Karnataka RERA Website Goes Live – Registrations Starts, the registrations under the Real Estate Regulatory Authority (RERA) commenced with the launch of a website that allows builders and agents to register their housing properties. The web site address is: rera.karnataka.gov.in
Kapil Mohan, Principal Secretary, Department of Housing, Government of Karnataka, said that the website is fully functional and they had already done test run by registering two builders. It is an end to end solution where one can make payments too. The portal went live on 24th July.
Though the Karnataka RERA was formed two weeks ago, the launch of the portal effectively marks the functioning of the Authority and implementation of the Act.
Once documents are uploaded on the website (rera.karnataka.gov.in), the regulator will process the documents and issue the final certificate. Until then, those registered are given interim registrations. The portal also allows registration of complaints.
The Government of India has mandated that all registrations be done within July 31, 2017. All CREDAI (Bengaluru) members are quite aware of the July 31st deadline for RERA registration. In fact everyone has been in preparation for the same, from the day the Centre proclaimed RERA notification on May 1st 2016. Of course it would be helpful if the state government extends the deadline for registration of ongoing projects in the light of this, said Ashish R. Puravankara MD, Puravankara Limited. Ashish is also president of CREDAI Bangalore chapter.
The Government of Karnataka notified the Real Estate Regulatory (Regulation and Development) Act, on July 10, 2017 making it mandatory for all the builders to register with the regulator.
Only few days are left for registration. The launch of portal will now make the process speedy so that they can launch new projects, it will also help real estate market to resume to normalcy, said JC Sharma Vice Chairman & Managing Director Sobha Developers.
According to the Karnataka Real Estate (Regulation and Development) Rules states that the builders should disclose the size of the apartment based on carpet area. The rule also mentioned that for ongoing projects that are yet to receive completion certificate the promoter shall, within a period of three months of the application for registration of the project with the Authority, deposit in the separate bank account, seventy per cent of the amounts already realized from the buyers.
The city’s residential market continued to be restrained in the first half of 2017, witnessing an increase of 5% in new launches and 4% in sales over the year-ago figures.