HYDERABAD: The Telangana Real Estate Regulatory Authority (TGRERA) has directed Aliens Developers to complete ‘Aliens Space Station’ project in Tellapur and hand over flat to the complainant, Ganapathi P Gorekar, without further delay. The authority also ordered the developers to pay interest at 10.95% per annum for the delay in possession from Dec 2017, excluding the Covid-19 waiver period, until the flat is handed over.
The complainant had initially booked a flat in the project in 2012. Due to delays in construction, the booking was changed with an agreement of sale executed on Feb 17, 2016, for 67 lakh. By July 2016, the complainant had paid 63.7 lakh towards the flat and 4.18 lakh in taxes, leaving a small balance to be paid upon possession.
Despite the commitment to deliver the flat by Dec 2017, construction only reached the structural frame stage, and finishing work has yet to commence. Repeated assurances from the developers over the past five years failed to result in meaningful progress.
Alien Developers, in their defence, attributed the delays to several challenges, including the 2008 global economic crisis, the political uncertainty during Andhra Pradesh bifurcation, technical and financial difficulties, and the impact of the Covid-19 pandemic. They stated that financial and health-related challenges during the pandemic caused further setbacks as they focused on employee welfare.
To revive the project, the developers secured 280 crore and an additional 52 crore from the SWAMIH Investment Fund I, a govt-backed fund for stalled residential projects.
The developers noted that similar flats in the project were currently selling for 1.45 crore but assured the complainant that the flat would be delivered at the agreed price of 67 lakh.
TGRERA found the developers in breach of their contractual obligations under the Real Estate (Regulation and Development) Act. The authority directed Alien Developers to pay the accrued interest to the complainant within 90 days and continue paying interest for subsequent delays in three-month intervals until possession was delivered.
The interest would continue to accrue until the issuance of the occupancy certificate or partial occupancy certificate for the relevant tower. The authority emphasised the need for the developers to expedite construction and ensure timely delivery of the flat, reinforcing the importance of compliance with regulatory and contractual obligations.
Source Homevior.in
