The Real Estate Regulatory Authority (RERA) in Bihar has mandated that 18 individuals who lodged complaints against a builder will receive partial refunds of the amounts they paid in total.
These 18 homebuyers will collectively be refunded Rs 1 crore, which will be allocated proportionally according to their respective investments. The RERA, Bihar, is also in the process of auctioning off seized properties from Agrani Homes and other builders to provide additional funds to homebuyers, stated an official from the authority on Monday.
The landowner associated with the PK Villa Project had deposited Rs 1 crore with the authority in compliance with its directive. The RERA has permitted the landowner to terminate their development agreement with the builder.
In its order issued on Monday, the RERA specified that all refunds would be processed through RTGS, and complainants are required to submit their bank account information, a copy of the cancelled cheque, and a self-certified declaration containing the necessary details to the authority’s accounts branch within one week for the processing of payments.
Recently, the RERA, Bihar, has concentrated on ensuring that affected homebuyers receive their refunds. Over the past few months, the single bench led by RERA Chairman Vivek Kumar Singh has facilitated the return of approximately Rs six crore to impacted customers. According to the data available, 29 builders have refunded a total of Rs 5.91 crore across 78 cases.
In all these instances, homebuyers had initiated execution cases against the non-compliant builders, who began to return the funds during the hearings. According to RERA regulations, if a builder fails to adhere to the orders issued in response to a complaint, the affected homebuyer is entitled to file an execution case against them within the RERA framework. Data analysis from the RERA indicates that the majority of the 78 cases mentioned are associated with Tricolor Properties Private Limited, which has 22 pending cases against it.
