TGRERA Directs Aliens Developers to Expedite Project and Pay Interest for Delay
The Telangana Real Estate Regulatory Authority (TGRERA) has issued a directive to Aliens Developers to expedite the completion of the 'Aliens Space Station' and to pay interest for the delay in project delivery.
TgreraAliens DevelopersAliens Space StationReal EstateHyderabadReal EstateDec 19, 2024
This directive comes after multiple complaints from homebuyers regarding the prolonged delay in project delivery.
The authority has also mandated that Aliens Developers pay interest on the delayed payments to the affected homebuyers.
The 'Aliens Space Station' is a high-profile residential and commercial project being developed by Aliens Developers in the heart of Hyderabad.
The project, which was initially scheduled to be completed by the end of 2021, has faced significant delays, leading to frustration among the homebuyers who have already invested in the project.
TGRERA's Directive
In a recent ruling, TGRERA has directed Aliens Developers to take immediate steps to expedite the project completion.
The authority has set a strict timeline for the developers to adhere to, with regular progress reports to be submitted to TGRERA.
Additionally, Aliens Developers have been instructed to pay interest to the homebuyers at a rate of 10% per annum on the amount paid by them from the date of the delay.
Impact on Homebuyers
The delay in project completion has caused significant financial and emotional stress to the homebuyers.
Many of them have taken loans to purchase the units, and the prolonged delay has exacerbated their financial burden.
TGRERA's directive is expected to provide some relief to the homebuyers by ensuring that they receive their units on time and are compensated for the delay.
Aliens Developers' Response
In response to TGRERA's directive, Aliens Developers have stated that they are committed to completing the project as soon as possible.
The developers have issued a statement saying, 'We understand the concerns of our homebuyers and are taking all necessary steps to expedite the project.
We are also working to ensure that the interest payments are made in a timely manner.'
Overview of TGRERA
The Telangana Real Estate Regulatory Authority (TGRERA) is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016.
Its primary role is to protect the rights of homebuyers and promote transparency and accountability in the real estate sector.
TGRERA ensures that developers adhere to the timelines and quality standards set forth in the RERA Act.
Conclusion
The directive issued by TGRERA to Aliens Developers is a significant step towards ensuring that the rights of homebuyers are protected.
It also sends a strong message to other developers in the real estate sector about the importance of adhering to project timelines and quality standards.
The homebuyers of the 'Aliens Space Station' project can now look forward to a more transparent and timely completion of their units, along with the interest payments for the delay.
Frequently Asked Questions
What is TGRERA?
TGRERA stands for the Telangana Real Estate Regulatory Authority. It is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016, aimed at protecting the rights of homebuyers and ensuring transparency and accountability in the real estate sector.
Why did TGRERA direct Aliens Developers to expedite the project?
TGRERA directed Aliens Developers to expedite the 'Aliens Space Station' project due to multiple complaints from homebuyers about the prolonged delay in project completion. The authority has set a strict timeline for the developers to adhere to and ordered them to pay interest for the delay.
What is the 'Aliens Space Station' project?
The 'Aliens Space Station' is a high-profile residential and commercial project being developed by Aliens Developers in Hyderabad. It was initially scheduled to be completed by the end of 2021 but faced significant delays.
What rate of interest has TGRERA mandated for the delay?
TGRERA has mandated that Aliens Developers pay interest to the homebuyers at a rate of 10% per annum on the amount paid by them from the date of the delay.
What is the Real Estate (Regulation and Development) Act, 2016?
The Real Estate (Regulation and Development) Act, 2016, is a law enacted by the Indian government to regulate the real estate sector. It aims to protect the rights of homebuyers, ensure timely completion of projects, and promote transparency and accountability in the real estate market.
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