TGRERA imposes Rs 17.8 lakh fine on Sterling Homes, MD
By : DC Correspondent
Update: 2024-11-19 06:56 GMT
Hyderabad: The Telangana Real Estate Regulatory Authority (TGRERA) has imposed a penalty of ₹17.8 lakh on Sterling Homes and its Managing Director, Vasudeva Reddy, following complaints from flat owners of the "Sterling Orchids" project. A group of 15 complainants accused the developer of initiating unauthorised constructions, deviating from approved plans, delaying project completion, and failing to issue occupancy certificates.
TGRERA's orders mandate Sterling Homes to pay an additional 10.95 per cent annual interest on the amounts already paid by the buyers within 90 days. The developer is also required to complete the construction of Phase I, including the amenity block, within the same timeframe. Further, complainants must settle any outstanding payments within 45 days to facilitate project completion. Failure to comply with these directives may result in further penalties. The case was concluded with each party bearing its own legal costs.