Hyderabad: The Telangana Real Estate Regulatory Authority (TGRERA) has ordered a realty firm and three others linked to Bharathi’s Lake View apartments at Kompally to refund the entire amounts paid by 12 homebuyers, along with 10.7% annual interest, after finding that the project failed to take off despite payments being collected in 2021.
In two common orders covering 12 complaints, issued on Aug 25, TGRERA directed the builder, its partners and subsequent parties involved in the project to jointly and severally complete the refunds within 60 days. The interest, calculated at the current State Bank of India Marginal Cost of Funds-based Lending Rate (MCLR) plus 2% under Rule 15 of the Telangana Real Estate Rules, 2017, will apply from the date of each payment until the actual refund. The buyers said they entered into MoUs in 2021, with apartments promised within 24 months and a further six-month grace period. The authority noted that Ashish had joined Siva Rama Krishna to form Sree Bharati Builders in Feb 2024 to complete the project, while about ₹5.3 crore was paid towards HMDA approval charges. It also cited a 2024 term sheet by Sunil proposing completion of the project.
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TGRERA rejected the contention, holding that their involvement brought them within the definition of “promoter” under the RERA Act. TGRERA imposed no fresh penalties, noting that Bharati Builders had already been declared a “defaulter promoter” and penalised ₹3.5 crore, apart from another ₹1.1-crore penalty for marketing an unregistered project. The orders were passed by TGRERA members Laxmi Narayana Jannu and K Srinivasa Rao. They alleged that the promoter neither obtained HMDA approvals or RERA registration nor began construction, while a major portion of the project land was subsequently sold. The builders and their partners did not file replies, and proceedings against them went ex parte. Subsequent purchasers held liable Sunil Kumar Ahuja and Ashish Kumar Ahuja argued that they were merely subsequent land purchasers with no contractual relationship with the buyers. Download the TOI App.
The disputes relate to Lake View apartments, earlier referred to as Lake View Towers, proposed in Kompally village of Medchal-Malkajgiri district.