HomeUrban NewsBangaloreBengaluru Flat Owners Cry Foul Over Property Rights

Bengaluru Flat Owners Cry Foul Over Property Rights

Bengaluru’s flat owners are demanding urgent legal reforms to protect their property rights amidst mounting uncertainty regarding title, ownership, and maintenance of group-housing residential properties. Associations representing flat owners have raised concerns about builders exploiting loopholes in existing laws to retain control over undivided land, allowing them to mortgage the land, construct additional structures, and claim compensation during property acquisitions.

The Bangalore Apartments Federation (BAF) has appealed to Deputy Chief Minister DK Shivakumar, urging the government to expedite legal reforms. “There are significant gaps in the Karnataka Apartment Ownership Act (KAOA), 1972, that need to be fixed,” said BAF President Vikram Rai. “We had represented the problem to the government last year, but the committee to address this issue hasn’t been formed yet.” Legal experts and flat owners’ associations have long criticized the existing laws, arguing that they benefit certain lobbies at the expense of homeowners.

The current legal framework in Karnataka comprises the KAOA, 1972; the Karnataka Ownership Flats (Regulation of the Promotion of Construction, Sale, Management, and Transfer) Act (KOFRA), 1972; and the Real Estate (Regulation and Development) Act (RERA), 2016. The call for legal reforms highlights the urgent need for a comprehensive and clear legislative framework to safeguard property rights and ensure fair practices in the real estate sector. The state government’s response to these demands will be crucial in addressing the ongoing challenges faced by flat owners and ensuring transparency and accountability in property transactions.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -spot_img

Most Popular

Recent Comments

Shree Cement Focuses On Higher Value Demand

Shree Cement Focuses On Higher Value Demand

India’s cement industry is entering a new phase of competition as manufacturers increasingly focus on specialised and higher value products to protect profitability amid...
India Decorative Materials Market Reshapes Housing Trends

India Decorative Materials Market Reshapes Housing Trends

India’s real estate sector is witnessing a notable shift in consumer preferences, with decorative and finishing materials emerging as a significant component of construction...
Berger Paints Gains Attention Amid Urban Expansion

Berger Paints Gains Attention Amid Urban Expansion

Investor attention is increasingly shifting towards companies linked to everyday consumption and urban development, with paint manufacturers emerging among the sectors being closely watched...
Sirca Paints Outlook Reflects Construction Market Shifts

Sirca Paints Outlook Reflects Construction Market Shifts

A scheduled investor engagement by a leading decorative and industrial coatings manufacturer is drawing attention to the broader outlook for India’s building materials industry,...
India Crude Steel Production Reflects Urban Expansion

India Crude Steel Production Reflects Urban Expansion

India’s steel industry recorded another month of production growth, with crude steel output crossing the 14 million tonne mark in May, underscoring the continued...