Hyderabad:The Telangana Real Estate Regulatory Authority (TGRERA) has ordered Alien Developers and Maha Homes to complete projects expeditiously and compensate buyers of their flats for delayed completion of projects by paying interest.
A complainant, who had booked a flat in the Aliens Space Station project in 2012, has been waiting for over a decade for possession of the flat. Initially, the buyer had selected a flat in Station 1 but later switched to a smaller unit in Station 11 due to construction delays. By December 2017, when possession was due, the buyer had already paid over 95 per cent of the agreed amount but had not received the flat.
The developer’s repeated assurances of a delay based on loan sanctions and finishing work proved insufficient, leaving the buyer to face additional financial burdens through rent payments and loan interest. The buyer has faced endless delays and financial strain due to unfulfilled promises by the developer.
TGRERA found that the developer had breached its agreement and directed them to expedite the completion of the project and hand over possession as soon as possible. Additionally, the developer was ordered to pay interest at 10 per cent per annum on the amounts paid by the complainant from the agreed possession date until the flat is handed over.
In another case, a group of buyers complained about delays in a project by Maha Homes, buyers had booked flats in 2012, were subjected to prolonged waiting periods and increasing financial pressures due to the delay. The developer had attributed the delay to various challenges, including political turmoil, technical difficulties, and the impact of the COVID-19 pandemic.
Despite these challenges, TGRERA ruled that the developer had failed to meet the terms of the agreement and was ordered to pay compensation for the delay in possession, which included interest at a rate of 10.95 per cent per annum from the original possession date.
