Adversitement
Karnataka Developers Owe Homebuyers Over Rs 486 Crore in Refunds
Published On : 2024-03-04T18:17:15+0530 [ IST ] |
Author : Mayur_Tembhare
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India / Karnataka :
According to a recent document from the Karnataka Real Estate Regulatory Authority (KRERA), developers in Karnataka are indebted to homebuyers for more than Rs 486 crore in refunds due to delayed apartment deliveries. Despite KRERA's issuance of recovery orders, progress in retrieving these funds has been slow, with only 138 out of 1,110 pending cases resolved by the state revenue department.
Listed developers constitute around 2 percent of the total outstanding refunds. Notable owing entities include Puravankara Ltd, Provident Housing, Shriram Properties, and Unitech Ltd. The sluggish pace of recoveries underscores the challenges faced by homebuyers seeking refunds.
These recoveries, categorized as revenue from land arrears, lack a specific timeline, hindering prompt action. Advocates emphasize the need for authorities to act swiftly, urging the state government to establish a time-bound process for both the revenue department and KRERA.
Homebuyers, such as Sudhakar Lakshmanaraja, who has awaited his refund for over two years, express frustration over the delay. Despite efforts to escalate the matter, including complaints to the deputy commissioner's office and the Chief Minister, many homebuyers remain in limbo.
The Karnataka High Court's recent directive gave the state government four months to recover funds owed to homebuyers in the delayed Ozone Urbana project, where refunds totaling Rs 93.6 crore are outstanding.
Dhananjaya Padmanabhachar, President of the Karnataka Home Buyers Forum, emphasizes the importance of establishing a time-bound recovery process. He asserts that a lack of urgency on the part of state authorities exacerbates the plight of affected homebuyers.
In conclusion, the plight of homebuyers awaiting refunds underscores the pressing need for expeditious action by the state revenue department and KRERA. With mounting frustrations and legal directives urging swift resolutions, stakeholders await decisive measures to address this ongoing issue in Karnataka's real estate sector.
Source : Money Control
Tags : developers , homebuyers , real estate , Karnataka , revenue department , delayed delivery , KRERA , listed developers , recovery orders , refunds ,
Summary : A Karnataka Real Estate Regulatory Authority (KRERA) document reveals that developers in Karnataka owe homebuyers more than Rs 486 crore in refunds for delayed apartment deliveries. Despite KRERA issuing recovery orders, the state revenue department has completed only 138 recoveries out of 1,110 pending cases. Notably, listed developers account for about 2 percent of the total outstanding refunds, with Puravankara Ltd, Provident Housing, Shriram Properties, and Unitech Ltd among the owing entities. The slow progress in recoveries, categorized as revenue from land arrears, highlights the challenges faced by homebuyers in obtaining refunds. Advocates emphasize the need for prompt action from authorities, urging the state government to establish a time-bound process for both the revenue department and KRERA.
Adversitement