HYDERABAD: The Telangana Real Estate Regulatory Authority (TG RERA) has revoked the registration of the Jaya Platinum Project at Bowrampet and declared its promoter, Jayathri Infrastructures India Pvt.
Ltd., a defaulter under the Real Estate (Regulation and Development) Act, 2016.
The Authority also debarred the company from undertaking further operations under the Act.
Construction halted at 66%
The Jaya Platinum Project (Reg. No. P02200003688) came under scrutiny after several purchasers approached TG RERA alleging prolonged delay and non-completion. Construction stalled in June 2022 after 66% of the work was completed, leaving homebuyers in uncertainty.
KTR lauds Sircilla innovator Parshuram Paka for taking Telangana's EV innovation global
Acting on the complaints, the Authority initiated proceedings under Sections 7 and 8 of the Act, which empower it to revoke project registration and take corrective measures in the interest of allottees.
Independent technical inspection by ESCI
TG RERA referred the project to the Engineering Staff College of India (ESCI) for an independent technical inspection to assess structural progress and status.
Based on the ESCI report and after due legal process, the Authority concluded that the promoter had failed to fulfil its obligations. The registration was revoked and the promoter formally debarred.
₹2,36,83,156 penalty imposed
Officials said the company had committed violations across multiple projects. A penalty of ₹2,36,83,156 was imposed on Jayathri Infrastructures India Pvt. Ltd.
All State and Union Territory RERA authorities, along with planning authorities, have been informed of the action to ensure no further project approvals or registrations are granted to the promoter.
Allottees complete remaining work
In a significant development, the Association of Allottees, under TG RERA supervision, completed the remaining 34% of construction. The project has now secured the Occupancy Certificate, bringing relief to homebuyers.
The Authority said the action underscores its commitment to protecting buyers' interests and ensuring accountability in the real estate sector.