RERA applies to all incomplete projects

RERA applies to all incomplete projects

RERA applies to all incomplete projects
Developers can claim exemption from the Real Estate (Regulation and Development) Act only if work on their apartment or layout project is complete and if 60% of the flats or sites are registered.

As per the final notification of the Real Estate (Regulation and Development) Rules issued on Monday, a competent agency should certify that the project is complete. Besides, developers who have already submitted applications seeking completion and occupancy certificates after completing the project can also claim exemption. The notification stated that ongoing apartment projects wherein common areas and facilities have been handed over to the registered association of owners are excluded from the Act.

This is aimed at protecting consumers’ interests and enhancing transparency in the real estate sector. After much dilly-dallying, the state Cabinet recently approved the Real Estate (Regulation and Development) Act (RERA). The draft rules were notified in October.

The notification also states that on-going layouts are excluded from the Act if streets and civic amenity sites of a residential layout have been handed over to the concerned planning authority. All other real estate projects come under the Act.

The government will constitute a selection committee to set up the regulatory authority under the Act. As per the draft rules, the selection committee comprises the chief justice of the Karnataka High Court, chief secretary and the housing secretary, who has been appointed as the interim regulatory authority.
As per the notification, real estate agents will have to register themselves with the regulatory authority.
­
DH Newsletter Privacy Policy Get top news in your inbox daily
GET IT
Comments (+)