HYDERABAD: The Telangana Real Estate Regulatory Authority (TG RERA) has ensured the revival and completion of the Jaya Platinum Project, promoted by M/s Jayathri Infrastructures India Pvt. Ltd., in Bowrampet Village, Dundigal Municipality.
The project, registered with TG RERA, comprises stilt, ground, five floors with 60 apartments. Construction, however, stopped in June 2022 at 66% completion, despite many flats being sold.
Allottees approached TG RERA citing delays and lack of a completion plan. A technical inspection by the Engineering Staff College of India confirmed halted construction and substantial remaining work. The promoter failed to demonstrate financial capacity or a viable revival plan.
Following a Show Cause Notice issued on January 11, 2024, TG RERA revoked the project registration on April 20, 2024, declaring the promoter a defaulter, debarred entity, and imposing a penalty of Rs 2.36 crore for violations across multiple projects.
Under Section 8 of the Act, the flat owners formed the JP Welfare Association, submitting a detailed proposal, including financial planning, an escrow account, and a completion timeline. TG RERA, after government consultation, allowed the Association to complete the remaining 34% of construction under supervision. All civil and compliance works were finished, and the Occupancy Certificate was issued. Statutory liabilities of the original promoter, including conveyance and mortgage obligations, remain preserved.