India, April 24 -- The Karnataka Real Estate Regulatory Authority (KRERA) has directed Mantri Developers to refund Rs.2.5 crore to a homebuyer after failing to hand over the promised apartment. The authority also instructed the developer to settle the home loan taken in the buyer's name.

"The developer is directed to refund a sum of Rs.2.5 lakh towards refund with interest from April 2014 till November 2024. The developer is also directed to close the loan standing in the name of the complainant," the order said.

In this case, the buyer, Anant Ramachandran, had booked an apartment at Mantri Webcity in north Bengaluru's Hennur under the pre-EMI scheme and paid about Rs.15 lakh with an additional home loan for about Rs.65 lakh. Despite th...