By Staff Reporter
The Karnataka Real Estate Regulatory Authority (K-RERA) has made a significant decision that could potentially bring relief to numerous prospective homebuyers affected by a stalled real estate project in Bengaluru. The K-RERA order stipulates that the flat owners’ cooperative society should assume control of the project, which has remained incomplete for the past seven years.
The project in question, known as the Hanging Gardens apartment complex, was intended to consist of 122 flats and be completed by 2016. Unfortunately, the developer managed to finish less than half of the project’s work.
Under the recent K-RERA ruling, the cooperative society has been given a time frame of 18 months to finalize the incomplete project. The society reportedly has identified a developer who has expressed interest in taking over and completing the project.
Dhananjaya Padmanabhachar, the convenor of the Karnataka Home Buyers Forum, expressed positivity about the K-RERA decision, stating that it is a commendable move that may allow homebuyers who were previously unable to obtain their dream homes to finally realize their aspirations.
However, another source within the real estate sector expressed a more cautious viewpoint. This source noted that while the current provisions theoretically allow for the imprisonment of the developer responsible for such stalled projects, this outcome has not been consistently realized.
Bengaluru, known for its escalating real estate prices, has seen instances of real estate developers failing to fulfill their commitments and complete projects. The K-RERA’s decision to empower the flat owners’ cooperative society to take over the unfinished project is seen as a positive step towards resolving such issues and providing relief to affected homebuyers.