Karnataka housing agencies to register with RERA
October 13, 2017

Three months after the notification of the Real Estate (Regulation and Development) Act (RERA) rules across Karnataka, state-owned housing development agencies, including the Bangalore Development Authority (BDA) and Karnataka Housing Board (KHB), will register their ongoing projects under the Karnataka Real Estate Regulation Authority (Karnataka RERA). Once the project or its layout is registered with the regulatory authority, the government agencies are bound to complete their projects on time or face penalty. Officials have stated that all property disputes would be addressed within 60 days or else the homebuyer will be compensated. R Vinoth Priya, Secretary, Karnataka RERA, has stated…

Karnataka to notify new rules to ensure timely project delivery
October 5, 2017

The Karnataka government will soon notify sale-of-agreement rules across the state to ensure timely delivery of properties to the homebuyers. The to-be-rolled-out rules would also ensure buyers that buyers can avail all amenities promised in the agreement. R Vinoth Priya, Secretary, Karnataka Real Estate Regulatory Authority (Karnataka RERA), has stated that the Authority is working on all suggestions and objections shared by buyers and sellers and is going to submit the final draft to the concerned authority to seek approval in the month of October 2017. As per the proposal, if a developer fails to meet the promised delivery deadline,…

Karnataka RERA issues notices to 60 realty projects
October 3, 2017

The Karnataka Real Estate Regulatory Authority (Karnataka RERA) has issued notices to over 60 ongoing realty projects across the state for late registration under the Real Estate (Regulation and Development) Act (RERA). After Maharashtra, Karnataka is the second most active state with respect to RERA implementation. The Karnataka government had launched an online portal for registration and filing complaints under the new real estate Act, and a regulatory authority for smooth execution of rules in the state in July this year. As per the latest information available on the Karnataka RERA website, about 595 realty agents have applied for registration…

Karnataka approves construction of 1 lakh houses for EWS
September 30, 2017

The Karnataka government has approved construction of around 1 lakh residential units in and around Bangalore for the people living in the economically weaker sections of the society. All beneficiaries are required to pay Rs 1 lakh as deposit. The state government has decided a strict deadline of one year for the completion of announced houses. The estimated budget of the project is Rs 6,000 crore. TB Jayachandra, Law and Parliamentary Minister, has stated that the central government will also fund the project. Karnataka Housing Board (KHB), Rajiv Gandhi Housing Corporation and Slum Board will jointly  complete the project. The…

Karnataka RERA: List of approved projects and agents
September 26, 2017

After Maharashtra, Karnataka is the second most active state in the implementation of the Real Estate (Regulation and Development) Act (RERA) rules. The Karnataka government had launched an online portal for registration and filing complaints under RERA, and a regulatory authority for smooth execution of rules in the state. As per the latest information (as on September 26, 2017) available on the Karnataka RERA website, about 674 realty agents have applied for registration under the Act. Further, applications of 1,479 projects have been submitted on the portal. Of these, 260 projects have been successfully registered with the regulatory authority. Meanwhile, a…

Bangalore Metro’s Reach-4B corridor to become operational by 2018-end
September 25, 2017

Namma Metro's Green Line, extending from Yelachenahalli to Anjanapura Township Station, is expected to become operational by the end of 2018. KJ George, Minister, Bangalore Development and Town Planning, announced that the state government has asked the contractor, NCC Limited, to complete civil work on the corridor by March 2018. If all things are completed as proposed, the stretch would be opened to the public by December 2018. The Reach-4B corridor is a part of Metro Phase II, an elevated 6.29 km southern extension of the Green Line. The route will cover five stations, including Anjanapura Cross Road, Krishna Leela…

Karnataka RERA receives 80 complaints in 2 months
September 25, 2017

After the establishment of the Karnataka Real Estate Regulatory Authority (Karnataka RERA), about 80 complaints from homebuyers have been filed with the authority. The state government had notified the state rules under the Real Estate (Regulation and Development) Act (RERA) on July 10. The RERA portal allows developers and brokers to register themselves and their projects. Homebuyer can also register their complaints on the website, saving a lot of time and effort.  Kapil Mohan, Chairman, Karnataka RERA, has stated that most of the complaints from buyers are about delayed delivery of houses and failure to give promised amenities. Officials have…

Bangalore malls found guilty of under-assessment of property tax
September 23, 2017

Bruhat Bengaluru Mahanagara Palike (BBMP) has identified 55 properties in the city that are guilty of violating property tax assessments during an ongoing electronic survey. It has been found that majority of the properties in Bangalore surveyed had under-assessed their valuations to avoid a higher tax liability. Officials have shared that these identified properties will now have to pay double the amount of their property tax, including arrears. The survey was taken up under the BBMP's Total Station Survey (TSS) programme. MK Gunashekar, Chairman, BBMP standing committee on taxation and finance, has stated that the notices for three of these…

Karnataka RERA challenged in court
September 20, 2017

Several petitions have been filed in the Karnataka High Court (HC) against provisions under the Karnataka Real Estate (Regulation and Development) Act (RERA). Following this, the HC has issued a notice to the state and central governments for further explanations. The petitioners assert that these provisions breach the norms specified by the Centre’s RERA rules. It must be noted that Karnataka RERA has inserted certain exemptions allowing several ongoing projects in the state to evade RERA registration. As per Karnataka RERA, exemptions have been allowed for ongoing projects where civic amenities have been handed over to the local authority, where…

New industrial area project in Karnataka receives green panel clearance
September 19, 2017

The new industrial area proposed to be developed in Jakkasandra in Karnataka has been approved by the green panel. The central government will give the final clearance based on the feedback of the panel, state experts. The panel has proposed a few suggestions for the project, including ensuring protection of two adjacent tanks. The project envisages the development of a new industrial area spread over 627 acres at a cost of Rs 151 crore. The Karnataka Industrial Area Development Board (KIADB) will be responsible for the development. Land acquisition for the proposed project has only been completed, share officials, and…

Karnataka RERA: Slow registration aggravates builders’ concerns
September 18, 2017

The slow pace of approval for ongoing projects that have applied for registration under Karnataka Real Estate (Regulation and Development) Act (RERA) has worried builders in the state. Of the 1,449 applications received across the state, the Authority has granted registration numbers to only 108 projects till now.  Some developers share that they have been unable to register online on the Karnataka RERA website due to technical issues. As per RERA rules, no developer or agent can be involved in selling and marketing of real estate projects without receiving RERA registration number from the state regulator. Meanwhile, Kapil Mohan, Principal…

New launches in Bangalore drop 23% post RERA implementation
September 11, 2017

According to a recent report by Colliers, Bangalore has posted a 23 percent YoY fall in the residential new launches post the implementation of the Real Estate (Regulation and Development) Act (RERA) in the first half (H1) of 2017. However, the city has been ranked second in terms of residential launch volume in India with about 13,400 new residential unit launched during the period. Goutam Chakraborty, Senior Director, Colliers International India, has stated that demonetisation and the implementation of RERA across the country brought about a fundamental change in the real estate sector. Just to remain out of RERA ambit,…

Karnataka RERA to penalise 300 developers for missing registration deadline
September 4, 2017

About 300 developers in Karnataka are likely to receive notices from the state regulator under the Real Estate (Regulation and Development) Act (RERA) for late registration. Vinothpriya R, Secretary, Karnataka RERA, announced that these developers will get a week to explain the reasons for missing the deadline of July 31. The penalty will be announced after considering their pleas. As per the provisions of RERA, penalty may go up to 10 percent of the project’s cost. Additional violations may incur additional penalty of 10 percent and/or imprisonment of up to three years. Meanwhile those applying for registration post August 31…

Karnataka RERA announces hefty penalties for non-registration by August 31
August 30, 2017

The real estate regulator formed under the Karnataka Real Estate (Regulation and Development) Act has warned brokers and developers about strict action and hefty penalties if they fail to register themselves by August 31. While the Centre had set July 31 as the deadline for registration with state regulators, Karnataka RERA had given developers and brokers in the state some leeway. Considering that Karnataka RERA was notified quite late, the realty stakeholders had been given another month to complete registrations. However, with the August 31 deadline nearing, Karnataka RERA has warned developers and brokers against missing the window. Kapil Mohan,…

No power, water supply for Bangalore lake properties without STPs
August 27, 2017

The Karnataka State Pollution Control Board (KSPCB) has identified properties located near Bellandur and Varthur lakes that do not follow the Sewage Treatment Plant (STP) norms. These lakeside properties stand to have their power and water supply disconnected. This ruling will impact over 500 properties in the catchment areas of the two lakes in Bangalore. These properties either do not have any STP or have not modified their STPs as per the latest norms. Acknowledging the sad state of lakes in Bangalore, the KSPCB and the Bangalore Water Supply and Sewerage Board (BWSSB) formed a joint team to inspect properties…

Bangalore CBD tops rental appreciation chart in Q2 2017: Report
August 21, 2017

According to a report by Colliers, office space demand remained strong in the second quarter of 2017. Bangalore, Chennai, Pune, Gurgaon, and Hyderabad performed well in April-June 2017 with rental values rising about 8-17 percent since the corresponding period in 2016.  The report revealed that Bangalore Central Business District (CBD) posted the highest rental appreciation of 17 percent in the quarter. This came as a surprise since the micro-market suffered from restricted supply and low vacancy. Chennai CBD came next on the rental appreciation chart with 13 percent YoY growth. Primarily an Information Technology (IT) hub, the micro-market witnessed healthy interest from Banking, Financial Services, and…

Karnataka RERA issues notices to 130 unregistered properties
August 21, 2017

The Karnataka real estate regulator formed under the Real Estate (Regulation and Development) Act (RERA) has issued notices to developers of 130 properties in the state. These properties are yet to register with the Karnataka RERA, stated chairman Kapil Mohan. Almost 100 of these properties are located in Bangalore.   R Vinothpriya, Secretary, Karnataka RERA, added that the errant developers will have three days to adhere to the registration guidelines. Non-compliance will evoke penalty of 10 percent of the project cost or imprisonment of three years for the developer. Commenting on the problems cited by developers, Karnataka RERA officials clarify…

Press Release

Hiranandani’s Lake Verandahs bags best residential project award
August 16, 2017

Hiranandani’s Lake Verandahs bags best residential project award16th  Aug 2017 Real estate developer, House of Hiranandani received the Best Residential Project prize for the Bangalore-based Lake Verandahs at Asia Real Estate Excellence Awards 2017, held in Singapore. The project is situated off Bannerghatta road and offers intricately designed, lake-facing 3BHK apartments. The project boasts of having several restaurants, educational institutions and international retail stores in proximity.                                    

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