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The Bangalore Development Authority (BDA) has been instructed to promptly register its Arkavathy Layout project with the Karnataka Real Estate Regulatory Authority (K-RERA). This directive was issued in an interim order by K-RERA on November 3, following a complaint lodged by an allottee of a site within the development. The complainant sought redress for the interest accrued during the project's delay and demanded that the promoter, BDA, take immediate steps to complete the project.
In a comprehensive assessment, the full K-RERA panel noted that the BDA had been conspicuously absent during the proceedings conducted from September 1, 2022, to September 31, 2023. Consequently, the BDA commissioner has been instructed to expedite the registration of the Arkavathy Layout project under Section 3 of the Real Estate (Regulation and Development) Act, 2016. This registration must be completed within two weeks from the receipt of the order.
Furthermore, the BDA has been given a three-week period to provide a justification as to why penalty proceedings should not be initiated under Section 59(1) of the Act for their violation of Section 3. According to Section 3, it is mandatory for developers to register their real estate projects with RERA, ensuring transparency and accountability in the real estate sector.
The complainant's allegations against the Arkavathy Layout project include persistent delays and the project's failure to reach completion. The complainant also mentioned that they had not received physical possession of the site, and no amenities had been provided by the BDA. These concerns highlight the critical need for K-RERA's involvement to ensure that the interests of the homebuyers and allottees are protected, and that the real estate sector in the region operates in compliance with established regulations and standards.
The K-RERA's directive is a significant step towards addressing the issues surrounding the Arkavathy Layout project and promoting transparency and accountability in the real estate industry. The BDA will need to act swiftly to adhere to these directives and provide the necessary information, thereby ensuring that the project moves towards completion, and the interests of site allottees are safeguarded.
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