Delay in project, RERA orders refund

TG RERA orders to Gopanapalli Western Galaxy Realtor

Due to the Delay in project, RERA orders refund in completing the project on time and handing it over to the buyers, a Hyderabad-based realtor has come under scrutiny by Telangana RERA. The regulator immediately ordered the realtor to refund the amounts paid by the buyers.

The order came after hearing nine separate cases related to the “Western Galaxy” commercial project located in Gopanapalli, Sherilingampally mandal. The RERA directed that the amounts paid by the buyers should be refunded along with an 11% interest. Several buyers had purchased commercial units in this project, and agreements were signed on January 26, 2022.

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The agreements stipulated that the project would be completed and handed over by December 2024. It was also promised that in case of any delay, the realtor would pay a rent of Rs 75 per square foot per month. Furthermore, collateral plots were registered in the names of the buyers, with a clause stating that the plots would be returned once the commercial units were delivered.

However, the project was not completed as per the agreed timeline, which led several buyers from Telangana and Andhra Pradesh to approach Telangana RERA. After conducting an inquiry, RERA directed the realtor to refund the amounts paid by the buyers within 90 days, along with the interest. The buyers were also instructed to return the collateral plots to the company once the refund was processed.