Delayed Possession And Failure To Pay Pre-EMI, Karnataka RERA Directs Ozone Realtors To Refund Rs. 86 Lakhs To Homebuyer

The Karnataka Real Estate Regulatory Authority (RERA) directed Ozone Realtors to refund Rs. 86 lakhs to a homebuyer due to delayed possession and failure to pay pre-EMI. The homebuyer had booked a flat and paid a substantial amount, but the builder failed to deliver possession on time. The RERA found that the builder’s actions caused financial hardship to the homebuyer and ordered a refund along with interest. This decision highlights the need for builders to adhere to agreed timelines and financial commitments, ensuring that homebuyers are not adversely affected by delays and non-compliance.