The real estate sector of Karnataka is undergoing an inspection as the developers in the state are in a debt to homebuyers over Rs. 486 crores in refunds for the overdue & postponed apartment deliverances. An official document from the KRERA - Karnataka Real Estate Regulatory Authority recently admitted & highlighted the issue’s size with the revenue department of the state and made steps for recovery but still considerable amount is under pending.
By the month of January 2024, the state Karnataka has directed to finish 138 recoveries, so far, 1,110 cases stays as unanswered.
According to the Real estate Regulation & development Act 2016, the regulatory authority can provide a RRC –Revenue recovery certificate to the revenue department of the state that permits the revival of taxes from developers. Particularly, the well known developers in the market such as Shriram properties & Puravankara ltd contribute about Rs. 10 crores in the overall pending refunds.
The postponement in repaying the funds is moderately featured these dues as land revenue debts that require a considerable timeline for revival. These debts results in extended delays which annoyed many home buyers to wait for the refunds.
Home buyers & Advocates subjected to Real estate are demanding more practical steps from the authorities in imposing recovery guidelines. By now, the situation has reached a high point where few home-buyers in a hope of resolution have elevated their concerns to higher officials & government authorities including the honorable Chief Minister of Karnataka.
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