Status as on- 18/02/2020
INTRODUCTION
The state government of Kerala welcomes RERA with open arms. There has been continuous growth in the number of project registration and real estate agents within a span November 2018 to April 2019 in most of the states. Kerala becomes the most recent one to notify the RERA rules and implement RERA.
RERA Registration in Kerala
The Kerala Real Estate (Regulation and Development) Rules were notified in 2018. However, Kerala RERA was formally launched on January 1, 2020. The Authority has also fixed a three-month period for developers to register all ongoing and upcoming projects from January 1 to March 31, 2020.
The Real Estate (Regulation and Development) Act, 2016, makes it obligatory for developers to register each project with the Authority. The registration is relevant to all projects where the land to be developed is 500 square meters or more and the number of apartments is eight or more. The agents of real estate should also be registered with the authority.
The chairman, Mr. Kurian says that the builders are prohibited from advertising or marketing unregistered projects. Therefore, registration is mandatory and pre-requisite for all the projects ongoing and upcoming in Kerala.
The government of Kerala has appointed Mr. Kurian as the chairman, and Preetha Menon a member of the authority. However the Adjudicating Officer has not been appointed. The authority will also establish a conciliation forum for grievance redressal through dialogue and in addition, an appellate tribunal for handling appeals from Kerala RERA decisions. The authority is also planning a series of awareness programmes on RERA in Kerala.
CONCLUSION
This marks the dawn of a new era and a major change in the dynamics of the real estate sector in Kerala. Thus it will ensure that there are more compliances on part of the project developers which in turn will entail more accountability. While on the other hand it will curb the chances of any fraudulent or mischievous conduct of the project developers infringing the right of the allottees or homebuyers.
Disclaimer– The above article is based on the personal interpretation of related laws, which may differ from person to person. The readers are expected to take expert opinion before relying on this article. For more clarification, the readers can be expected at support@centrik.in
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