Revenue department officials, at the behest of Real Estate Regulatory Authority, Karnataka, attached an entire apartment project worth about Rs 134 crore to recover Rs 77 lakh penalty from the developer.
The special tahsildar of Bengaluru South taluk on Monday (October 5) attached Golden Panorama, developed by Golden Gate Properties Ltd in Gubbalala near Uttarahalli after the developer failed to deliver a flat even after two deadlines.
The authorities confiscated the entire parcel of 5 acres and built-up area of the apartment that consists of five towers which have 330 flats on 13 floors. While the land value is estimated at Rs 72 crore, the market value of the entire project is Rs 134 crore.
“This is the first instance that a property of such high value is being attached to give justice to an individual buyer,” said Rera-K secretary KS Latha Kumari.