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Showing posts from July, 2017

Karnataka notifies RERA

Karnataka notifies RERA


BENGALURU: The Karnataka government has notified the Real EstateRegulatory (Regulation and Development) Act on Monday making it mandatory for all the builders to register with the regulator.
The Karnataka Real Estate (Regulation and Development) Rules, 2017 shall come into force from the date of their publication in the Official Gazette, said Kapil Mohan, principal secretary to the Karnataka's department of housing.

Last week, the Karnataka Cabinet had approved the Real Estate Regulatory (Regulation and Development) Act with a few changes, paving the way for the setting up of a regulator for the sector.

According to the Karnataka RERARules, the builders should disclose the size of the apartment based on carpet area. The rule also mentions that for ongoing projects that are yet to receive a completion certificate, the promoter shall within a period of three months of the application for registration of the project with the authority, deposit in a separate bank a…