What is in news : Call for reboot of RERA has surfaced in Karnataka

RERA

• Full form – Real Estate Regulatory Authority of Karnataka
• Established under Real Estate (Regulation and Development) Act of Union

RERA ACT

• Passed in 2016
• Came into effect from 1st May, 2017
• Seeks to protect home-buyers as well as help boost investments in the real estate sector by bringing efficiency and transparency in the sale/purchase of real estate
• Establishes Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute resolution
• Other provisions of act
  • Establishment of Real Estate Appellate Tribunal- Decisions of RERAs can be appealed in these tribunals.
  • Projects with plot size of minimum 500 sq.mt or eight apartments need to be registered with Regulatory Authorities
  • Defines Carpet Area as net usable floor area of flat.
  • Defines liabilities of parties involved, money usage and punishment for violation