Builder Ordered to Pay Rs 2.56 Crore and Clear Home Loan After 7-Year Possession Delay in Bengaluru
In a major relief for homebuyers, a RERA court has directed a reputed builder to pay Rs 2.56 crore compensation and foreclose the housing loan of a Bengaluru-based buyer who has been waiting for his flat since March 2014.
The buyer had invested Rs 15 lakh of his personal savings and took a home loan of Rs 65 lakh under a pre-EMI scheme offered by the builder. He was promised possession within three years, but even after seven long years, the flat was not handed over.
After filing a complaint with the Real Estate Regulatory Authority (RERA), the court found the builder guilty of causing undue mental, emotional, and financial distress. As a result, the builder has now been directed to:
- Pay Rs 2.56 crore in compensation to the buyer
- Foreclose the outstanding home loan, offering complete relief from the burden of EMIs
This case highlights the increasing impact and effectiveness of RERA in holding developers accountable and protecting the interests of homebuyers facing long delays and broken promises.
