Gift City: The Gujarat Real Estate Regulatory Authority (GUJRERA) has directed the developer of the WTC project at GIFT City to refund the full amount paid by 24 buyers, along with interest, after they failed to get possession of their units and the assured returns promised under the payment scheme. The order was issued on March 5.

The dispute relates to Towers A, B, C and D of the project across Phase-1 and Phase-2 in Gandhinagar. While Towers A and D have reportedly received completion certificates and Tower B is nearing completion, construction of Tower C is still in progress.

According to RERA, the buyers had paid nearly 95% of the total consideration amount, but the developer neither handed over possession nor paid the assured returns promised under the scheme.

The developer argued that the assured-return agreements were commercial transactions outside RERA’s jurisdiction and that the complainants should be treated as financial creditors. However, the authority rejected the claim and ruled that the case falls under the provisions of the Real Estate (Regulation and Development) Act, 2016.

RERA also noted that the matter has been complicated by alleged financial irregularities. The authority observed that the company and its directors, who are based outside Gujarat, were subjected to Enforcement Directorate raids, during which financial records were seized.

The GIFT Authority informed RERA that the lease agreement for the project land is under process of cancellation and development permissions may also be withdrawn.

As per the order, the developer has been directed to refund the entire amount to all 24 buyers with 9–10% annual interest, calculated from the date of each payment until full repayment. DeshGujarat