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Hyderabad Based Developer Asked to Refund ₹7.15 Lakh to Client By CDRC

Posted by luckypropertywala_sxyoj4 on June 17, 2022

Hyderabad Based Developer Asked to Refund ₹7.15 Lakh to Client By CDRC
On Monday, 13 th June, the Hyderabad district Consumer Disputes Redressal Commission
(CDRC) ordered the Managing Director & Manager of Hyderabad based real-estate developer
firm Sri Shirdi Sai Brindavanam Avenues Pvt. Ltd. to refund ₹7.15 lakhs to a client for failure of
developing a real-estate venture after collecting funds from customers/investors. M. Sreenivasa
Rao, aged 52, a resident of Anandnagar Colony in Khairatabad filed a petition to the CDRC
stating he had invested in a venture developed by the developers mentioned after coming across
a brochure of the venture.
The project ‘Sai Reshika Paradise’, is being developed by Sri Shirdi Sai Brindavanam Avenues
Pvt. Ltd. in Kantheru village, Tadikonda mandal in Guntur, Andhra Pradesh. The complainant,
Sreenivasa Rao had purchased 2 plots measuring 666 sq. yds. at this project after being
convinced by the ad-brochure of the venture. The complainant stated that he had paid ₹7,15,000
as a part payment from the total consideration amount of ₹46,62,000 with the balance ₹39,47,000
to be paid at the time of registration as per the sale-purchase agreement.
The developer firm agreed to complete registration of the plots within 12 months from the date
of sale agreement, as per AP-CRDA (Andhra Pradesh Capital Region Development Authority)
norms. The agreement norms state that in-case of layout number not being allotted within 6
months of date of sale agreement (16 th August 2019 in this case), the entire amount of ₹7,15,000
has to be returned/refunded to the buyer/purchasing party with an interest amount at 24% per
annum rate.
The complainant alleged that Sri Shirdi Sai Brindavanam Avenues Pvt. Ltd. failed to develop the
venture as per the agreement conditions and also failed to obtain layout permission number from
AP-CRDA. The developer firm denied all allegations by the complainant, Sri Shirdi Sai
Brindavanam Avenues Pvt. Ltd. contested that the registration of the property in favour of the
complainant could not be done in-line with the specified timeframe due to unavoidable
conditions caused by the Covid-19 pandemic.
After hearing the case & arguments made by both sides, the CDRC ordered Sri Shirdi Sai
Brindavanam Avenues Pvt Ltd to refund ₹7.15 lakh and pay compensation of ₹1 lakh and
litigation charges of ₹10,000.

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