Sure! Here’s a rewritten version of the content:
HYDERABAD: The Telangana Real Estate Regulatory Authority (TG RERA) has mandated infrastructure company The Building Co to refund ₹30 lakh with an annual interest rate of 11% to a buyer of a flat in its ‘TBC Rasagna North’ project located in Pet Basheerabad, Kompally.
In a ruling dated September 4 under the Real Estate (Regulation and Development) Act, the authority found the developer guilty of collecting funds via a ‘pre-launch offer’ without proper registration or a valid sale agreement. Additionally, TG RERA imposed a ₹5 lakh penalty on the developer for breaching the Act, cautioning that any future infractions would result in stricter penalties.
The complainant, Pratik Jalan from Tarbund in Secunderabad, had booked a flat in the project in September 2019, making ₹15 lakh in instalment payments through bank transfers before signing a memorandum of understanding (MoU) on February 27, 2020. This MoU set the flat’s price at ₹48.3 lakh for a built-up area of 1,152 sq ft, with a delivery timeline of 30 months from when Greater Hyderabad Municipal Corporation (GHMC) grant permission, along with a six-month grace period.
The GHMC approved building permissions on February 15, 2020, making the adjusted possession deadline August 14, 2023.
Although the project received TG RERA registration in September 2020, the complainant alleged that the revised MoU and a later sale agreement signed in August 2023 were one-sided. He requested a withdrawal due to delays, mental distress, and inadequate protection of his rights as an allottee.
The authority ordered the developer to issue the refund along with 11% interest calculated from May 5, 2025—the revised possession date after considering the Covid-19 moratorium—until the actual payment date. TG RERA pointed out that the developer received advances exceeding 10% of the total consideration without a proper agreement, violating the Act.
The developer has been instructed to pay the penalty into the TG RERA fund within 30 days.
This version maintains the essential details while emphasizing clarity and readability.
