- REG News brings Krithika Infra scam to light
The builder who marketed the project without registering it with RERA has come under RERA’s scrutiny. A fine of Rs 9.96 lakh has been imposed for violating regulations. In this regard, RERA Chairman Justice Dr. N. Satyanarayana, along with members K. Srinivasarao and Lakshmi Narayana Jannu, issued the orders.
In October 2021, the complainant entered into an agreement to purchase a flat from Hyderabad-based Krithika Infra Developers, paying Rs 33,84,200. The flat was supposed to be delivered by March 2024. However, the builder failed to deliver. Despite several meetings with the company’s MD and CEO, no progress was made in construction. Issues such as RERA registration and necessary approvals, including loan clearance, were not obtained. Frustrated, the complainant requested the cancellation of the booking and a refund of the amount. However, the builder did not fulfill the request, prompting the complainant to approach RERA.
The complainant filed a grievance stating that action should be taken against the builder for selling the flat in violation of the terms, and that the money paid, along with interest, should be refunded. After hearing the arguments, the RERA bench ordered the builder to refund Rs 33,84,200 with an interest rate of 11.05%. Additionally, the builder was fined Rs 9.96 lakh for marketing and selling a non-registered real estate project.