Published on: July 25, 2021
RERA – KARNATAKA
What is in news : Call for reboot of RERA has surfaced in Karnataka
- Full form – Real Estate Regulatory Authority of Karnataka
- Established under Real Estate (Regulation and Development) Act of Union
- 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