According to a notification dated July 19, the KRERA emphasized the submission of Form 4 (Chartered Accountant Certificate) and Form 7 (Audit accounts of the project) by a chartered accountant annually. The notification highlighted that some real estate project promoters were borrowing money from banks and financial institutions by mortgaging the project land and apartments/units of the housing project.
The BDA initiated the development process for NKL back in 2014, with site allotments to buyers commencing in 2016. More than 26,000 sites were developed on 2,252 acres of land acquired by the BDA for developing the NKL. However, the absence of basic amenities has hindered progress, leaving many allottees in a state of uncertainty.