RERA to rope in private entity to identify unregistered real estate projects
In a bid to crack down on builders who are not complying with new real estate norms, the Karnataka Real Estate Regulatory Authority(RERA) is planning to employ a private entity to find unregistered housing projects.
RERA has called for tenders to appoint a consultancy to identify ongoing and new real estate projects which haven’t registered with the authority.
The Real Estate Regulation Act, under which the authority was set up, seeks to bring in more transparency and accountability in the sector. Builders have to register every project with the authority, and comply with numerous regulations, including starting a project only after all permissions are obtained, meeting project deadlines, payment of stiff penalties if projects are delayed and providing more clarity on the exact amount of floor space a buyer gets.
RERA estimates there are 1,294 unregistered projects across the state, of which over 800 are in and around Bengaluru. Officials said the numbers could be much higher considering that projects are mushrooming. The authority, so far, depended on newspaper reports and advertisements, websites, complaints from buyers and official records of urban local bodies to identify unregistered projects. Since these were inadequate, it is now embarking on a physical survey.