RERA Orders Vasvi Realtor to Pay Interest for Project Delay
TG RERA also directed the developer to complete the project forthwith and hand over possession to the complainants within the statutory timelines.
Hyderabad:The Telangana Real Estate Regulatory Authority (TG RERA) has directed Vasavi Realtor LLP to pay 10.70 per cent annual interest to homebuyers for the delay in handing over flats in its Vasavi Lake City East project at Hafeezpet.
The authority held the developer liable for failing to hand over possession of the flat by November 29, 2022, the date of execution of the sale deed. The order followed a complaint filed by Aluri Ramesh and Kanakamedala Tejaswi, who purchased a flat in the project for over `1 crore.
TG RERA ordered that the complainants were entitled to interest at 10.70 per cent per annum on the amounts actually paid by them, with effect from November 29, 2022, until lawful possession is handed over.
The authority directed Vasavi Realtor LLP to pay the arrears within 60 days and thereafter pay the accruing interest every month, on or before the 10th day of each succeeding month, until possession is delivered.
TG RERA also directed the developer to complete the project forthwith and hand over possession to the complainants within the statutory timelines.
The authority stated that it was a grave concern that more than 50 complaints had already been received against Vasavi Realtor LLP arising from the same project. It said any further default, non-compliance or grievances brought by allottees would invite proceedings under Section 63 of the RE(R&D) Act, 2016.
