India, Jan. 30 -- Karnataka Real Estate Regulatory Authority (KRERA) has ordered Bengaluru-based listed real estate developer Shriram Properties to pay Rs.12.7 lakh in delayed compensation after the developer failed to inform the authority and the buyers about the project litigation at the time of project registration.

"Developer is directed to pay interest on the delay period from December 31 till the date of possession within two months. The total amount for the delay period should be Rs.12.77 lakh," the order dated January 17 said.

In this case, the buyers had booked the project in Shriram Summit with a completion date of December 2019. The project received an Occupation Certificate in May 2022.Also Read: Bengaluru real estate: Can h...