also sentenced Rs 10.38 lakh for not registering the project, which will be paid within 30 days. The developer further instructs to apply for project registration immediately and to cease all sales, advertising or bookings until the registration is approved.
Tgrera, citing a Supreme Court ruling, said that if there is no delivery, the buyer has the unconditional right to claim a refund. Authorities warned that failure to comply with the order would invite actions under Section 63 of the Act.
