Homebuyers in projects delayed by up to four years in Bengaluru are waiting for their money to be recovered by the state under the orders of the Karnataka RERA. Experts say they have identified the critical problem and are advising the government on faster recoveries.
Developers say they look forward to the final budget post-elections and remain hopeful that the government will announce more policy initiatives to encourage housing for all further - both for buyers and promoters.
Advocates say it is necessary to penalise and make real estate agents share the responsibility in home selling as they are important mediators in terms of transactions.
Experts feel that the judgment increases the scope of recoveries for homebuyers significantly in cases where the developer goes absconding or is undergoing insolvency