Real Estate Regulatory Authority (RERA) in Bengaluru has started accepting registrations for builders and agents both online and offline. An office has been set up at KHB Complex on KG Road in Bengaluru. Though RERA Karnataka website was launched 2 weeks ago and many promoters and agents have submitted their registration requests and paid the fee online, the officials recommended developers of ongoing projects, as well as those, are ready to launch, to register under RERA Act.
On the subject of RERA Rules, which were notified by the State government last month says that only those developers and agents can advertise their projects who will be registering themselves with the body and those who fail to do so will have to go through hefty penalties.
Since RERA Filing is terrorizing and compressing the Real Estate industry and just three days left for RERA Registration the builders they are probing RERA Authority for 90-day window from the date of notification of RERA Rules to get themselves registered.
RERA is marked to bring affordability, transparency among developers and homebuyers. A developer of budget homes said that RERA is going put everybody in line and make builders consumer friendly which will hopefully stop any diversions of funds by the developers from which the money is collected.
Note – Please note that the above article is part of our continuous research on the related matters. It is based on our interpretation of related regulations which may differ person to person. Readers are expected to take expert opinion before relying on above.