- Karnataka has published the draft rules for the State Real Estate Regulator (RERA), meeting the central government mandated deadline of October 31
- The draft rules cover deficiency in services and the remedies that a home buyer can demand from a developer.
- A detailed set of rules has been published on the Housing Department's website and is open for public discussion.
BANGALORE: Karnataka has put out draft rules for the State Real Estate Regulator (RERA), making it the first state to submit rules by the central government mandated deadline of October 31.
The Real Estate Regulator Bill (RERA) came into force on May 1st, 2016 and states were asked to formulate rules within a period of six months which ends on 31st October. Karnataka is among the first few states to adhere to this deadline and has uploaded a detailed set of rules on the department of Housing’s website.
"We have tried to keep the rules similar to the Centre's model" said Shambhu Dayal Meena, principle secretary at the department of Housing. The government is also determined to put these rules into effect only after getting public suggestions and has also uploaded a suggestion form on its official site in order to get feedback from all concerned stakeholders.
The draft rules contain clauses that mandate developers to register all real estate projects with the state RERA. The rules also require full disclosure from developers on their building plans, financing methods and delivery timelines. Even real estate agents will be held accountable under the new rules, with imprisonment and fines being imposed in case of misrepresentation of a real estate project. The rules also contain provisions covering deficiency in services and the remedies that a home buyer can demand from a developer.
Nagesh Aras, member of the Fight for RERA Karnataka chapter said that they were thankful to the government for having stuck to the deadline and also for providing a window for public comment. The group however, did find loopholes in the center’s draft rules and stated they were engaging with the government to rectify those in the state's rules
"We are aware that industry lobby CREDAI was consulted while preparing the model draft rules by the centre, these CREDAI inputs must be put in the public domain" said Nagesh.
The government would be taking public suggestions until 8th November.