Karnataka RERA Holds Shriram Properties Liable For Delayed Possession, Orders 12.77 Lakhs Interest To Homebuyer

The Karnataka RERA (Real Estate Regulatory Authority) held Shriram Properties liable for delayed possession of a homebuyer’s property and ordered the payment of Rs. 1.277 lakh as interest. The case involved a delay in handing over possession of an apartment to the buyer, who had already made full payments. The RERA ruling emphasized that builders must adhere to timelines specified in sale agreements, and failure to do so will result in financial penalties. The decision upholds the rights of homebuyers and reinforces the importance of timely delivery in the real estate sector under RERA’s regulatory framework.