KRERA Takes a Stand: Developer Ordered to Hand Over Possession of Common Areas
The Karnataka Real Estate Regulatory Authority (KRERA) has directed a developer to hand over possession of common areas to the association of allottees
Property ConveyanceKreraReal EstateBengaluruAssociation Of AllotteesReal Estate NewsMay 28, 2024
The Karnataka Real Estate Regulatory Authority (KRERA) has directed a developer to hand over possession of common areas to the association of allottees, sparking applause from real estate experts in Bengaluru. This move is seen as a significant step towards protecting the interests of homebuyers.
The authority's decision comes after it was found that the developer had failed to form an association, despite most of the allottees having moved into their apartments. This lack of transparency and accountability had led to several issues affecting homebuyers.
Real estate experts in Bengaluru have welcomed the move, stating that it is a step in the right direction towards ensuring that developers are held accountable for their actions. However, they have also flagged several other issues that need to be addressed, including the lack of clarity on the formation of associations and the role of developers in maintaining common areas.
The KRERA's directive is expected to set a precedent for other developers in the state, and is seen as a move towards creating a more transparent and accountable real estate sector.
The Karnataka Real Estate Regulatory Authority (KRERA) was established in 2017 to regulate the real estate sector in the state. The authority is responsible for protecting the interests of homebuyers and ensuring that developers comply with the rules and regulations of the Real Estate (Regulation and Development) Act, 2016.
The Mahendra Aarna is a residential project located in Anekal, Bengaluru. The project was developed by a leading real estate developer in the state.
`
Frequently Asked Questions
What is the KRERA?
The KRERA or Karnataka Real Estate Regulatory Authority is a regulatory body established in 2017 to regulate the real estate sector in the state of Karnataka
What is the purpose of the KRERA?
The purpose of the KRERA is to protect the interests of homebuyers and ensure that developers comply with the rules and regulations of the Real Estate (Regulation and Development) Act 2016
What is the issue with the Mahendra Aarna project?
The issue with the Mahendra Aarna project is that the developer had failed to form an association despite most of the allottees having moved into their apartments
What is the significance of the KRERA's directive?
The KRERA's directive is significant because it sets a precedent for other developers in the state and is seen as a move towards creating a more transparent and accountable real estate sector
What are the implications of the KRERA's directive for homebuyers?
The implications of the KRERA's directive for homebuyers are that they can expect greater transparency and accountability from developers and that their interests will be better protected
Related News Articles
Indian Real Estate: Poised for Remarkable Growth in 2025
The Indian real estate market is on the cusp of significant growth in 2025, driven by technological advancements, innovative financing models, rising demand, and supportive government policies. Both residential and commercial segments are showing promisin
Big Asset's Strategic Developer Partnerships Unlock New Real Estate Investment Opportunities
Big Assets Infra, a leading real estate portfolio management company, is expanding its reach and credibility by forming strategic partnerships with top developers, opening up new avenues for investment.
Housing Prices Surge by 11% YoY in Top Eight Indian Cities
Real Estate - Housing prices in the top eight Indian cities continue to rise, marking an 11% increase year-over-year (YoY).
Sonipat's Real Estate Boom: The Rising Star of NCR
Sonipat, a district in the National Capital Region (NCR), is witnessing a remarkable transformation in its real estate market. With rapid development and surging property values, it is quickly outpacing other regions in the NCR.
Why ₹2 Crore Properties are Most Preferred in Mumbai's Real Estate Market?
This price range is highly attractive for both first-time buyers and those looking to upgrade, making it the most sought-after segment in Mumbai, the costliest residential market in India.
Real Estate Awaits RBI's Repo Rate Decision: A Crucial Moment for Housing and Economic Growth
Real estate contributes more than 7% to India's GDP. A well-calibrated repo rate policy can significantly boost housing sales and the overall economy...