Hyderabad: The Telangana State Real Estate Regulatory Authority (TGRERA) has imposed a penalty of Rs 14,91,958 on Bhuvanateja Infrastructure LLP for failing to complete and hand over flats on time as per the agreement with buyers.
The project, named ‘Aara’, located in Velimela village of Ramachandrapuram Mandal, Sangareddy district, was supposed to be delivered by December 2023.
However, as of June 19, 2024, only 20 percent of the construction was completed. Despite repeated complaints from 68 buyers, the company and its representatives did not take adequate action to complete the project.
The affected buyers reported financial strain due to the delay, as they were forced to pay rent for their current residences while simultaneously servicing home loans taken for the new flats.
Although the builder promised to cover rent from January 2024 until possession, this assurance was not fulfilled. Buyers demanded either immediate possession or a full refund with interest.
After examining the complaints, TGRERA ordered the builder to pay the penalty within 30 days and refund all amounts paid by buyers who requested refunds, along with 11 percent annual interest calculated from the date of the agreement until the refund date.
Additionally, TGRERA directed Bhuvanateja Infrastructure LLP to immediately apply for project registration under the Real Estate (Regulation and Development) Act, 2016. Until the registration is granted, the company is prohibited from selling or marketing any flats in the project.
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