TG RERA Issues Final Directions for Timely Completion of SAS I Tower

In a significant move aimed at protecting buyers, the Telangana Real Estate Regulatory Authority (RERA) has issued final directions for the completion of the stalled SAS I Tower Project (No. P02400000878), after months of disputes between landowners and the developer. Acting under Sections 34 and 37 of the Real Estate (Regulation and Development) Act, 2016, RERA observed that repeated conflicts were delaying progress and harming the interests of more than 400 allottees who have invested their lifetime savings. Stressing that such disputes cannot be allowed to frustrate the statutory mandate, the Authority cautioned both parties to resolve issues lawfully or face strict action. TG RERA Key Directions Locus standi: The complainant association has the right to pursue the case under Section 31 of the Act. Landowners, along with the developer, are deemed “promoters” and hold joint, inseparable responsibility for completing the project. Within 30 days, the developer must convene a meeting and facilitate the registration of an Association of Allottees (AoA) for greater transparency. Ring-fencing of funds: All revenues from sales or leases must be routed through a dedicated RERA Project Separate Account. Withdrawals will be allowed only against certifications from the project engineer, architect, and chartered accountant. The developer may proceed with sales by giving seven days’ notice to landowners and the AoA. Objections will be entertained only in cases of underpricing or encumbrances. Proceeds from retail or mall areas must also flow into the separate account. Completion plan: Within 21 days, the developer must submit a detailed completion plan and financial flow statement, clearly outlining milestones, funding sources, and cash-flow requirements. Monthly progress reports with photographs and certifications must be uploaded to the RERA portal and shared with the AoA. A helpline and email ID must also be set up for allottee queries. Any material variance in financial utilization or failure to meet three consecutive milestones may invite a forensic review or even cancellation of project registration under Section 7, with takeover measures under Section 8. RERA underlined that the ultimate obligation is timely and transparent completion, and neither the landowners nor the developer will be allowed to jeopardize the interests of innocent homebuyers.