BENGALURU: Hundreds of distressed homebuyers are grappling with significant problems caused by delays in completing the construction of their dream homes. They made down payments over eight years ago, and the banks that sanctioned their home loans have already released lakhs of rupees to the builder. Despite this, their dream homes remain a distant mirage.
Prospective homebuyers initiated down payments ranging between Rs 40,000 and Rs 50,000 in 2016 to Aryan Hometec Pvt Ltd, owned by Bharat Reddy. The project, named Aryan Golden Arena, is planned near Bidaraguppe village on Attibele-Sarjapur Road. According to the blueprint, the builder is tasked with constructing 11 blocks, each comprising 72 flats. To date, the builder has successfully completed 80 per cent of the construction for three out of the 11 blocks.
Exhausted from numerous meetings with the builder, the homebuyers turned to Attibele police in January 2021, seeking intervention to expedite the completion of construction work.
Attibele police registered a non-cognizable complaint on January 31, 2021, based on the grievances lodged by the homebuyers.
“After three years, there has been no progress in the police investigation into our complaint. During this time, the builder has managed to complete 80 per cent of the construction work in two blocks and 60 per cent in one block. Construction has come to a standstill in the remaining blocks. Despite meeting with the builder and appealing for completion, all our efforts have been in vain,” stated Tanmay Dev, President of the Golden Arena Buyers Welfare Association.
Expressing frustration over investing in an incomplete housing project, Abhishek Kumar, a homebuyer, revealed that he paid Rs 50,000 as a down payment in 2016. The bank, which sanctioned his home loan, has released Rs 15 lakh to the builder. Abhishek Kumar lamented, “The construction of the allocated flat for me is incomplete. There is no water, electricity, and lift facility. Doors and windows are yet to be fixed. I am unable to shift to the flat, and I am in no position to pay EMI to the bank.”
Construction has come to a standstill in the remaining blocks. Despite meeting with the builder and appealing for completion, all our efforts have been in vain–Tanmay Dev, President of the Golden Arena Buyers Welfare Association
The Karnataka Real Estate Regulatory Authority, following a complaint lodged by Pendurthi Sivaraj, issued an order on September 17, 2022. The directive was aimed at Bharat Reddy, instructing him to refund Rs 18,19,422 with interest to the complainant within 60 days from the order date.Neelamani N Raju, Member-2 of KRERA, remarked, “Despite several opportunities given to the respondent and the notice published in the local Kannada daily newspaper for his personal appearance, the respondent failed to appear before the Authority.
This conduct clearly indicates that he has taken the complainant for a ride and deprived him of owning his own flat.”
Before the aforementioned order, the KRERA Under Secretary, in response to a complaint by Nagamani Kanta Seeram of Anandpura near TC Palya, wrote a letter to the Deputy Commissioner of Bengaluru District on July 14, 2020, urging the recovery of Rs 25,62,939 from the respondent.
Meanwhile, Bharat Reddy of Aryan Hometec Pvt. Ltd. was unavailable for comment on this issue.
