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 that the Authority has identified 188 layouts approved by BDA in north Bangalore and issued notices to get registered under the state regulatory authority at the earliest. Till now, 12 have complied. Karnataka RERA is identifying other such layouts in different parts of the city, adds Priya.
The Karnataka Housing Board has registered three ongoing projects in Bangalore, so far.