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Telangaga GRERA cautions buyers over fraud by Krithika Infra in Silver Oak project

#Law & Policy#India
Last Updated : 22nd Apr, 2025
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Synopsis

The Telangana Real Estate Regulatory Authority (TGRERA) has issued a stern warning to the public regarding Krithika Infra Developers Pvt. Ltd. and Krithika Infra Developers. The developers are accused of selling plots in the unregistered 'Sheshadri's Silver Oak' project located in Boduppal, Medchal-Malkajgiri district. Despite collecting full or partial payments from buyers, the company failed to execute or register sale deeds. Additionally, they did not obtain necessary approvals from the Hyderabad Metropolitan Development Authority (HMDA) or the Greater Hyderabad Municipal Corporation (GHMC). TGRERA has imposed a penalty of INR 9.96 lakh on the firm for these violations. The public is advised to avoid any dealings with these entities and report any grievances to the authorities.

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In a significant move to protect homebuyers, the Telangana Real Estate Regulatory Authority (TGRERA) has cautioned the public against engaging with Krithika Infra Developers Pvt. Ltd. and Krithika Infra Developers. The warning pertains to their project, 'Sheshadri's Silver Oak,' situated in Survey No. 215 of Boduppal Village, Medchal-Malkajgiri district.


Multiple complaints have surfaced from buyers who alleged that, despite making full or partial payments for plots, the developers neither executed nor registered the sale deeds. Investigations revealed that the project was not registered with TGRERA, a mandatory requirement under the Real Estate (Regulation and Development) Act, 2016. Furthermore, the developers failed to secure necessary permissions from local authorities, including the HMDA and GHMC.

In response to these violations, TGRERA imposed a penalty of INR 9.96 lakh on Krithika Infrastructure Pvt. Ltd. for marketing and advertising the unregistered project. The authority emphasized that the developers collected amounts exceeding 10% of the plot cost without executing or registering sale agreements, contravening Section 13(1) of the Act. This act of collecting substantial sums without fulfilling legal obligations is deemed fraudulent and misleading to the public.

Adding to the concerns, the whereabouts of the promoters D Srikanth, Shashikanth, D Gopal, and Radhabukya are currently unknown. TGRERA has urged the public to exercise caution and refrain from entering into any transactions with these entities or their projects. Those who have already made payments are encouraged to report the matter and seek legal recourse.
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