In a significant development within the real estate sector, Inner Urban Infra Estate Pvt Ltd. has achieved an amicable settlement with the allottees involved in a contentious real estate appeal. The resolution was reached through the intervention of the Karnataka State Legal Services Authority and the Karnataka Real Estate Appellate Tribunal. This article delves into the details of the case, highlighting the parties involved, the nature of the dispute, the terms of the settlement, and the implications for the real estate industry.
Background of the Case
The appeal, labeled as Appeal (K-REAT) No. 19/2023, was filed by Inner Urban Infra Estate Pvt Ltd. against the Karnataka Real Estate Regulatory Authority (RERA) and two individuals, Mr. Naga Hemanth Lakshmi Pradeep Kumar and Mrs. G.U. Sushma. The appeal sought to overturn an order issued by RERA on October 31, 2022, marked as CMP/211126/0008635.
Inner Urban Infra Estate Pvt Ltd. Inner Urban Infra Estate Pvt Ltd., with its registered office at No. 523, ground floor, 24th Main, sector-2, HSR Layout, Bengaluru-560102, served as the appellant in the case. The authorized signatory of the company, Mr. Chandrashekar P.K., represented the appellant throughout the proceedings.
Karnataka Real Estate Regulatory Authority (RERA) The regulatory body responsible for overseeing real estate activities in Karnataka, RERA, represented by its Secretary, served as the primary respondent in the case.
Mr. Naga Hemanth Lakshmi Pradeep Kumar and Mrs. G.U. Sushma The two allottees, Mr. Naga Hemanth Lakshmi Pradeep Kumar and Mrs. G.U. Sushma, residing at No.99, Urban Serenity, Sarjapur, Bagalur Road, Thindlu, Sarjapur, Bengaluru-562 125, were the other respondents in the case.
The Conciliation Process
Under the supervision of Honorable Sri Justice B. Sreenivase Gowda, Chairman of the Karnataka Real Estate Appellate Tribunal, and with the participation of Sri S. Shashank, Advocate Conciliator, the conciliation process commenced. The conciliators facilitated discussions and deliberations among the involved parties, leading to a mutual resolution.
Terms of the Settlement
As per the Joint Memo of Settlement, the appellant agreed to release a sum of Rs. 6,00,000/- (Rupees Six lakhs only) to Mr. Naga Hemanth Lakshmi Pradeep Kumar and Mrs. G.U. Sushma, the allottees. This amount represents full and final settlement of the interest accrued for the delayed period from October 30, 2019, until October 30, 2023, which includes the completion of pending work highlighted in the Inspector's report appointed by the Authority.
Remaining Amount and Interest
The allottees have further consented to receiving the agreed settlement amount, while the remaining balance, along with any accrued interest, will be refunded to Inner Urban Infra Estate Pvt Ltd.
Voluntary and Free Will Settlement
Both parties unequivocally declared that the settlement was voluntary and reached without any force or coercion. They affirmed that no other claims existed against each other beyond the subject matter of the complaint and appeal.
The successful resolution of the real estate appeal between Inner Urban Infra Estate Pvt Ltd. and the allottees, Mr. Naga Hemanth Lakshmi Pradeep Kumar and Mrs. G.U. Sushma, showcases the effectiveness of conciliation in dispute resolution. The settlement, achieved with the guidance of the Karnataka State Legal Services Authority and the Karnataka Real Estate Appellate Tribunal, highlights the commitment to amicable solutions within the real estate industry. This outcome sets a positive precedent for future disputes and emphasizes the significance of alternative dispute resolution mechanisms in safeguarding the interests of all stakeholders involved.
Note: The information provided in this article about Karnataka Real Estate Regulatory Authority (KRERA) is for informational purposes only. It is not intended as legal or professional advice and readers should consult qualified professionals for advice specific to their circumstances. The information provided in this article is based on the APPEAL (K-REAT) NO. 19/2023 before the Karnataka Real Estate Regulatory Authority
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