Imagine getting regular construction updates about the project you have invested in from the builder. Sounds like a distant dream? Not anymore! This is reality for homebuyers in Karnataka.
Earlier this month, Karnataka RERA made it mandatory for developers to update the progress of their projects on a quarterly basis. As per the Act, 70% of the funds collected from buyers needs to go towards the cost of the project. With regular updates, every civil work will be accounted for and buyers will have a clear idea of the construction progress.
The announcement has come in the backdrop of never-ending project delays that have plagued the real estate sector for quite some time now.
“Homebuyers in Karnataka can now access all the project-related details on the Karnataka RERA website.”
Interestingly, if the details are not updated, a penalty of 5% would be levied on the builder.
The ground reality
At present, the authority has approved as many as 1,826 real estate projects across the state. For about 145 projects, the approval is under-process.
So, if you have decided to take the plunge in the property market, make sure to check if the project is RERA-approved to avoid any problems in the future.
- Find here a list of RERA-approved projects.
The website states that a total of 2,201 projects have been processed till the time of writing this post. Also interesting is that you can also view the applications that have been rejected as well!
- You can also find a list of RERA-approved agents here.
The RERA website allows you to download the approved agent’s certificate and view all pending applications too. You can also view project documents once you register and log in online.
- For a list of all rejected projects, click here
(Read More: One Year of RERA)
You can now report unregistered projects online!
A unique feature has also been added to the portal where buyers can report projects that are not registered with the authority. All you have to do is to enter the project details like project name, developer name, address, and upload some supporting documents.
The Karnataka Real Estate (Regulation and Development) Rules-2017 were approved by the State Cabinet and notified on July 10, 2017. Since then, there have been several modifications in the notified rules.
While Maharashtra has been at the forefront in the implementation of RERA, it is interesting to see that Karnataka is not far behind.
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Hello!
Planning to buy an apartment in a society that has already been constructed about 10 years ago. Do I still need to insist or verify RERA registration?