RERA rules explained, but buyers seek more clarity

RERA rules explained, but buyers seek more clarity
22/07/2017 , by , in News/Views

The Karnataka Housing Department on Friday issued a 13-page explainer on the Real Estate (Regulation and Development) Rules, clarifying mainly what constitutes an ‘ongoing project’, which is currently exempted from the ambit of the Act.

According to the rules, it is mandatory for promoters and real estate agents to register with the Real Estate Regulatory Authority.

According to the department, the Karnataka Real Estate Regulatory Authority website will be launched in four weeks and registration of projects, developers and agents will take place through this portal. The Karnataka Real Estate (Regulation and Development) Rules, 2017 is available at www.housing.kar.nic.in.

The explainer gives relief to home buyers by defining the competent authority to certify the inclusion of the project under RERA as the local civic body engineer.

This will help home buyers approach the competent authority to find out the status of their projects, home buyers said. However, more clarity is needed to identify ‘ongoing projects’, feel buyers.

The explainer defines ‘Ongoing Projects’ as “a project where development is going on and for which completion certificate has not been issued.” It also specifies certain criteria based on which a project cannot be considered as ‘ongoing projects’ if they fulfil any of the specified criteria on the date of notification of rules. This includes layouts where streets and civic amenities sites and other services have been handed over to the local authority and planning authority; apartments where common areas and facilities have been handed over to the registered association consisting of a majority of allottees; and projects where all development works have been completed as per the Act and certified by the competent agency and sale/lease deed of 60% of the apartments/houses/plots have been registered and executed.

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