Vasavi Lake City Project Delayed Again

Hyderabad:Over 1,850 families who invested in Vasavi Lake City, a residential project in Hafeezpet developed by Vasavi Group, are still awaiting possession of their homes — more than two years past the promised delivery date. According to sources, over 25 complaints have been filed with the Real Estate Regulatory Authority (RERA) regarding the delays.

As per the agreement of sale, the project was scheduled for completion by August 2023. Since then, the developer has missed multiple revised deadlines — February 2024, February 2025 and most recently, June 2025, which was set following buyer protests and internal meetings.

Many homebuyers said they have already paid 80 to 90 per cent of the flat cost — some shelling out over Rs 1.5 crore — yet the flats remain unfinished. The project is reportedly 90 per cent complete, with only finishing works remaining. However, the builder has allegedly claimed a lack of funds to complete the remaining work despite obtaining all required approvals.

“I booked my flat in 2021 and was supposed to get possession by August 2023. I have paid most of the amount. It’s now mid-2025 and we’re not even given regular updates. We are mentally and financially exhausted,” said a buyer who requested anonymity.

Buyers said the builder has been consistently missing deadlines without offering proactive communication. Following repeated protests, buyers were promised delivery by June 2025, but that deadline, too, has passed with no signs of completion.

“We are paying both rent and home loan EMIs. Every weekend, we visit the site and the builder’s office, but we only receive hollow assurances. This has ruined our mental peace and depleted our savings,” said another buyer.

Responding to the allegations, a representative from Vasavi Group said, “The delay is mainly due to Covid-19. We have submitted our version in court and were granted a six-month extension. The case is now reserved, and we are aiming to hand over the homes by December 2025.”