🏠 5 years of real estate regulations

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As the Real Estate Regulatory Authority (RERA) Karnataka completed 5 years, its report card doesn’t read well.

History: It was established per the Real Estate Regulation and Development Act, 2016. Its goal – regulate and promote the city’s real estate sector and protect the interest of homebuyers. What does that include? Fair transactions, delivery of construction, and resolving disputes.

  • It isn’t a happy birthday for the RERA in Karnataka. Homebuyers are upset at its effectiveness in dealing with their grievances. It has addressed only 50% of grievances in five years. For the pending cases, it’ll take another five. Its web page doesn’t even have proper data. 

The People’s Collective Efforts (FPCE) shed some light on the matter. It said the web page has more than 1,200 projects classified as ‘completion date expired.’ No one knows what actions were taken on these. 

  • FPCE chose a project at random which was launched in 2014. It is registered in RERA as ongoing with a 2019 completion date. But it’s still not completed.

One more thing: There’s also pending revenue. As of June 16, the total refund due is β‚Ή268 crores with 674 pending Revenue Recovery Certificates (RRC). There’s no timeline on when these will be resolved.

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