Homebuyers in Haralur village, Bengaluru, are facing significant distress as their investment in the luxury residential project Frontier Heights remains incomplete. Despite a Karnataka Real Estate Regulatory Authority (K-RERA) order over a year ago, Frontier Shelters Pvt Ltd has failed to deliver the promised apartments, leaving 266 buyers in limbo.
The Rs 120-crore Frontier Heights project comprises five blocks of 15 floors each, including a ground floor. The builder, Anand Reddy of Frontier Shelters Pvt Ltd, has been unresponsive despite numerous protests staged by buyers outside his residence in Koramangala.
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Among the aggrieved buyers are Himshika Das and her husband Himanshu Lahkar, who paid nearly Rs 1 crore in April 2018 for a 3BHK flat, assured to be ready by June 2019. Similarly, another buyer, Sadananda Bhat, invested Rs 75 lakh in 2017 but has yet to receive possession of his flat.
The delay has created a severe financial strain for homebuyers. Many, like Bhat, are paying both EMIs on home loans and rent for their current residences. To worsen matters, some buyers who opted for the builder’s Subvention Scheme, where pre-EMI charges were to be covered by the builder, are now bearing the brunt of unpaid interest after the builder defaulted on payments. Banks have refused to convert these loans into regular home loans, further compounding the buyers’ woes.
K-RERA issued a verdict on September 15, 2023, in favor of buyers Ashish Kumar Pandey and Neeti Mishra, ordering the builder to pay Rs 69.41 lakh as interest for delay and complete their flat within 60 days. However, the order has been ignored, leaving buyers with little recourse.
Conclusion
The plight of the buyers highlights the dire need for stricter enforcement of RERA regulations and builder accountability. As legal battles and financial struggles persist, buyers remain hopeful for intervention to resolve the stalemate.
