RERA Impact: Builder asked to pay Rs 2.56 crore compensation and foreclose homebuyer’s housing loan due to 7-year delay in possession of flat

Due to a seven-year delay in the possession of a flat, a homebuyer in Bengaluru was awarded ₹2.56 crore in compensation and the builder was directed to foreclose the homebuyer's housing loan, based on the RERA (Real Estate Regulatory Authority) Act's impact. This ruling underscores the strong consumer protection measures under RERA, holding builders accountable for project delays and ensuring significant financial redressal for affected homebuyers.