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Real Estate community of Mangalore criticizes penalty conditions in the Karnataka RERA Act

Dated on: Saturday 11th November 2017

In a recent workshop at CREDAI Mangalore, the real estate developers have opposed the penalty provisions of the Karnataka RERA rules regarding the delays of projects. In case of unavoidable delays like late approvals of certain documents by government or water crisis that occurred the previous year, the construction was put on hold. All these factors were not taken into account while notifying the final rules of the Act. This forced the then ongoing projects to register with RERA from May, this year. Further, homebuyers can complain against any builder for delayed possession, which will result in additional penalties on the developers of the project. 

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