Buildings, Construction, Property, Real Estate, Real Estate Buyers, Real Estate Developers, Real Estate News, Real Estate Registration, Real Estate Regulations, Real Estate Residential, RERA :: KARNATAKA
The Karnataka RERA, through its chairman has cautioned the builders and developers throughout the state that they would either have to register themselves mandatorily with RERA or face stringent action. There are approximately 1700 projects registered with the Karnataka RERA Authority, out of which 725 have been approved. The approval of 573 projects has been in progress and the remaining would get the nod after getting additional information. The Chairman also cautioned that the Authority would find out with help of other governmental agencies how many projects are to be registered and those who are unregistered would be severely penalised, to almost 10% of the project cost. The authority has so far received 218 complaints, from the buyers, most of which has been resolved. The authority, which is typically designed to be buyer friendly, is also willing to help the developer or the promoter in case of any issues to be sorted. Would the Developers register themselves or “face the music”?