Error spotting (present perfect progressive with 'for/since'): Identify the erroneous part (A/B/C) — choose D if there is no error — 'The Sharmas / are living in this colony / for the last eight years. / No error.' Apply correct tense for duration continuing to the present.

Concept/Approach: Duration to the present
With 'for/since' indicating an action started in the past and still continuing, standard English uses the present perfect (often progressive): 'have been living'.

Step-by-step correction
B: 'are living' → 'have been living'.Corrected: 'The Sharmas have been living in this colony for the last eight years.'

Verification
Plural family name 'The Sharmas' takes plural verb 'have'.

Common pitfalls
Using present continuous instead of present perfect continuous with 'for/since' time markers.

Final Answer
B — Use 'have been living' with 'for the last eight years'.