Karnataka HC order to prosecute Ozone Group promoters to recover money hits a roadblock: RERA lacks...

The Karnataka High Court recently intervened in a case involving buyers of flats in Ozone Urbana, ordering the inclusion of company promoters in the proceedings to attach their personal assets. The buyers sought recovery of payments made for delayed homes through Karnataka RERA, highlighting gaps in the Real Estate (Regulation and Development) Act, 2016, which lacks provisions for promoter accountability in execution proceedings. Despite efforts by the state revenue department, delays in recovering over Rs 486 crore owed by developers persist. Legal experts advocate for amendments to empower RERA to enforce judgments against promoters directly, ensuring faster relief for homebuyers facing project delays.