Earlier this month, in a huge victory for over 1,000 homeowners, the Supreme Court ordered Bengaluru-based developer Mantri Castles Pt Ltd to deliver the apartments of the Mantri Serenity project, which has been delayed for five years, by 13 March 2023. The Mantri Serenity project's apartments were seized by the Enforcement Directorate (ED) following complaints that the developer had allegedly misappropriated funds. According to the SC order, the flat buyers who have paid 100 percent of their outstanding dues in accordance with the buyer’s agreements will be eligible to receive possession of their flats before the next date of listing.
Earlier this month, in a huge victory for over 1,000 homeowners, the Supreme Court ordered Bengaluru-based developer Mantri Castles Pt Ltd to deliver the apartments of the Mantri Serenity project, which has been delayed for five years, by 13 March 2023. The Karnataka High Court had imposed a status quo on Mantri Serenity project flats last month after the Enforcement Directorate had taken possession of them.
According to the SC order, the flat buyers who have paid 100 percent of their outstanding dues in accordance with the buyer’s agreements will be eligible to receive possession of their flats before the next date of listing. These instructions also apply to homebuyers who pay their past-due balances before the next listing date.
The buyers were expected to receive the apartments starting in 2016–17. Hence, following an initial two-year wait, the homebuyers began complaining to the Karnataka Real Estate Regulation Authority (KRERA). According to the order, they will now receive possession of their new home as soon as their payment is received.
The Mantri Serenity project's apartments were seized by the Enforcement Directorate (ED) following complaints that the developer had allegedly misappropriated funds. The inquiry is currently underway after the homebuyers filed a first information report (FIR) at the Subramanyapura Police Station in 2020 accusing the developer of such crimes. Last month, the Karnataka High Court ordered a status quo on those apartments.
Sushil Mantri, the director of Mantri Developers, was detained by the Karnataka Crime Investigation Department (CID) in September of last year as part of a money laundering probe.
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