Bengaluru: The state government has extended deadlines for builders to complete the apartment project after recording a slowdown during the second wave of Covid-19.
This step has disturbed the buyer of the house, which said they had to wait longer because of ownership without relief on the loan payment fronts.
The government provides respiratory space to builders through August 27, said projects that should be resolved on April 1 or newer can be paid in October 1.
The industry has made an appeal and authority of the Karnataka real estate (K-Rera) suggested provides extensions.
This is the third time the developer gets a longer project schedule after the pandemic starts.
Krera, based on the center directives, first extended the six-month time limit since March 15, 2020, and then added three more months.
Last year, home buyers received assistance because the center announced a moratorium on loan payments with flower neglect.
At present, there is no freezing.
“The state government should think of property buyers when deciding to agree to the demand for developers.
Home delivery, basically, will be delayed 15 months and many buyers must continue to stay in rented accommodation.
The government must see that they are compensated,” said Ms Shankar, “said Ms.
Shankar Secretary General, Forum for Collective Community Efforts.
The rules say if a builder fails to give a flat on the date mentioned in the sales agreement, they must pay 9 percent interest to the buyer and compensation set by the Rera for the delay period.
Shankar said the government must ensure that builders pay compensation to buyers and ask the bank to approve the moratorium for the delay period.
“This extension is not justified at this time because there are no restrictions on construction activities, unlike last year when there is total locking.
It defeats the purpose of the Rera, whose mandates are protecting the interests of all stakeholders,” he said.
According to officials, builders cannot be asked to pay compensation in this example because this scheme is intended to provide incentives to them.
“The government has made this decision at the demand for developers.
Buyers may have their complaints and they can make representations before the government,” said Chairman of Krera HC Kishore Chandra.
The builder section felt the latest government’s command fall short.
Unlike last year’s directive, orders do not specifically mention the extension period.
The project that should end on April 1 is increasing and more time, while the deadline then gets a shorter extension.
“Many builders are disappointed with this.
We have been looking for an extension of at least six months for all projects.
We will ask for clarification from the government,” said Suresh Day, Chair, Credai-Bengaluru.