Bengaluru real estate: KRERA orders real estate developer to pay Rs 2.5 crore to buyer for failing to deliver apartment

Dated on: Thursday 24th April 2025

The Karnataka Real Estate Regulatory Authority (KRERA) has ordered Mantri Developers to refund Rs 2.5 crore to homebuyer Anant Ramachandran for failing to deliver an apartment at Mantri Webcity in Hennur, Bengaluru. Despite a 2017 possession deadline, the apartment remains undelivered. Ramachandran had paid Rs 15 lakh upfront and secured a Rs 65 lakh loan under a pre-EMI scheme, with the developer responsible for EMIs until March 2017. However, Mantri defaulted on payments, leaving the buyer to cover EMIs. KRERA also directed the developer to close the outstanding home loan, citing prolonged delays and financial burden on the buyer.