The Telangana Real Estate Regulatory Authority has permitted the Jaya Diamonds Welfare Association to take over and complete the stalled Jaya Diamond housing project under Section 8 of the Real Estate (Regulation and Development) Act, 2016. In its order, the Authority directed that the project (Registration No. P02200004769) be completed within 24 months, with an additional grace period of three months, from the date of formal handover of possession and records.
To ensure time-bound execution, TG RERA ordered the constitution of a multi-agency monitoring committee headed by its Executive Director-I. The committee will include representatives from the MA&UD Department, Cyberabad Municipal Corporation, registration and revenue departments, CREDAI, NAREDCO, UFERWAS, ESCI, and the association of allottees. A concurrent auditor will also be appointed to oversee financial discipline.
The Authority directed the allottees’ association to form a Core Management Committee to supervise construction, finances, legal compliance, and communication with buyers. Contractors must be appointed through a transparent tender process, with technical and financial bids, and approvals from both the General Body of allottees and the monitoring committee.
At least 25 percent of the total project completion cost must be collected and deposited in a dedicated escrow account before awarding construction contracts. All project-related receipts, including proceeds from sale or auction of unsold or cancelled units, must be routed exclusively through the escrow account and used only for project completion.
The Authority clarified that the original promoter, M/s Jayathri Infrastructures Pvt. Ltd., stands divested of all rights to market, sell, or create third-party interests in the project. All liabilities and encumbrances prior to takeover, including loans and statutory dues, will continue to rest with the promoter.
TG RERA also barred registration of any documents relating to the project without its prior approval and directed government departments, including HMDA, DTCP, the district administration, and police authorities, to extend necessary assistance during the takeover process.
The monitoring committee will submit periodic progress reports, and the Authority will review the project status on a monthly basis. Any violation of the order will invite action under the provisions of the RERA Act.