India, April 30 -- Holding that there was a 'persistent and systemic pattern of non-compliance' with its binding directions, the Karnataka Real Estate Regulatory Authority (KRERA) has imposed a penalty of up to 5% of the estimated project cost on a Bengaluru-based developer for failing to comply with an earlier refund order in favour of homebuyers. The authority directed that the penalty be paid within 60 days and also issued notices to the company's managing director and other directors.

"The authority hereby imposes a penalty 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 wi...