The regulatory authority said that the developer Commune Properties and financier Anand Rathi Global Finance have violated the prohibitory order passed by the bench in 2022. While the developer mentioned that the 188 flats mortgaged to Anand Rathi were unsold, the KRERA order mentioned that about 90 flats were already sold.
The regulator stated this in an order pertaining to the Urbana Serene retirement home project in Bengaluru, developed by the Ozone Group.
The developer is said to be absconding and has changed his contact details. The homebuyer has paid money to both the developer and the landowner, after signing the agreement in 2011
Experts say the local municipal corporation by-laws clearly state that possession should be offered only after an occupancy certificate has been received, thus certifying the apartment as fit for habitation.
Mere laying of slabs to simply filing an application for completion certificate before notification of rules enough to keep ongoing housing projects in some states out of the purview of RERA