Introduction
The Real Estate Regulatory Authority (RERA) Karnataka portal, developed under Section 4(3) of the RERA Act, 2016, stands as a beacon of transparency and accountability in the real estate sector. Spearheaded by the Department of Housing, Government of Karnataka, this initiative aims to streamline real estate transactions and protect the interests of homebuyers.
The Genesis of RERA Karnataka
With all sections of the RERA Act coming into force on May 1, 2017, Karnataka quickly adopted the Karnataka Real Estate Regulation and Development Rules, 2017, notified on July 10, 2017. This move underscored the state's commitment to fostering a transparent, efficient, and trustworthy real estate market.
Understanding the RERA Act
The Real Estate Regulation and Development (RERA) Act, 2016, is a landmark legislation aimed at reforming India's real estate sector. It emphasizes transparency, citizen-centricity, accountability, and financial discipline, aligning with the country's economic growth and the increasing real estate investments.
Salient Features of the RERA Act, 2016
Establishment of Regulatory Authorities
Creation of Real Estate Regulatory Authorities in each State/UT for oversight of real estate transactions.
Appointment of adjudicating officers to settle disputes and impose penalties.
Registration of Projects and Agents
Mandatory registration of real estate projects and agents with the Regulatory Authority.
Public disclosure of project details, including promoter information, layout plans, development works, and statutory approvals.
Duties and Obligations of Promoters
Comprehensive disclosure of project-related information.
Adherence to approved plans and project specifications.
Obligation to rectify structural defects within two years of possession.
Provision for refunds in case of defaults.
Financial Discipline
Compulsory deposit of 70% of the amounts realized from allottees in a separate bank account to cover construction costs.
Role of Real Estate Agents
Sale of properties registered with the Authority.
Maintenance of books of accounts and records.
Prohibition of unfair trade practices.
Rights and Duties of Allottees
Right to obtain stage-wise time schedules of project completion.
Claim possession as per promoter declarations.
Right to refunds with interest for promoter defaults.
Functions of the Regulatory Authority
Enforcement of the Act’s provisions.
Coordination of development efforts in the real estate sector.
Providing advice to the government to promote transparency and efficiency.
Fast Track Dispute Settlement and Appellate Tribunal
Establishment of a fast track dispute resolution mechanism through adjudicating officers.
Formation of a Real Estate Appellate Tribunal to hear appeals from the Authority and adjudicating officers.
Punitive Provisions
Penalties and de-registration of projects in case of contravention of the Act’s provisions or orders.
Key Components for Promoters, Agents, and Buyers
For Promoters
Promoters must submit detailed project information for registration, including financial statements, legal title deeds, and development agreements. Ongoing projects without a completion certificate must register with the Regulatory Authority and deposit 70% of the amounts realized from allottees in a separate account.
For Real Estate Agents
Agents must provide enterprise details, registration particulars, and personal identification documents for registration. This ensures that only credible agents operate in the market.
For Buyers
Buyers can now access real-time updates on project statuses and litigations, ensuring informed decision-making. The Act empowers consumers to voice grievances and lodge complaints against defaulting promoters or agents, with a nominal fee for filing complaints.
Establishment of RERA and Appellate Tribunal in Karnataka
The Interim Real Estate Regulatory Authority was established on July 14, 2017, functioning until March 6, 2019. The regular Karnataka Real Estate Regulatory Authority commenced operations on March 7, 2019. Similarly, the Karnataka Real Estate Appellate Tribunal was established to address appeals, ensuring a robust framework for dispute resolution.
Conclusion
RERA Karnataka embodies a transformative step towards a transparent and accountable real estate sector. By fostering a regulated environment, it ensures that homebuyers, promoters, and agents operate within a framework of trust and efficiency. For more information and to access services, visit the official RERA Karnataka portal and join us in building a transparent real estate market.
More Details 👉 https://rera.karnataka.gov.in/
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