Karnataka RERA (Real Estate Regulatory Authority) Authority is working progressively as it can be seen from projects it has registered in last seven months of its working. Karnataka is the second state to implement RERA Act for real estate. RERA Authority has successfully registered 1,331 projects out of 1,982 applications in the state. Karnataka RERA Authority has rejected 45 applications so far now and now 606 applications are waiting for the approval by the authority according to RERA secretary P. Sunilkumar.
The workshops are being conducted by the authority for developers and agents by the authority for better functioning and awareness of RERA and the guidelines of Act is being explained to them. The workshops are conducted by them on divisional level .921 real estate agents have applied for registration under the Act and 769 have got the registration number. RERA (Real Estate Regulatory Authority) as per its guidelines the project exceeding 500 sqm or more than eight apartment has to be registered under the RERA. In Kalaburagi district only 32 projects are registered, Vijayapura with regulatory authority 19 projects are registered and same is the case with all the districts in which the projects are going on. The same situation is with agents, only five agents in Kalaburagi district are registered with RERA.
According to authority “complete details of developers, agents, project approval details, completion details. Developers have been asked by the authority to open a separate reserve account for keeping the 70% of receive fund in it, so that delay in projects and transferring of fund in new projects cannot be done by the developers”. The RERA Authority is taking steps to ensure that developers work in complete transparency without exploiting the buyers in future.
Disclaimer – The above points are based on the personal interpretation and understanding of the RERA rulings, which may differ person to person. The readers are expected to take expert opinion before placing reliance on it.