RERA portal launched by Karnataka Govt.
The Karnataka government has notified the Real Estate Regulatory (Regulation and Development) Act on July 10 making it mandatory for all the builders to register with the regulator.
Jul 25, 2017
Source : Accomodationtimes


Bengaluru: Karnataka Real Estate Regulatatory Authority (RERA) that was formed more than two weeks has gone live with the state government launching the portal for registration.

In absence of any RERA portal since last two weeks builders have been struggling to register projects with state authority not accepting physical application for project proponents to register.

“All CREDAI (Bengaluru) members are quite aware of the July 31st deadline for RERA registration. In fact everyone has been in preparation for the same, from the day the Centre proclaimed RERA notification on May 1st 2016. Of course it would be helpful if the state government extends the deadline for registration of ongoing projects in the light of this,” said Ashish R. Puravankara MD, Puravankara Limited. Ashish is also president of CREDAI Bangalore chapter.

The Karnataka government has notified the Real Estate Regulatory (Regulation and Development) Act on July 10 making it mandatory for all the builders to register with the regulator.

“Only few days are left for registration. The launch of portal will now make the process speedy so that we can launch new projects, it will also help real estate market to resume to normalcy,” said JC Sharma Vice Chairman & Managing Director Sobha Developers.

Central government has given July end deadline to all state governments to go live with their portals and register projects.

“In spite of Central Government repeated reminders for early notification of RERA Rules and constitution of Regulatory Authority, the delayed notification of Karnataka RERA Rules on 10th July 2017 has not brought any breather either to developers or to consumers. The consumers were put into a lot of dilemma on ascertaining their Project eligibility under Karnataka RERA,” said M S Shankar – Convener, Fight for RERA Karnataka Chapter.

The Karnataka Real Estate (Regulation and Development) Rules, 2017 shall come into force from the date of their publication in the Official Gazette said Kapil Mohan Principal Secretary to Government of Karnataka Department of Housing.

According to the Karnataka Real Estate (Regulation and Development) Rules states that the builders should disclose the size of the apartment based on carpet area. The rule also mentioned that for ongoing projects that are yet to receive completion certificate the promoter shall, within a period of three months of the application for registration of the project with the Authority, deposit in the separate bank account, seventy per cent of the amounts already realized from the buyers.


Latest Realty News

Jul 25, 2017
LUCKNOW: The state government and the real estate developers engaged in a fresh bout of disagreement on Sunday with UP chief minister Yogi Adityanath asking the developers to get themselves registered under Real Estate Regulatory Authority (RERA) act through a web portal
Jul 24, 2017
The Centre has asked the states and union territories to "immediately" set up regulatory authorities under real estate rules as just over a week is left for mandatory registration of all projects, according to an official communication.
Jul 06, 2017
Real estate players are planning to absorb the post-GST additional tax burden of five to six per cent post to prevent further slump in sales as demonetisation hangover continues in the sector.
Jul 06, 2017
Bengaluru: The Karnataka government on Wednesday passed the Real Estate (Regulation and Development) Act 2016 or RERA, an Act described as customer-centric which aims to protect home-buyers and encourage genuine private players in the fast growing sector.
Jul 06, 2017
PUNE: The district consumer court has sentenced a developer to three months in jail in each of the 20 execution applications filed by as many homebuyers for his failure to comply with the court's orders.
Jul 05, 2017
Surat : The Surat Municipal Corporation (SMC) has initiated work on building 7,500 new homes for people from economically weaker sections at the cost of Rs 879 crore. This will be the first project for low cost housing under the public, private partnership (PPP) model by the civic body.
Jul 04, 2017
PANAJI: Goa Housing Board (GHB) is looking forward to tie up with private players to develop its properties. The board has opted to collaborate with private firms to offer better quality housings, minister of housing Jayesh Salgaonkar said.
Jun 30, 2017
LUCKNOW: Prime Minister Narendra Modi's constituency Varanasi will be the only city in India whose detailed project report (DPR) will be prepared in 7D visualisation under the Smart City project.
Jun 30, 2017
The Union Government on Thursday hiked the GST rate for the construction sector to 18 per cent from 12 per cent, but removed land value from the computation of tax liability.
Jun 29, 2017
SHIMLA: Himachal Pradesh will notify the rules for the implementation of the Real Estate (Regulation and Development) Act, 2016.

Latest Realty News Of State

Realty Talk's