Karnataka RERA registered 990 projects on the last day
According to Karnataka state RERA, a total of 990 projects and 354 real estate brokers registered on the last day of registration.
The state government had launched its much-awaited portal for property registration only on July 24. The government notified the Real Estate Regulatory (Regulation and Development) Act on July 10, making it mandatory for all builders to register with the regulator.
According to Redwoods, a property consultancy firm, Bengaluru alone has over 86,000 ongoing projects (primary supply) which were launched before 2015 and not delivered till date. According to industry estimates, Bengaluru also has over 10,000 brokers who deal in real estate.
Rules state that builders should disclose the size of the apartment based on carpet area. For ongoing projects that are yet to receive a completion certificate, the promoter shall, within three months of the application for registration of the project with the authority, deposit in a separate bank account, 70% of the amount already realized from home buyers. According to a report by property consultancy firm Knight Frank, RERA, adverse impact of demonetisation and unsold stock have crippled the real estate sector in the city. Recognized as one of the most resilient residential markets, Bengaluru too is feeling the heat now.