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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.
In this case the developer's subsidiary sold an apartment to the buyer worth Rs 1.2 crore claiming that the highrise would have 27 floors with RERA approval. However, the project had only 20 floors.
The Karnataka Real Estate Regulatory Authority (KRERA) bench, comprising of Justice Neelmani N Raju (Member), has directed the builder to fully refund the booking price of Rs. 1 Lakh paid by the...
Karnataka RERA said that companies that are not commercially sustainable should not be held in resolution for extended periods.