India, April 15 -- The Karnataka Real Estate Regulatory Authority (KRERA) has pulled up a developer for failing to comply with the authority's directions and orders and has imposed a penalty of up to 5% of the project cost.

"The Secretary, KRERA, to initiate penalty proceedings under Section 63 of the Act upon the Respondent Company for failure to comply with the earlier orders of this Authority. The penalty shall be cumulatively extended up to 5% of the estimated project cost payable within 60 days," the order said.

The regulatory action comes after repeated non-compliance by Ozone Urbana Infra Developers Private Limited in refunding homebuyers, despite previous orders and subsequent enforcement proceedings initiated by the authority.A...