HYDERABAD: Telangana Real Estate Regulatory Authority (TG RERA) has directed Aliens Developers Pvt Ltd to complete their stalled Aliens Space Station project in Tellapur and hand over a flat to the complainant, Ganapathi P Gorekar, without further delay.
The Authority also ordered the developer to pay interest at the rate of 10.95% per annum from Dec 2017 to the date of possession, excluding the Covid-19 waiver period, for delays in delivering the flat.
The complainant, who initially booked a flat in the project in 2012, stated that due to lack of progress, the booking was changed to a new unit at the developer’s request. The agreement of sale was signed on Feb 17, 2016, for 67 lakh. The complainant paid over 95% of the agreed amount, but alleged that construction only reached the structural frame level, with finishing works yet to begin.
Alien Developers attributed the delays to multiple external factors, including the 2008 housing crisis, political instability during Andhra Pradesh bifurcation, and financial constraints exacerbated by the Covid-19 pandemic. They stated that the project was revived through a Special Window for Affordable and Mid-Income Housing (SWAMIH) investment fund of 332 crore, a social impact fund specifically formed for completing stressed and stalled residential projects.
The developer claimed that construction progressed to the 18th floor for the complainant’s flat and assured completion by March 2027, as per their RERA registration dated Nov 16, 2023. Alien Developers also stated that the significant increase in the property’s market value underscored their commitment to delivering the flat at the initially agreed price of 67 lakh.
TG RERA rejected the developer’s claim for the delays, stating that challenges quoted such as the 2008 crisis and political instability predated the agreement and the Covid-19 pandemic occurred after the agreed possession date.
The Authority also ordered the developer to pay interest at the rate of 10.95% per annum from Dec 2017 to the date of possession
Source Homevior.in
