In a major relief for homebuyers, the Karnataka RERA has authorised the Abhinandan Residency Welfare Association to take over and complete the long-delayed Abhinandan Residency project in Belagavi. The project has remained stalled for more than a year after the developer, Raju Doddabommannavar of North Karnataka Metro City Developers and Builders, passed away in 2022.
For more details : https://www.msn.com/en-in/news/India/karnataka-rera-allows-homebuyers-association-to-take-over-stalled-project-in-belagavi-after-the-developer-s-demise/ar-AA1QRLpo?ocid=finance-verthp-feeds
With no legal successor or representative stepping in, construction stopped at about 40%, leaving buyers paying EMIs without possession. After reviewing the case, Karnataka RERA invoked Section 8 of the RERA Act, citing a “non-functioning promoter” and allowing the association to assume control of the remaining work.
RERA has permitted the association to use the project’s existing escrow account and raise funds by selling unsold flats and shops. The legal heirs of the deceased developer have been directed to submit all project-related documents and approvals within 30 days.
The association has been given 24 months to complete the project and must file quarterly progress reports with RERA.
Read also : Belagavi Siblings Arrested for ₹38.62 Lakh Online Investment Fraud
