Thousands of homebuyers face delays as 3,145 Karnataka projects stall
Data from the Karnataka Real Estate Regulatory Authority shows nearly 30 per cent of registered housing projects remain incomplete.
According to the Deccan Herald, 3,145 housing projects in Karnataka have stalled, leaving homebuyers unable to take possession of their booked houses. The Karnataka Real Estate Regulatory Authority (K-RERA) data reveals that developers failed to complete these projects within the specified deadlines.
Since K-RERA was established in 2017, 10,621 housing projects have been registered with the authority. Of these, nearly 30 per cent have remained incomplete for years.
The list of lapsed projects includes several housing projects by the Bangalore Development Authority (BDA), the Karnataka Slum Development Board, and various town and city municipal corporations.
M S Shankar, general secretary of the Forum for People’s Collective Efforts (FPCE), said authorities have failed to inspect projects and analyse quarterly progress reports of builders. He stated that the situation in Karnataka is alarming.
The FPCE reported that while RERA has issued recovery certificates worth Rs 1,253 crore as compensation to homebuyers, only Rs 129.03 crore has been recovered so far. Shankar noted that many penalties for delays have not reached buyers because recovery has not been tracked.
Shankar suggested that a coordination committee should be formed under the chairmanship of the Chief Secretary to ensure the proper implementation of the RERA Act in Karnataka.