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Buyers said that they could not take possession of their flats because contrary to what the developer had told the apex court, many flats were not ready for possession as they did not have an OC, which is mandatory prior to handing over possession.
While the developer was ready to refund the initial amount paid by the homebuyer, the authority ordered the developer to sign the sale deed and handover the plot.
Refuting the claims of the developer that when possession is offered
Karnataka RERA said that companies that are not commercially sustainable should not be held in resolution for extended periods.
Homebuyers in projects delayed by up to four years in Bengaluru are waiting for their money to be recovered by the state under the orders of the Karnataka RERA. Experts say they have identified the critical problem and are advising the government on faster recoveries.