The Karnataka Real Estate Regulatory Authority (KRERA) has ordered Ozone Group to refund the full amount invested by a homebuyer due to the developer’s failure to pay pre-EMI (Pre-Equated Monthly Instalments) on a delayed apartment project in Bengaluru. The developer was required to pay the pre-EMI, which covers only the interest and not the principal, until the project’s handover, which was scheduled for December 2022.
“The developer is directed to pay ₹53.1 lakh towards the refund, with interest calculated at the Marginal Cost of Funds based Lending Rate (MCLR) plus an additional 2 percent from May 2017 to April 2023,” stated the order dated July 26.
The buyer, GY Rajasekhar, had booked an apartment in Ozone Urbana, a project by Ozone Group, for ₹62.3 lakh under the interest subvention scheme in 2019.
The recent KRERA directive for Ozone Group to refund ₹53.1 lakh plus interest to a homebuyer due to possession delays underscores the importance of understanding and complying with real estate regulations. If you’re a developer or a homebuyer facing similar issues, having expert legal guidance can make all the difference.
Vakilsearch offers comprehensive legal services to help you navigate the complexities of real estate regulations. Our experienced team can assist you in ensuring compliance, protecting your rights, and resolving disputes effectively.
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