BENGALURU: The Karnataka Real Estate Regulatory Authority (K-RERA) made it mandatory for all projects, which were supposed to be completed between between April 1 and October 1, to be in place by October 1. This move has received flak from home buyers, as it offers another extension of deadline for projects, which were meant to be in place earlier.
The order was issued on August 27. General Secretary, Forum for People’s Collective Efforts (FRCPA), M S Shankar, said, “This extension defeats the very purpose of RERA as its intent for balanced and fair decision in its role as regulator for all stakeholders is now under brazen threat.”
He pointed out that home buyers will continue paying EMI and rent for extended periods, despite facing acute hardship due to job losses and pay cuts in the pandemic. “Homebuyers will also not be able to get corresponding relief either in the form of any additional tax relief or relief from payment of EMI or rent. Such extension is bound to create havoc and unimaginable financial stress on them,” he charged.
Referring to the second wave, Shankar said that work did not stop nor was a complete lockdown announced either by the state or the central government. “The entire second wave lasted merely for two months. However, RERA has granted extensions for projects defeating any rationale or logic,” he alleged.
He charged that the decision was “a one-sided one, detrimental to one stakeholder arbitrarily and without any logical or legal basis.”