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| Levi Meir Clancy/Unsplash |
Sample this patience-testing story, among thousands of other similar tales of home buyers waiting for their right to home ownership -
“I was supposed to get the flat nine months ago. I could not pay three or four monthly instalments in 2017 due to demonetisation. However, I managed to pay the amount a few months later. The builder insisted that I pay the penalty for not making payments on time in 2017. I paid Rs 2.50 lakh as penalty for delaying the instalments. The builder informed me to register the flat a few months ago, but I could not do so due to the financial crisis. The builder is insisting that I pay the holding charges of Rs 30,000 per month for the delay in registering the sale deed of the flat,’’ said Balasubramaniam per this story, who bought a flat in Mallasandra.
Despite 1048 Projects under investigation by Karnataka RERA and 488 unfinished/ delayed projects, home buyers are agitated as K-RERA extended the handover deadline for many delayed projects across the state by another 6 months to October, 2021.
A liquidity crunch in the sector, coupled with drying credit lines for builders have led to this massive backlog, pushing buyer sentiments closer to the bedrock at the Marianas Trench. Last heard, RERA, akin to a prayer, is not really working towards easing consumer woes.