Telangana RERA Lets Homebuyers Complete Stalled Projects
HYDERABAD: In a pioneering initiative in Telangana, authorities have permitted homebuyers to take over and complete stalled residential projects when builders default, leveraging the Real Estate (Regulation and Development) Act, 2016. Following directives from the Telangana Real Estate Regulatory Authority (TG RERA) and the municipal administration department, flat owners formed associations to finish the remaining construction in their projects. One project has already been completed, while another is in progress. The halted projects were initiated by Jayathri Infrastructures India Private Ltd., which had launched the ‘Jaya Platinum’ residential project in Bowrampet village, comprising 60 flats. Simultaneously, it had started the…