RERA orders seizure of Jaipur builder’s properties to refund buyers
RERA ordered to seal the unsold properties of the builder and return of the complainants' money through auctioning.
JAIPUR: Builders failing to provide timely possession despite receiving payment has become a prevalent issue. In a recent case, the Real Estate Regulatory Authority (RERA) stepped in to help buyers who had paid for houses but were not given possession by the builder for several years. RERA ordered to seal the unsold properties of the builder and the return of the complainants’ money through auctioning.
The case is related to Exclusive 444, a project near D Mart in Jagatpura. Builder promoters Vishal Sharma and Naveen Hiranandani promised to deliver flats to buyers by April 2018 but failed to meet this deadline.
When buyers requested cancellation of their bookings and sought refunds from the builder, they were refused. They filed a petition with RERA seeking a resolution. The complainants’ advocate, Rishi Maheshwari told media persons that Sanjeev Meena, Neelu Rawat, Rajeev Yadav, and Shashi Gupta had booked flats in Project Exclusive 444 with VN Buildtech Pvt Ltd between 2014 and 2015.
However, neither possession nor refund was provided by the builders as agreed upon. A petition was filed with RERA which resulted in an order issued in May 2022 against the builder demanding repayment of principal amounts along with 9.4% interest starting from April 2018.
The builder requested additional time and assured payment by December 31st, 2022; however, no refund was made even then prompting another request from buyers for their deposited money.
Building registration has also expired in September 2023 without any funds being returned leading buyers to file another petition with RERA authorities seeking assistance. During these proceedings, RERA ordered ten days prior notice be given under Section 40(1) to initiate recovery certificate issuance via the District Collector while instructing attachment of all unsold properties related to the builder’s project.