RERA Court orders Builder to hand over Incomplete Project to Buyers

Alka Verma

Published On: September 18,2021 at 13:07 IST

A Real Estate Regulatory Authority (RERA) Court launched Forensic Audit in Bengaluru and also ordered the Builder to hand over the Incomplete Projects to the Buyers.

The Court ordered the hand over so that the buyers can complete the project on their own.

The Court ordered these guidelines when it was dealing with an incomplete project named Unishare Spatio.

Unishare Spatio is a 14-storyed, 235-unit project which has been left incomplete since February 2017 and now as per the Court’s order it will be handed over to Buyers’ Association.

Earlier, in July 26 this year the same RERA Court cancelled the licence of the Builder of Unishare under the Section 7 of the RERA Act.

According to a source this step to revoke the licence and hand it over to the buyers’ society to complete it on their own is the first verdict of its kind in the State.

Further the source stated, “It offers the much-needed hope to over 3 lakh property buyers in the State who have paid huge sums of money to different builders and are waiting for years for their homes to be handed over.”

Lokesh Reddy from Unishare Spatio Owners’ Association welcomed the move of the Court on behalf of all the 165 buyers who already had paid around 75% of the cost.

Reddy also stated,” A window period of 60 days has been given to the buyers to take over the project. We will be hiring a contractor to complete the job for us.”

“We plan to mobilise resources among the buyers only as most of them still have to pay a portion of the amount, and for overheads, we have decided to pool in the resources,” Reddy added.

Talking about the compensation, “The compensation that the builder needs to pay will come in due course of time.”

It should be noted here that the Project began in 2013 including 14 other projects in the City by Unishare and were left abundant since February 2017.

Regarding the same, the buyers’ association filed a case against the Builder in October 2020 in RERA Court.

Also Read: RERA- Validity of almost 3400 projects in Maharashtra expired

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