PATNA: On Monday, homebuyers invested in the PK Villa Project by Agrani Homes received some good news, as the Real Estate Regulatory Authority (RERA) of Bihar announced that 18 individuals who had lodged complaints against the builder will be eligible for partial refunds of their total payments.
The RERA official stated, “These 18 homebuyers will receive a cumulative refund of ₹1 crore, distributed proportionally based on their contributions. Additionally, RERA Bihar is working to auction off seized lands from Agrani Homes and other developers to provide further compensation to homebuyers.”
The landowner of the PK Villa Project has complied with RERA’s directive by depositing ₹1 crore with the authority, which has permitted the deregistration of the development agreement with the builder.
As part of the order, the RERA announced that refunds will be processed through RTGS. Complainants are required to submit their bank account details, a cancelled cheque, and a self-certified declaration with the necessary information to the authority’s accounts branch within a week to facilitate payment processing.
Recently, RERA Bihar has prioritized ensuring that affected homebuyers receive their refunds. In recent months, RERA Chairman Vivek Kumar Singh has facilitated the return of nearly ₹6 crore to distressed clients.
According to data, 29 builders have returned a total of ₹5.91 crore across 78 cases. These cases involved homebuyers who lodged execution cases against the errant builders, prompting them to start repayments during the hearings.
Under RERA regulations, homebuyers can file execution cases against builders who fail to comply with orders linked to their complaints.
Data analysis shows that a significant number of the 78 cases involves Tricolor Properties Private Limited, with 22 cases still pending against this company.
