After Karnataka Real Estate Regulatory Authority’s extension, home buyers are seeking relief on their EMIs and other financial obligations.

K-RERA gives 3-month extension to project deadlines Home buyers unhappyImage for Representation
news Real Estate Sunday, January 03, 2021 - 17:00

The Karnataka Real Estate Regulatory Authority (K-RERA) has granted an extension of three additional months for projects registered with the institution that have a completion date on or after March 15, 2020. It had earlier extended the deadline by six months in March. The deadlines were extended owing to the coronavirus pandemic.

The order dated December 18, stated that it was in accordance with the Real Estate (Regulation and Development) Act, 2016 and the regulations made thereunder. “The deadlines would be extended if the situation needs special consideration,” read the order. It further said that the extension would depend on their individual deadlines.

Many home buyers from the Bangalore Development Authority and private developers have criticised the move by the regulatory authority.

M S Shankar, General Secretary of Forum for People’s Collective Efforts dubbed this move as illegal while highlighting that RERA’s formation was done to safeguard the home buyer’s rights. “There is no specific state government order or directions to Karnataka RERA to provide such extension to RERA Registered projects,” he said. He further added that the authorities are exceeding their powers beyond the provision of Act.

Shankar told, “The buyers are taken for granted and [they] are not benefiting. Their liability to pay both EMI and rent increased for no fault of theirs.” He added that transparency in Karnataka RERA’s functioning is absent.

Chandrasekar, a senior citizen and homebuyer at Mantri Serenity said that he was supposed to receive possession in 2015, however, still hasn't, despite paying the full amount.

“One good Samaritan advocate took my case with RERA-K and got an order favouring me and compensation has to be made by Mantri's for not giving flat until 2020,” said Chandrasekar adding that the developers have not abided by RERA’s orders.

Raghu KC of Greens Buyers Association said that they are planning to approach the authorities of the Housing department and K-RERA asking the order to be repealed until project progress is examined by the RERA.

K-RERA Secretary K S Lathakumari had told the press that the advisory issued by the Ministry of Housing and Urban Affairs and that extension will serve buyers and developers. When TNM contacted Lathakumari, she remained unavailable. 

 

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