Karnataka RERA: A sum of 65 real estate projects in Mysore had been affirmed by Real Estate Regulatory Authority (RERA), which had been set up a year ago to control real estate sector.
Secretary of RERA, Karnataka, Sunil Kumar, revealed The Hindu that applications had been submitted for 109 ventures in Mysore. “While 65 projects had been affirmed, the remaining 44 were under process. No projects had been until now.
Thus, a sum of 44 real estate agents in Mysore had applied for enlistment with RERA. Of them, 22 had been endorsed while seven were under process, he included.
All commercial and residential real estate projects, which come up on a plot more than 500 sq meters or projects having more than 8 units, should be obligatorily enlisted with RERA. Also, all real estate agents too need to compulsorily enroll themselves with RERA.
With a view to sharpening real estate promoters, developers and agents in Mysore, RERA, Karnataka, in connotation with CREDAI, Mysore, sorted out a workshop at the zilla panchayat premises here.
‘No plan deviations’
Interim Chairman of RERA, Karnataka, Kapil Mohan, who talked on the event, said the authority seeks to guarantee that there are no plan deviations, development without clearances, development delays, and so on. RERA likewise guarantees that all affirmations given in the brochure are satisfied and the interests of the home purchasers and consumers are ensured.
Envisioned with a plan to achieve transparency in the real estate sector, RERA likewise has an adjudicating system for rapid dispute redressal mechanism.
A builder can start promoting his project simply after receiving endorsement from RERA and needs to deposit the advance sum gathered from the purchasers in a different account with the goal that the deposits are utilized just for the project.
While a dominant part of the 2,000 applications received under RERA Karnataka were from Bengaluru, the 109 ventures in Mysore included apartments, layouts as well as row houses.
K.G. Satyanarayana, RERA’s Assistant Executive Engineer, informed that the endorsement for these projects would be given by RERA if every document relating to town planning approvals, revenue records, and financial records were available.
Workshop delayed
The RERA workshop in Mysore was planned to be held a few months back, however was postponed because of different reasons. After Bengaluru City and Bengaluru Rural, it was Mysore that gloats of a dynamic real estate sector.
As indicated by records available with the Stamps and Registration Department, which gives knowledge into the transactions in the real estate sector, Bengaluru City and Bengaluru Rural record for just about 75% of the transaction in the State. Next comes Mysore.
While Bengaluru City and Bengaluru Rural had an objective of ₹9,000 crore this fiscal, Mysore has an objective of ₹410 crore. Before the finish of January 2018, Mysore had acknowledged ₹247.22 crore, he said.
Mr. Satyanarayana said there was no requirement for real estate builders, developers or agents to fear RERA. Just, violators should fear. The real estate sector will be streamlined with RERA. He called upon developers to surrender the practice of having a construction plan, which is not the same as the sanctioned plan. Or there will be consequences from which the venture will suffer, he advised.
Ms. Shantala, undersecretary, RERA, said the endorsement for undertakings will be given when the builders transfer all the documents.
Note – Please note that the above article is for education purpose only. This is based on our interpretation of laws which may differ person to person. Readers are expected to verify the facts and laws.
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