Hyderabad: The Telangana Real Estate Regulatory Authority (TGRERA) on Wednesday, April 9 ordered freezing of bank accounts of a real estate firm for allegedly not completing an apartment in Hyderabad’s Bachupally.
Due to lack of communication from the builder, the victims formed the Jaya Diamonds Welfare Association and approached the Telangana Real Estate Regulatory Authority (RERA) seeking intervention. TGRERA took action based on a complaint by the buyers and issued interim orders restraining the developer from selling or registering any more units in the project.
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While the company attributed the delay to financial constraints, buyers alleged that Jayathri Infrastructures did not provide transparency on how the collected funds were utilised. They also said the developer has made no progress in bringing in an investor or joint venture partner to resume work.
The authority warned that continued violations could lead to cancellation of the project’s registration. Meanwhile, buyers remain hopeful that the regulatory action will lead to long-overdue progress and delivery of their homes.
