India, April 24 -- The Karnataka Real Estate Regulatory Authority (KRERA) directed a developer to execute the sale deed and pay nearly Rs.70 lakh as compensation to homebuyers for a two-year delay in handing over a luxury villa in north Bengaluru. The authority held that the promoter bears sole responsibility for completing the project within the stipulated timeline, rejecting the developer's argument that ownership transfers and non-payment of the final instalment caused the delay.

The promoter was expected to deliver the villa in 2023. The original buyer had purchased the property for Rs.3.21 crore in July 2014 and later sold it to the present complainants for Rs.4.77 crore eight years later. However, despite more than a decade since t...