real estate
| March 4, 2024, 12:47 p.m.
Karnataka Developers Owe Homebuyers Over Rs 486 Crore in Refunds
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.
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