The Karnataka government has finally launched the website for registration of projects under Real Estate (Regulation and Development) Act, 2016 (RERA). Developers have been facing problems for the past couple of weeks as there was no portal to register their realty projects with the state regulator.
The Karnataka government has notified its set of rules under RERA early this month and is rushing to complete adherence with the Centre’s deadline of July 31st for registration of developers, brokers, and projects.
Kapil Mohan, Chairman, Karnataka Appellate Tribunal, stated that the Karnataka RERA portal is fully functional. Two registrations have already been processed so far. Applicants can also make online payments on the portal.
Experts have expressed that the launch of the RERA portal would expedite the registration process of property projects in the state. As per RERA norms, all developers and builders across India are mandated to register all ongoing real estate projects which have not received completion certificates.
RERA is a revolutionary reform, aimed at improving transparency in the real estate sector and protecting homebuyers’ interest across the country. Under the Act, builders are required to disclose all project-related information including project plan, layout and government approvals to homebuyers. This will allow buyers to make better decisions and will also enhance accountability of developers.