India, Nov. 13 -- The Karnataka Real Estate Regulatory Authority (KRERA) has directed Bengaluru-based developer Golden Gates Properties Ltd to pay Rs.1.08 crore in delayed interest to a homebuyer for failing to deliver possession of an apartment in Presidential Tower, one of Bengaluru's tallest residential projects, standing 161 metres high with 50 storeys.

According to the order, the buyer had booked a luxury apartment worth nearly Rs.2 crore in 2014, with a promised delivery date of 2017. However, the project, a 50-storey luxury high-rise located in Yeshwanthpur, was delayed for several years, prompting the buyer to file a complaint before the regulator.

"The Respondent is hereby directed to pay delay period interest of Rs.1.08 crore ...