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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.
Delayed possession: MahaRERA has said that a complaint for delayed handing over by the developer can attract provisions of Section 18 of the RERA Act (compensation) only if the delay is ongoing at the time of filing the complaint.
Eleva, the company’s new division, will also focus on stalled or stuck real estate projects and provide development, construction, design, marketing, and sales-oriented solutions to real estate companies.
A meeting of senior officials last week also discussed partial surrender of projects to recover dues and introduction of zero period of four years. The state cabinet will take a final decision after consulting the Centre.
Elegant Ville is the 18th project approved by the Authority under provisions of section 8 of the RERA Act for rehabilitation.