Published on: July 25, 2021

RERA – KARNATAKA

RERA – KARNATAKA

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  • 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