K-RERA warns developers for not meeting project completion deadlines

27 Oct 2021 CW Team

Real estate developers in Bengaluru have completed only 51 out of 424 housing projects even after the deadline was extended.

The Karnataka Real Estate Regulatory Authority (K-RERA) has planned to take action against defaulting developers. According to the developers, the pandemic was the main reason for the delay, due to which the deadline was extended further by another six months.

K-RERA had extended the deadline for the apartment projects from April to 30 September as a relief to the real estate sector after being affected by the Covid-19 pandemic.

According to data, only some projects were completed within the extended deadline. K-RERA officials said that they would wait for a month before acting against the defaulting developers.

H C Kishore Chandra, Chairman of K-RERA, said that the developer would have to face legal actions if they fail to deliver the apartments to the customers within the deadline.

If a developer fails to deliver a project within the deadline mentioned in the sale agreement, he will have to pay 9% interest on the apartment value for the delayed period apart from the compensation fixed by K-RERA.

It is the third extended deadline given to the developers after getting hit by the Covid-19 pandemic. K-RERA initially extended the deadline by six months from 15 March 2020 and then extended it by another three months.

Total 525 out of 4,378 approved projects were not completed within the deadline, while the deadline was extended for 241 projects due to the Covid-19 pandemic. While 284 applications seeking extension are still under process, the completion date has expired for 976 projects.

M S Shankar, general secretary of Forum for People's Collective Efforts, said that homebuyers would have to wait for more for the possession but should continue to repay the home loans. But the developers argue that the extension was not beneficial because it was non-uniform towards all the projects.

Image Source

Real estate developers in Bengaluru have completed only 51 out of 424 housing projects even after the deadline was extended. The Karnataka Real Estate Regulatory Authority (K-RERA) has planned to take action against defaulting developers. According to the developers, the pandemic was the main reason for the delay, due to which the deadline was extended further by another six months. K-RERA had extended the deadline for the apartment projects from April to 30 September as a relief to the real estate sector after being affected by the Covid-19 pandemic. According to data, only some projects were completed within the extended deadline. K-RERA officials said that they would wait for a month before acting against the defaulting developers. H C Kishore Chandra, Chairman of K-RERA, said that the developer would have to face legal actions if they fail to deliver the apartments to the customers within the deadline. If a developer fails to deliver a project within the deadline mentioned in the sale agreement, he will have to pay 9% interest on the apartment value for the delayed period apart from the compensation fixed by K-RERA. It is the third extended deadline given to the developers after getting hit by the Covid-19 pandemic. K-RERA initially extended the deadline by six months from 15 March 2020 and then extended it by another three months. Total 525 out of 4,378 approved projects were not completed within the deadline, while the deadline was extended for 241 projects due to the Covid-19 pandemic. While 284 applications seeking extension are still under process, the completion date has expired for 976 projects. M S Shankar, general secretary of Forum for People's Collective Efforts, said that homebuyers would have to wait for more for the possession but should continue to repay the home loans. But the developers argue that the extension was not beneficial because it was non-uniform towards all the projects. Image Source

Real Estate

05 Dec 2025

RBI Rate Cut Boosts Confidence Across Housing Market

Industry Context and Market DynamicsThe real estate industry has welcomed the RBI’s rate cut as a timely boost to affordability and demand. With home prices having risen steadily across major markets, even a marginal reduction in interest rates meaningfully strengthens purchasing power, especially for first-time and mid-income buyers.Ashish Jerath, President – Sales & Marketing, Smartworld Developers, observes:“The RBI’s 25-basis-point cut, bringing the repo rate down to 5.25%, is a timely boost for the real estate sector. Lower interest rates reduce borrowing costs, enabling homeb..

Infrastructure Transport

05 Dec 2025

BMC Resumes Rs 170 Billion Road Works, Targets 80 per cent By Jan 2026

Following the withdrawal of the southwest monsoon in October, the Brihanmumbai Municipal Corporation (BMC) has restarted work on 645 roads—covering 297.49 kilometres—under its large-scale concretisation programme. Data shows that more than 60 per cent of the resumed works are located in the western suburbs. Officials said the civic body aims to complete concretisation on 80 per cent of the roads where fresh work has begun by January 2026. Launched in 2022, the Rs 170 billion project seeks to concretise 700 kilometres of roads across Mumbai. All civil works were halted during the monsoon ..

Infrastructure Urban

05 Dec 2025

India Pushes Digital Shift In Urban Land Mapping

The Department of Land Resources (DoLR) under the Ministry of Rural Development has convened a National Symposium on NAKSHA – the National Geospatial Knowledge-based Land Survey of Urban Habitations – to advance India’s transition to modern, technology-driven land mapping. Speaking at the inaugural session, Secretary Manoj Joshi underscored the urgent need to move revenue departments away from outdated, tape-based methods and rough hand-drawn sketches. He stressed that adopting latitude–longitude-based digital mapping and GIS-linked registration systems is essential for economic stabi..