Advertisement

Updated December 23rd, 2023 at 21:18 IST

From floods to parking: Karnataka RERA's orders for Bengaluru in 2023

KRERA's 2023 orders revamped Bengaluru's real estate with streamlined processes and increased transparency.

Reported by: Business Desk
Real estate
Real estate | Image:Pixabay
Advertisement

Several directives issued by the Karnataka Real Estate Regulatory Authority (KRERA) in 2023 have significantly influenced the real estate sector in the city. Here are the top 5 KRERA orders that have had a notable impact on Bengaluru's real estate landscape.

Flood compensation directive

KRERA, in a landmark decision, declared that flooding in an apartment complex cannot be categorised as an "act of God." Consequently, a developer was mandated to compensate affected homebuyers with Rs 1 lakh to cover damages caused by flooding.

Cancellation deed and interest claim clarification

KRERA clarified that once a cancellation deed is executed, and a refund is received by homebuyers, any subsequent claims for interest are deemed invalid. The authority emphasised that the cancellation deed serves as a comprehensive settlement between the parties, precluding homebuyers from seeking delayed interest.

Developer's claim for pending dues restriction

KRERA provided relief to homebuyers by stipulating that developers cannot demand delay interest for non-payment of dues without presenting valid documents, such as building plans and project clearances. Numerous documents provided by developers were found to be expired or invalid.

Minimum parking regulations implementation

Addressing parking challenges in Bengaluru's expanding real estate sector, KRERA set a precedent mandating developers to provide a minimum parking space of at least 18 square meters (3m X 6m) for allottees, in compliance with local municipal bylaws.

Compensation guidelines for possession without OC

KRERA clarified that homebuyers taking possession before obtaining the occupancy certificate (OC) are not entitled to compensation in cases of delayed possession. The authority underscored the Bruhat Bengaluru Mahanagara Palike Act's stipulation that possession should occur only after obtaining the OC.

Advertisement

Published December 23rd, 2023 at 21:07 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Whatsapp logo