RERA implemented in State to regulate builders
- The State Government has announced RERA regulating the builders, developers.
- The Consumers are facilitated to purchase flats and houses as RERA aims at transparency.
- Time limit imposed on builders to complete projects and hand over to customers.
- Provision to establish a tribunal like body to look into redressals of clients and builders.
FollowThe State Government has finally implemented the Central Government’s Real Estate (Regulations and Development) Act 2017 (RERA) since yesterday. This will enable transparency in real estate in the State. The Central Government had formulated the RERA Act in 2016. Based on this around 13 states had formulated their own Acts and implemented. However the State Government had not implemented it despite several reminders from the Centre.  Finally on Monday the State Government has been implemented it coming into effect from Monday, reported Kannada Prabha.
Titled Karnataka Real Estate (Regulations and Developments) Act 2017, it has restrictions imposed upon builders to make all transactions transparent. There are also regulations governing the clients who wish to purchase flats and houses. There is also provision to establish a tribunal sort of body to regulate and look into the redressal of clients and builders.
As per the Act, the builders and developers have to register the projects. Â It requires appropriate signed documents with regard to property papers and financial transactions. Â As per the State Land Revenue Act, No Objection Certificates have to be submitted with regard to land in Form A. The builders have to construct and complete the project within the given time. Â Submit all papers to respective authorities.
Builders who do not complete the project on time and those who have not obtained the NOC within the stipulated time should submit application explaining the status as per rule 3. Â Failing to do so can attract action from the authority. The builders must provide details of pending works to the local engineers. All finances received from the clients should be in DD or cheque or bank transaction challans.
According to the rule 9 sub rule 2, all real estate agents must and should register their names. All details of financial dealings must be transparent and documents submitted. To implement all regulations of the Act an authority can be formed. Â The chairman of such authority will be of someone in the rank of chief secretary of the State Government. Â Members will be of same rank as General Secretary. A tribunal like organisation can also be formed under the Act.
Â
