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The Real Estate Regulatory Authority (RERA) in Bihar has ordered Agrani Homes to refund INR 1 crore to 18 homebuyers of the PK Villa Project. The refund will be shared in proportion to the amount each buyer had invested. The authority has also allowed the landowner of the project, who deposited INR 1 crore with RERA, to cancel the development agreement with the builder. Refunds will be processed via RTGS once buyers submit bank details and documents. RERA Bihar has already facilitated refunds of nearly INR 6 crore in similar cases over the past few months.
RERA Bihar has instructed Agrani Homes to return INR 1 crore to 18 homebuyers who invested in the PK Villa Project. The repayment will be made proportionally, depending on the amount paid by each buyer. To ensure timely processing, the authority has mandated that all transactions be carried out through RTGS. Complainants have been asked to submit their bank account details, a cancelled cheque copy, and a self-certified declaration to the accounts branch within one week. Advertisement
The authority confirmed that the landowner of the PK Villa Project had already deposited INR 1 crore as directed. Following this, the landowner has been permitted to deregister the development agreement signed with Agrani Homes. At the same time, the authority is working on auctioning seized lands belonging to Agrani Homes and other builders to generate additional funds for compensating affected buyers.
In recent months, Bihar RERA under Chairman Vivek Kumar Singh has stepped up action to ensure homebuyers receive their dues. Nearly INR six crore has already been refunded to affected buyers across several projects. Data from the authority shows that 29 builders have refunded around INR 5.91 crore in 78 cases. These repayments typically occurred after buyers filed execution cases and builders agreed to settle during hearings.
Analysis of the pending matters reveals that Tricolor Properties Private Limited accounts for the highest number of unresolved cases, with 22 still open. RERA rules provide that when builders fail to comply with refund orders, homebuyers can file execution cases, a step many have already taken to secure their money.
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