Despite Homebuyer Taking Possession, KRERA Orders Prestige Group to Pay Compensation For Delay
Prestige Group, a listed real estate developer in Bengaluru, was recently ordered by the Karnataka Real Estate Regulatory Authority (KRERA) to reimburse a customer for Rs 2.17 lakh after the developer failed to deliver the flat to the buyer within the allotted time.
The KRERA action is being taken even though the buyer has already moved into the unit.
The National Green Tribunal (NGT) is purportedly involved in ongoing dispute about a lake buffer zone near the project, which is why the developer was unable to deliver the apartment at Prestige Bagmane Temple Bells.
“The developer is ordered to pay the amount for the delay period between December 2018 and July 2019, within 60 days of the order,” the authority stated after passing the order on May 20. Additionally, it demanded that Pramod SM, the homebuyer, pay Rs 76,774 for missing his scheduled installments.
