Table of Content:
- RERA Karnataka: Overview
- RERA Karnataka: Key Features
- RERA Karnataka: Benefits
- RERA Karnataka: Steps To Register A Project Online
- RERA Karnataka: Steps To Check RERA Status For Registered Projects
- RERA Karnataka: Steps To Register As An Agent
- RERA Karnataka: Steps To Check RERA Status For Agents
- RERA Karnataka: Steps To File A Complaint Online
The Real Estate (Regulation and Development) Act was enacted in India to bring transparency, accountability, and efficiency to the real estate sector. Like any other state, Karnataka has its own version of "RERA Karnataka," which aims to protect homebuyers' interests, ensure timely project completion, and regulate the real estate market.
This article provides an informative overview of RERA Karnataka, its key features, benefits, registration of projects, and much more. So, to better understand RERA Karnataka, continue reading our informative article.
RERA Karnataka: Overview
The RERA Karnataka, was created in 2017 under Section 4.3 of the RERA Act, covering residential and commercial developments. The state launched its online portal to facilitate the registration of projects and realtors. Furthermore, the digital portal will help buyers and investors make informed decisions based on the registered details of the promoter and project.
RERA Karnataka: Key Features
Below is a list of critical features and services offered by RERA Karnataka.
The property sale should be based on the carpet area and the super-built area.
Builders will keep 70% of the payment out of the amount received in a different account for construction work only.
Developers must regularly upload updates and project details on the Karnataka RERA website.
Changes and alterations that are made to a project should be submitted to the RERA Act, Karnataka.
In the event of a delay in a project, developers and buyers are obligated to pay an interest rate of 2% over SBI’s Marginal Cost of borrowing rate.
Violations against the RERA Act, Karnataka, by agents and buyers will lead to imprisonment for one year, whereas for developers, it will be three years in jail.
During the first five years, damage to a property should be resolved within 30 days.
If the buyer faces any issues for one year following possession, they can submit them in writing.
RERA Karnataka: Benefits
Below are some of the benefits that are discussed in brief:
Homebuyers can check the progress of construction on the RERA Karnataka website.
Buyers are not charged for super built-up areas.
Developers are liable to fix defects in the building for up to 5 years.
Conflicts with buyers should be resolved within 120 working days.
Also Read: Stamp Duty in Karnataka: Steps to Pay & Calculate Registration Charges
RERA Karnataka: Steps To Register A Project Online
Below are the steps to register a project on the Karnataka RERA website.
Step 1: Visit the RERA Karnataka website at rera.karnataka.gov.in
Step 2: Select the ‘Project Registration’ option.
Step 3: Keep the below-mentioned documents handy to make your experience hassle-free.
Last three years' worth of balance sheets.
A three-year audited profit and loss statement.
Board of Directors three-year report.
Statement of cash flows for the previous three years.
The audit report.
Income tax returns.
PAN card.
Encumbrance certificate.
Commencement certificate.
They approved the building plan.
Approved layout plan
Form of a sale agreement.
RTC and the sale deed.
Approved section of the building.
A project area development plan.
Letter of allocation.
Project's current brochure.
Project description.
Agreement for joint development.
Form B Declaration
Khatha.
Approval/NOC under Section 109 of the KLR Act 1961.
Conversion certificate under Section 95 of the KLR Act 1961.
Approval /NOC under Section 14 of the KTCP Act.
Fire department NOC
Airport Authority of India (NOC)
BESCOM NOC.
BWSSB NOC.
KSPCB NOC.
SEIAA NOC.
BSNL NOC.
Lift Authorities
Existing Layout Plan
Existing Section Plan and Specification
Change of Land Use
BMRCL NOC
Urban Land Ceiling NOC
Sectional Drawing of the Apartments
Bangalore Urban Arts Commission
Inspector of Factories and Controller of Explosive Railways
District Magistrate
Coastal Regulation Zone Authority
Certificate from a Registered Engineer indicating the Structural Safety of the building
NOC in case of building proposals abutting neighboring properties
Advocate Search Report
Utilisation Certificate
Transfer of Development Rights Certificate
Relinquishing Deed
Project Photo
Step 3: You will receive two options- Individual and Society. Choose the most appropriate one and type your email address.
Step 4: Mention promoter details and project details.
Step 5: Now upload the requested documents, and you will receive a confirmation soon.
Also Read: Kaveri 2.0: Online Property Registartion in Karnataka in 10 Minutes
RERA Karnataka: Steps To Check RERA Status For Registered Projects
Follow the below steps to check the RERA Karnataka project status.
Step 1: Go to the RERA Karnataka @ https://rera.karnataka.gov.in/.
Step 2: Select the ‘Project Status’. A new window will appear on your screen.
Step 3: For registered projects, mention details including project name, application number, etc., and click ‘Search.’
The RERA Karnataka project status will appear on your screen.
RERA Karnataka: Steps To Register As An Agent
Below is the registration process.
Step 1: Navigate to the RERA Karnataka portal at https://rera.karnataka.gov.in/.
Step 2: Select an individual or business entity and enter your email address.
Step 3: Mention personal details and the area of operation.
Step 4: Upload the mandatory documents, which include an affidavit.
Step 5: Pay for registration and wait for the RERA registration number to be allotted. For an individual real estate agent, the registration fee is INR 25000, and INR 2 lakh for a business entity.
RERA Karnataka: Steps To Check RERA Status For Agents
You can check the status of RERA-registered agents on the Karnataka RERA website. Click on the ‘Agent Status’ option available under ‘Services’. Select ‘Applications Approved’ from the options available, mention the name of the agent, and select ‘Search.’
Also Read: BBMP Property Tax: A Guide to Understanding Bengaluru’s Taxation
RERA Karnataka: Steps To File A Complaint Online
For RERA complaints, Karnataka buyers and investors can file a complaint in three steps.
Step 1: Go to the Karnataka RERA website @https://rera.karnataka.gov.in/. Select the ‘Register Complaint’ option and log in. (If you are a first-time user, create an account first.)
Step 2: Enter the information related to complaint details, respondent details, and relief sought from the RERA, along with supporting documents.
Step 3: Pay INR 1000 and keep the receipt for future reference. Furthermore, keep the acknowledgement number/ complaint number.
RERA Karnataka: Helpline Details
If you wish to get in touch with RERA Karnataka, refer to the below-mentioned details:
Address: Silver Jubilee Block, 3rd Cross Road, Sampangi Rama Nagara, Bengaluru, Karnataka 560002
Phone No: 080-22249798
Conclusion
RERA Karnataka has significantly transformed the real estate sector in the state. Developers are now more cautious about project planning, execution, and adherence to timelines. The RERA Act in Karnataka has led to increased trust between buyers and developers, resulting in a more transparent market. Furthermore, RERA Karnataka has promoted transparency, accountability, and efficiency that have safeguarded the interests of homebuyers and developers.