The Telangana Real Estate Regulatory Authority (TGRERA) has directed a developer to pay a fine of 12.3 lakh for not delivering a villa in the Aakriti VIVA project located in Tellapur. Additionally, the authority has instructed the developer to finalize the construction and transfer possession to the complainants within a 30-day timeframe.
The complainants, Neelima Vanamala and Srikanth Leburu, who reside in Tellapur, had purchased Villa No. 113 in October 2014 for a total of 73.4 lakh. Although they paid 66.4 lakh and executed a registered sale deed in January 2015, they reported that the project remains incomplete and possession has not been granted even after nine years. They accused the builder of persistent delays, misappropriation of funds, and attempts to cash blank cheques issued in 2015 without prior notice in 2022.
The complainants asserted financial losses amounting to 70.2 lakh, which includes rent, loan interest, and compensation for delayed possession. In defense, the builder challenged the validity of the complaint and questioned the legality of the sale deed, claiming it was executed without proper consideration. The respondents referenced approvals from the gram panchayat and HMDA but acknowledged ongoing disputes and exchanges of legal notices between the parties.
The developer contended that the complainants were attempting to avoid remaining payments while simultaneously demanding possession. After evaluating the evidence, TGRERA instructed the complainants to settle the outstanding balance with an interest rate of 11.1% and directed the builder to compensate for the delay at a rate of 4 per square foot per month. Furthermore, the authority required the handover of the villa upon the mutual fulfillment of obligations and the issuance of a no-dues certificate.
The authority imposed a penalty of 12.3 lakh on the builder for breaching Sections 3 and 4 of the RERA Act and prohibited any further sale or marketing of units without project registration, warning of additional actions under Sections 59(2) and 63 in the event of non-compliance.