Srivision Towers Private Limited and Allottees Find Common Ground in Real Estate Dispute

In a significant development within the realm of real estate litigation, Srivision Towers Private Limited and the allottees involved in a dispute have successfully reached a mutually beneficial resolution. The case, identified as Appeal (K-REAT) No. 91/2022, was brought before the Karnataka Real Estate Appellate Tribunal, and after careful deliberations and discussions, an amicable settlement was achieved. This article aims to provide an in-depth analysis of the case, highlighting the key aspects of the dispute and the eventual resolution that brought all parties to a common understanding.

Background and Parties Involved:

The appellant, Srivision Towers Private Limited, is a company incorporated under the provisions of the 1956 Act, with its registered office in Sadashivnagar, Bengaluru. Represented by its authorized signatory, Mr. Bharat Jumrani, the appellant filed an appeal against the Karnataka Real Estate Regulatory Authority (RERA) and two allottees, Asim Kumar Priyadarshi and Harshitha Raashi. The appeal, made under Section 44 of the Real Estate (Regulation and Development) Act, 2016, sought to challenge the order passed by RERA on September 23, 2022, in CMP/220124/0008859.

The Conciliation Process:

Under the guidance of the Karnataka State Legal Services Authority, the case was brought before the Lok Adalat, a dispute resolution mechanism. The conciliation process involved the presence of Hon'ble Sri Justice B. Sreenivase Gowda, Chairman of the Karnataka Real Estate Appellate Tribunal, and Sri S. Shashank, an advocate conciliator. Both parties, namely Srivision Towers Private Limited and the allottees, were represented during the conciliation proceedings.

The Amicable Settlement:

After thorough discussions and deliberations, the appellant and the allottees were able to settle their dispute and arrive at a mutually agreeable resolution. The terms of the settlement were documented in a Joint Memo of Settlement. As per the settlement, Srivision Towers Private Limited agreed to release the amount deposited with the tribunal, in compliance with the proviso to Section 43(5) of the RERA Act, in favor of the allottees. In turn, the allottees agreed to accept the said amount as a full and final settlement of their claim related to interest for the delayed period from October 27, 2021, until the date of possession, which should occur on or before December 31, 2023.

Voluntary and Coercion-free Agreement:

It is essential to highlight that the settlement reached between the parties was entirely voluntary and without any force or coercion. Both Srivision Towers Private Limited and the allottees entered into the agreement of their own free will and volition, in an effort to resolve the dispute and avoid further litigation.

Conclusion:

The successful resolution of the real estate dispute between Srivision Towers Private Limited and the allottees, Asim Kumar Priyadarshi and Harshitha Raashi, showcases the effectiveness of alternative dispute resolution mechanisms, such as the Lok Adalat. Through the conciliation process, guided by the Karnataka State Legal Services Authority, the parties were able to find common ground and reach a settlement that was mutually beneficial. This outcome not only provides a resolution to the immediate dispute but also sets a positive precedent for future real estate-related conflicts.

In an era where real estate disputes often result in protracted legal battles, this case demonstrates the potential of conciliation and mediation as viable means of resolving conflicts efficiently. The willingness of all parties involved to engage in open dialogue and find a middle ground serves as a reminder of the importance of cooperation and amicability in resolving disputes.

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. 91/2022 before the Karnataka Real Estate Regulatory Authority

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