6 days ago
TG RERA Orders Vasavi Realtor Interest for Delayed Flats
A housing company was supposed to give buyers their flat by November 29, 2022.
The flat was not handed over on time.
The Telangana housing regulator ordered the company to pay the buyers interest because of the delay.
The interest rate is 10.70% each year.
It is calculated on the money the buyers have already paid.
The company must pay the past interest within 60 days.
It must continue paying interest each month until the buyers receive the flat.
The regulator also said the project must be completed and warned that further problems could lead to legal proceedings.
TG RERA ordered Vasavi Realtor LLP to pay 10.70% annual interest to homebuyers in the Vasavi Lake City East project.
The order followed a complaint by Aluri Ramesh and Kanakamedala Tejaswi, who bought a flat for more than ₹1 crore.
Interest applies to the amounts actually paid by the complainants from November 29, 2022, until lawful possession is delivered.
The developer must pay interest arrears within 60 days and make monthly payments thereafter by the 10th of each month.
TG RERA said more than 50 complaints had been filed against the developer over the same project and warned of action for further violations.
- Who
- The Telangana Real Estate Regulatory Authority, Vasavi Realtor LLP, and complainants Aluri Ramesh and Kanakamedala Tejaswi.
- What
- TG RERA ordered the developer to pay 10.70% annual interest and complete delivery of delayed flats.
- Where
- Vasavi Lake City East project in Hafeezpet, Hyderabad.
- When
- Interest applies from November 29, 2022, until lawful possession is handed over; arrears must be paid within 60 days.
- Why
- The developer failed to hand over possession by the date specified in the sale deed.
Key facts
- Regulator
- Telangana Real Estate Regulatory Authority (TG RERA)
- Developer
- Vasavi Realtor LLP
- Project
- Vasavi Lake City East
- Interest rate
- 10.70% per year
- Interest start date
- November 29, 2022
- Payment deadline
- Interest arrears within 60 days; subsequent payments by the 10th of each month
- Reported complaints
- More than 50 complaints concerning the same project
Sources
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