#PropertyNews https://realtyquarter.com Sat, 23 Nov 2024 15:24:52 +0000 en-US hourly 1 https://wordpress.org/?v=5.4.16 https://realtyquarter.com/wp-content/uploads/2017/11/RQ-logo-fo-web.png #PropertyNews https://realtyquarter.com 32 32 Telangana RERA Penalizes Sterling Homes ₹18 Lakh for Project Delays. https://realtyquarter.com/telangana-rera-penalizes-sterling-homes-%e2%82%b918-lakh-for-project-delays/ https://realtyquarter.com/telangana-rera-penalizes-sterling-homes-%e2%82%b918-lakh-for-project-delays/#respond Sat, 23 Nov 2024 15:21:55 +0000 https://realtyquarter.com/?p=8817 HYDERABAD: The Telangana Real Estate Regulatory Authority (RERA) has levied a penalty of ₹17.9 lakh on Sterling Homes Private Limited for failing to complete the “Sterling Orchids” residential project within the timeline specified under its RERA registration. Located in Mallampet Village, Medchal-Malkajgiri district, the project was initially scheduled for completion by July 1, 2023, with […]

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HYDERABAD: The Telangana Real Estate Regulatory Authority (RERA) has levied a penalty of ₹17.9 lakh on Sterling Homes Private Limited for failing to complete the “Sterling Orchids” residential project within the timeline specified under its RERA registration.

Located in Mallampet Village, Medchal-Malkajgiri district, the project was initially scheduled for completion by July 1, 2023, with a grace period extending to December 2023.

However, with significant delays, RERA has directed the developer to finish all pending work within 90 days from November 14, 2024.

The action follows a complaint filed by flat buyers Allam Nagaraju, S. Arun Kumar, and others, who alleged multiple violations, including delays in project delivery and deviations from the approved construction plan.

According to the complainants, Sterling Homes did not adhere to the sanctioned plan, particularly in constructing the clubhouse and ensuring a compound wall to separate the project from its adjacent Phase II development.

They also accused the developer of misleading buyers by sharing amenities between Phase I and II without prior disclosure. Further, they alleged that Sterling Homes relocated the Sewage Treatment Plant (STP) in violation of the approved plan and began work on Phase II before completing Phase I, thereby compromising the rights of Phase I buyers.

In response, Sterling Homes defended itself in its submission to Telangana RERA (TGRERA), citing external factors such as regulatory hurdles, heavy rainfall, labour shortages, and disruptions caused by the pandemic as reasons for the delays.

The developer maintained that the deviations from the approved plan were minor adjustments made to ensure structural integrity and had been approved by the relevant authorities.

Sterling Homes denied allegations of malafide intent, asserting that Phase II construction was initiated only after securing the necessary approvals and that buyers had been informed about the shared amenities.

It further claimed that financial constraints, exacerbated by the complainants’ alleged non-payment of dues, contributed to the delays in completing Phase I.

In its ruling, RERA ordered the developer to complete all remaining work in the Sterling Orchids Phase I project, including promised amenities, strictly in line with the sanctioned plan, within 90 days.

Additionally, RERA mandated Sterling Homes to pay interest at a rate of 10.95% per annum to the complainants for the amounts already paid, as outlined in the Agreement of Sale.

At the same time, the complainants were directed to clear any pending sale consideration amounts within 45 days to facilitate the project’s progress. Both parties have been instructed to fulfill their respective obligations to ensure the project’s timely completion and prevent further disputes.

 

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If builders don’t update the QPR within a month, MahaRERA will cancel 291 projects. https://realtyquarter.com/if-builders-dont-update-the-qpr-within-a-month-maharera-will-cancel-291-projects/ https://realtyquarter.com/if-builders-dont-update-the-qpr-within-a-month-maharera-will-cancel-291-projects/#respond Tue, 10 Oct 2023 17:21:48 +0000 https://realtyquarter.com/?p=7760 MUMBAI: MahaRera will revoke the registration of up to 291 real estate projects that have been put on hold if the builders do not submit the projects’ quarterly progress reports by November 10. Of these projects, 46 are in Nashik, 63 are in Pune, and 104 are in MMR. Around 363 projects whose Forms 1, […]

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MUMBAI: MahaRera will revoke the registration of up to 291 real estate projects that have been put on hold if the builders do not submit the projects’ quarterly progress reports by November 10. Of these projects, 46 are in Nashik, 63 are in Pune, and 104 are in MMR.

Around 363 projects whose Forms 1, 2, and 3, which offer information about the status of the project, were not uploaded on the MahaRera website had their registrations terminated by the regulating body. Following that, 72 different project promoters amended their website information and paid a Rs 50,000 fee. MahaRERA had to set a deadline because the other promoters had not updated their information yet.

Only three of the 746 projects that were enrolled for this year’s MahaRERA, according to officials, filed their quarterly progress reports by the deadline of April 20.

After that, the regulatory body issued a 15-day warning the first week of May of this year. MahaRERA then provided a 45-day notice during the third week of July.

Developers of 380 projects replied to the two notices within the allotted 60 days and updated their QPR. The third week of September saw the suspension of the 363 project promoters’ registration since they had not responded to notices. A MahaRera official stated that later, 72’s promoters corrected their progress records and also paid a fine.

Developers who have had their registration cancelled must reapply and pay a fine of Rs 50,000 to have it reinstated, the official continued.

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