Karnataka RERA Orders Ozone Elegant Developers To Pay Interest, Hand Over Possession Of Flat To Homebuyer

In a recent ruling, the Karnataka Real Estate Regulatory Authority (RERA) directed Ozone Elegant Developers to compensate a homebuyer with interest for the delay in possession of a flat. The developer had promised possession by a specific date but failed to meet this timeline, leading to the buyer’s complaint. RERA's decision mandates the payment of interest on the delayed possession to the buyer, emphasizing the importance of timely delivery in real estate transactions. This case highlights the enforcement of RERA regulations to protect consumer interests and ensure accountability from developers.