Tag: Karnataka RERA

Residential

Bengaluru: Home buyers protest against Shapoorji Pallonji Group over project delay

BENGALURU: Hundreds of aggrieved home buyers staged a silent protest on Saturday against the inordinate delay in handing over of flats to them by the Shapoorji Pallonji Group and multiple extensions given by Karnataka Real Estate Regulatory Authority (KRERA) to the builder. The home buyers said that they were supposed to get flats at Parkwest Magnolia Tower 5 and 6 much before 2021, but COVID-19 came in the way facilitating the builder to get an extension from the KRERA. The home buyers said that KRERA made them sign settlement agreements to get the flats by September 2024, but the builder…

Rera

Over 2,600 real estate projects expire in Karnataka, many more lapse: RERA data

BENGALURU: Karnataka Real Estate Authority (K-Rera) has initiated scrutiny of numerous residential complexes for failing to meet their completion timelines and neglecting to submit periodic progress reports. A significant number of real estate projects failed to meet their deadlines, with over 2,600 officially marked as ‘expired’ and more than 2,700 classified as ‘lapsed’, as per latest K-Rera data. Under Rera rules, a real estate project is tagged as expired when its registration period ends and the builder hasn’t applied for an extension. It is marked as lapsed if the project remains incomplete and no renewal is granted. In both cases,…

Rera

Karnataka RERA, just a paper tiger: Home buyers

The Karnataka Real Estate Regulatory Authority (K-RERA), established to protect homebuyers and regulate the real estate sector, is now being criticised for its lack of enforcement, raising concerns about whether it has become a “toothless tiger.” K-RERA data reveals that of the 1,660 recovery orders issued involving `758.85 crore, only 233 cases have seen action, resulting in a recovery of `91.88 crore. A staggering 1,427 cases, amounting to `666.97 crore, remain pending, with little to no enforcement action taken against the defaulting builders. Eight years after the implementation of the Real Estate (Regulation and Development) Act in Karna­taka, homebuyers who…