Mantri Serenity on Kanakapura Road, where booking began in 2012 but the project was stalled in 2018 due to lack of funds, has emerged as the first realty project in Bengaluru to be completed using funding from the SWAMIH Investment Fund, a special scheme by the Union Government to ensure completion of stalled housing projects.
The project received funding from SWAMIH Investment Fund in October 2020, the quantum of which is undisclosed. Recently, Bangalore Development Authority (BDA) issued Occupancy Certificate (OC) for towers 4 and 5 which have 1,240 apartments, including 100 reserved for Economically Weaker Sections. Work is almost complete in towers 1 and 3 and is expected to get OCs by the BDA, sources said.
Though Karnataka Real Estate Regulatory Authority (RERA-K) has ordered the developer to pay interest for the intervening period of delay, its order is yet to be implemented, said Patil. “RERA-K has mostly been ineffective in implementing its orders, thereby providing little relief to home-buyers,” he said.
Bengaluru South MP Tejaswi Surya had intervened on behalf of home-buyers and had appealed to Union Finance Minister Nirmala Sitharaman to provide funding through SWAMIH Investment Fund.
