Karnataka ranks second in number of RERA registrations
Karnataka ranks second in the country to have the maximum number of registrations done on its Real Estate Regulatory Authority (RERA) portal as on date, said Principal Secretary, Housing Department and Chairman of RERA Kapil Mohan. He took part in an interactive session on RERA organized by the Federation of Karnataka Chambers of Commerce and Industry on Wednesday and said that Maharashtra was the only State with more registrations. Stating that the move was aimed at safeguarding the rights of the allottees or buyers, Mohan called upon all real estate developers to register on its portal. “If you do not register yourself with the Authority, the penalty would be as high as 10% of the cost of the project,” he said.
The Karnataka government had notified the Real Estate Regulatory (Regulation and Development) Act on July 10 making it mandatory for all the builders to register with the regulator. Stating that the process was really easy, the Secretary said there was no need of any physical registration. “Everything can be done online. Upon registration, an interim number is provided and a permanent number will be provided 30 days later. From today, even the permanent number will be supplied online,” he added. Mohan also stressed on the need to file correct information.