K-RERA Fails to Recover Rs 486 Crore Penalties

27 Mar 2024 CW Team

The Karnataka Real Estate Regulatory Authority (K-RERA) has yet to recover a staggering sum of Rs 4.86 billion in penalties from builders who violated its orders, leaving numerous complaints unresolved. Despite its establishment seven years ago, the authority faces challenges in enforcing penalties, leading to frustrations among homebuyers.

Since its inception, K-RERA has imposed penalties in 1,248 cases, totaling Rs 547.31 crore. However, only a fraction of this amount, Rs 606.4 billion, has been collected from 138 cases. The remaining more than Rs 4.86 billion remains outstanding in 1,110 pending cases, prolonging the ordeal for affected parties.

Many homebuyers express dismay over the slow progress in recovering penalties. "Builders make lofty promises but fail to deliver. When we seek recourse through K-RERA, we're met with delays and inaction," lamented a citizen burdened by loans and unfulfilled promises.

Despite K-RERA's orders issued years ago, little progress has been made in many cases, with builders failing to refund aggrieved buyers. Legal complexities further impede resolution, with builders obtaining stay orders from various courts. For instance, a prominent builder faces a Rs 90 crore repayment obligation, contesting K-RERA's directive in court, prolonging the legal battle.

The Real Estate Regulation and Development (RERA) Act of 2016 aimed to overhaul India's real estate sector, fostering transparency and accountability. However, the challenges faced by K-RERA underscore the persistent hurdles in achieving these objectives.

While K-RERA brought hope to many defrauded homebuyers, its efficacy remains a subject of debate. As India's real estate sector continues to expand, addressing these challenges becomes imperative to safeguard the interests of investors and homeowners alike.

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