K-RERA Chairman Rakesh Singh said that the regulator is in discussions with all relevant stakeholders to devise a plan for speeding up revenue recovery.
The Karnataka Real Estate Regulatory Authority has issued orders to recover over ₹ 707 crore in 1,539 cases involving 257 stalled real estate projects within the state, of which 88% is yet to be recovered.
The data revealed that compensation amounting to ₹79.94 crore was recovered in 185 cases. In other words, over ₹627.32 crore is to be retrieved in 1,354 cases.
K-RERA Chairman Rakesh Singh told HT.com that he is consulting with relevant stakeholders to devise an effective strategy to expedite the recovery process within the regulatory authority.
They must have made reasonable efforts, but it has to be expedited and taken to a logical end…What happens is they have their load of work, and this is also a part of their job, he reasoned.
