BENGALURU: The Karnataka Real Estate Regulatory Authority (K-RERA) has asked home buyers of the Krishna Shelton apartment complex at Bagalur Road Cross to submit an action plan on their own to take over their residential project.
With builder Krishna Enterprises Private Limited (KEPL) unable to complete the project with the promised amenities seven years post the deadline, buyers approached the authority for intervention.
A total of 260 flats of different dimensions in 12-storeys constitute this project with March 2015 as the deadline.
In its hearing on October 19, K-RERA ordered the builder to deposit a sum of Rs 3 crore into the ESCROW account (a temporary account held by a third party during a transaction between two parties).
"If not deposited within October 25, a penalty of Rs One lakh will be imposed each day till the date of deposit," K-RERA said.
Authority Chairman Kishore Chandra confirmed the development to TNIE. RERA issued a restraining order directing the landowners and promoters not to sell any apartment. It asked the complainants (home buyers) to put up a notice to caution other buyers about it.
Krishna Shelton Welfare Association (KSWA) Managing Committee Member Debashish Mohapatra, told TNIE, "We will soon put up a flex to caution other buyers." As per our estimate, Rs 9.37 crore is required to complete the project. "
"A total of 160 of us have bought the houses and most have paid the full amount. To take over the project, this sum has to be mobilized by buyers only and that is unfair to us. RERA needs to show us the way forward," he added.
Mohapatra said the Corporation recently put up a notice outside their flats. "BBMP has pulled us up for non-payment of property tax. We do not have OC or permanent power connection. And no Khata papers too. How can we pay the tax ?" he asked.
Meanwhile, the BBMP officials at the RERA hearing said they were not aware of the notice put up by their own organisation.
Managing Director of KEPL, R Anil Kumar told TNIE, "Only some minor works are pending. We have initiated the process of getting OC from BBMP. We have time given till October 25 by RERA and are doing our best to mobilise resources before that. We are keen on completing the project on our own."