Tag: Kerala Real Estate Regulatory Authority (K-RERA)

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Kerala RERA Grants 16.65% Interest for Delayed Flat Handover

THIRUVANANTHAPURAM: The Kerala Real Estate Regulatory Authority (K-RERA) has mandated a builder in the state capital to compensate two homebuyers with simple interest at a rate of 16.65% per annum for delays in delivering their flat in the Sparrow Paradise project located at Kudappanakunnu. Dr. Ullas Raghavan and Shakuntala Prabhakaran invested approximately ₹1.02 crore for their 1,765 sq ft flat. This interest will be calculated from December 1, 2018— the day after the agreed completion date—based on the ₹54.41 lakh advance they paid, along with subsequent payments from their respective payment dates until the flat’s delivery. K-RERA has directed Sparrow…

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Landowners Share Liability with Builders for Incomplete Projects: Kerala-RERA

KOCHI: In a significant ruling, the Kerala Real Estate Regulatory Authority (K-RERA) has determined that landowners cannot avoid accountability if a housing project fails, assuming they were involved in its financing or profit-sharing. They will be regarded as “joint promoters” and held jointly accountable with the builder to fulfill the promise of delivering homes. The case centers around a housing development by Nest Realties on land owned by Marickar Plantations, where homebuyers booked apartments between 2011 and 2022, paying nearly 95% of the total price. However, after accepting their payments, the builder left the project incomplete, failing to provide essential…