The Real Estate Regulation Authority Act, or RERA, has been a key player in controlling the real estate industry in India in recent times. RERA has become an important framework that regulates real estate transactions in Karnataka, providing fairness, transparency, and accountability for all stakeholders involved. In this blog, Brick & Bolt will explore the intricacies of RERA Karnataka, including its importance, roles, benefits for purchasers, agent registration procedures, and complaint handling protocols.
What is the RERA Act?
The Indian Parliament introduced the RERA – Real Estate Regulation Authority Act in 2016 to encourage efficiency, accountability, and transparency in the real estate industry. RERA also aims to protect the real estate market, safeguard homeowner interests, and create a dispute resolution adjudication process.
Benefits of RERA Karnataka
RERA Karnataka offers several benefits to homebuyers, including:
- Developers must register their projects with RERA Karnataka and provide detailed information about project schedules, budgets, and plans. This transparency helps buyers make smart decisions.
- RERA requires developers to keep a separate escrow account for each project to guarantee that funds are used for their intended purpose and prevent diversion to other projects.
- The project timelines that were established at the time of registration must be followed by developers. Penalties for not complying with this requirement encourage on-time project completion.
RERA Registration Process for Real Estate Agents in Karnataka
When registering, all real estate agents are required to provide the following details about their agency:
- This is information about the agency, including its name, business type, address, societies, and partnerships.
- The agency’s registration details encompass MOA, MUA, and additional by-laws.
- The agent must supply their name, contact information, and address if they are an individual and not a representative of an agency.
- If it’s an agency, then the details about the agency’s partners are required.
- Copy of Pan Card with a signature.
- Copy of the business address with signature.
Online Registration Process Steps For RERA Karnataka
To initiate the RERA Karnataka registration process online, follow these steps:
- Visit the official RERA Karnataka portal at https://rera.karnataka.gov.in/home.
- Upon accessing the portal, select the ‘register’ option from the dropdown menu.
- You will be presented with five options: Project Registration, Complaint Registration, Apply for Extension, Change Request, Post Registration and Quarterly Update.
- Before proceeding, ensure that you have all the required documents ready as per the checklist provided and upload the documents.
- On the following page, select the appropriate promoter type from the options available: individual, Society, Company, Partnership Firm, Development Authority, or Trust Agent.
- Provide your email address as prompted and continue with the registration process.
For inquiries or assistance, contact RERA Karnataka at 080 – 22249798 or 080 – 22249799.
To track the progress of your registered project or obtain the RERA number, follow these steps:
- Navigate to the project list section and select the option labelled “processed applications.”
- From the available options, choose “Applications Approved.”
- Enter the name of your project in the search bar and locate it in the search results.
- Download the relevant file to access all updates and information regarding your project.
These steps streamline the process of registering and monitoring projects under RERA Karnataka.
What are the Documents Required to Register in RERA Karnataka
When registering a project online as a promoter in Karnataka, it’s essential to have the following documents in order:
Financial Documents:
- Balance Sheets (for 3 years)
- Audited Profit and Loss Statements (for 3 years)
- Directors Report (for 3 years)
- Cash Flow Statements (for 3 years)
- Auditor Reports
- Income Tax Return Acknowledgement
- PAN Card
Legal Documents:
- Encumbrance Certificate
- Commencement Certificate
- Approved Building/Plotting Plan
- Approved Layout Plan
- Proforma of Agreement for Sale
- Sale Deed and RTC
- Approved Sections of Building/Infrastructure Plan of Plotting
- Area Development Plan of Project Area
- Proforma of Allotment Letter
- Brochure of Current Project
- Proforma of Sale Deed
- Project Specification
- Collaboration Agreement/Development Agreement/Joint Development Agreement/Other Agreement
- Declaration (Form B)
- Khatha
- Other Documents (Title/Rights/Interest/Name)
- Approval/NOC under Section 109 of KLR Act 1961
- Approval/NOC under Section 14 of the KTCP Act
NOCs from Various Authorities:
- Fire Force 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
- NOC from Coastal Regulation Zone Authority
- Certificate from Inspector of Factories Controller of Explosives Railways
- District Magistrate NOC
Structural and Safety Certificates:
- Certificate from a Registered Engineer indicating the Structural Safety of the building
- NOC in case of building proposals abutting neighbouring properties
Legal Compliance Documents:
- Advocate Search Report
- Utilisation Certificate
- Transfer of Development Rights Certificate
- Relinquishing Deed
Project Documentation:
- Project Photo
How to Register a Complaint on the Karnataka RERA Website?
The Karnataka RERA website makes it easy to file a complaint if you have problems with the state of Karnataka’s real estate market. The steps to file a complaint are as follows:
- Visit https://rera.karnataka.gov.in/home, the official RERA Karnataka website.
- Proceed to the ‘Complaint Registration’ section of the homepage. Usually, the homepage has a separate option for this, or it can be found in the main menu.
- To access the complaint registration page, click the ‘Complaint Registration’ option.
- You will usually find a form or an online portal where you can enter information about your concern on the complaint registration page. Give accurate and complete information on the project or developer that is the subject of the complaint, as well as a description of the grievance and your personal information.
- Make sure you include any evidence or supporting documents that could help you make a stronger argument. Agreements, communication logs, and any other pertinent paperwork may fall under this category.
- Check the data for accuracy and completeness after filling out the form and uploading the required files.
- After you are satisfied with the information given, use the website to file the complaint.
- Following submission, you might get an email or confirmation message confirming that your complaint has been received. For future correspondence, make a note of any tracking information or reference number sent.
- Upon reviewing your complaint, the Karnataka RERA authority will take appropriate action in accordance with the specified protocols and schedules.
In conclusion, RERA Karnataka essentially protects homebuyer’s rights and fosters sustainable industry growth by acting as a guardian of trust and integrity in the real estate sector. The authority works to level the playing field and prioritises consumer welfare, accountability, and transparency through its diverse functions and services. If you want to build your dream home, construct with the best leading construction company in Bangalore and enjoy hassle-free. To know the estimated house construction costs, use the Brick & Bolt cost estimator and plan your budget accordingly.
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