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HYDERABAD, Feb 22: A builder who delayed completing a project has been directed to pay interest to a buyer till handover of his flat by the Telangana State Real Estate Regulatory Development Authority (RERA).
The complainant, who purchased a flat in Block-II of ‘Parijatha Pride', had alleged that despite paying Rs 27.50 lakh between Oct 2020 and Nov 2021, Parijatha Homes & Developers Pvt. Ltd. failed to hand over possession of the flat within the agreed time. Kollepara Veera Venkata Satya Vara Prasad said that as per the sale deed, the flat had to be delivered by Dec 2021.
Prasad said that repeated delays resulted in financial strain as he had to pay home loan EMIs despite not getting possession of the property. He said that at meeting of flat buyers held on Nov 10, 2023, the builder had agreed to give the flat by Jan 31, 2024, and compensate him with a monthly rent of Rs 7,500 from Feb 28, 2024, in case of further delay.
The authority directed the builder to complete the remaining construction and hand over possession of the flat within 90 days.
Additionally, the builder was told to pay 11.1% interest per annum on the complainant's payments, calculated from January 1, 2022, until possession is delivered.
The builder was also ordered to secure the occupancy certificate at its own cost and provide a copy to the complainant at the time of possession.
RERA also warned that non-compliance would attract penalties under Section 63 of the Real Estate (Regulation and Development) Act, 2016.
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