In 2023, Karnataka's Real Estate Regulatory Authority (KRERA) delivered influential rulings that profoundly shaped Bengaluru's real estate scene. These top 5 orders wielded a profound influence on the sector:
KRERA directed a developer to compensate homebuyers with Rs 1 lakh due to flooding in an apartment complex. The ruling dismissed the notion of flooding as an 'act of God,' highlighting the builder's responsibility.
A KRERA order clarified that after signing a cancellation deed and receiving a refund, homebuyers cannot claim additional interest. The deed's terms constituted a final settlement between the parties, nullifying further claims.
In a relief for homebuyers, KRERA stipulated that developers cannot demand delay interest without presenting valid documents like building plans and clearances.
KRERA intervened to enforce minimum parking space requirements, ensuring allottees receive at least 18 square meters, aligning with Bengaluru's municipal bylaws.
Homebuyers taking possession before obtaining the Occupancy Certificate (OC) were deemed ineligible for compensation in cases of delayed possession. This ruling emphasized compliance with regulations and contractual agreements.
These directives from KRERA sought to address critical issues in Bengaluru's real estate, aiming for fairness and adherence to legal and contractual obligations.
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