The Real Estate Regulatory Authority is an effective act that helps regulate the real estate sector of this country. RERA Act in Karnataka is one of them, which regulates the state’s real estate sector and helps home buyers get properties without any issues. Keep scrolling through the article to learn about the act’s important details.

RERA in Karnataka is a collection of rules set by the Karnataka government to regulate this state’s real estate sector. The Karnataka government has certain objectives of this act that includes securing the rights of home buyers.

It includes implementing proper pricing of the carpet area, solving disputes with the builders, charging a penalty for delayed handover of the properties etc.

Further, the act implements a streamlined process for registration and updating of the projects, helping the builders develop properties without any issues.

Rules that every builder, promoter and real estate agent in Karnataka should comply with are as follows:

• Every builder must register themselves under this act.
• Builders should set up the price only depending on the carpet area of the property, not the super-built area.
• Project details and all updates should be regularly updated on site.
• 70% of the payment received from the buyers should be saved in a separate account by the builders for construction purposes only.
• Damage or dispute in the property within 5 years demands a solution from builders within 30 days.
• Only 10% of the project can be asked for as an advance payment from the home buyers.
• Developers must pay an interest of 2% over RBI’s Marginal Cost of leading rate for delays in property handover.
• Violation of this act will lead to 1 year of imprisonment for agents and buyers and 3 years of jail for developers.
• Every alteration and change should be updated in plans and updated on the site.
• Buyers have rights to lodge a written complaint for any dispute within 1 year.

The stepwise guide for registering a project under the RERA Act in Karnataka is as follows:

Step 1: Go to the official site of RERA Karnataka.

Step 2: Click on the “Project Registration” tab.

Step 3: From the drop-down menu, select the “Project Registration” option.

Step 4: Choose any type from the given options, such as individual, society or company.

Step 5: Enter your mail ID.

Step 6: On the next window, fill in the below-mentioned details:

Promoters’ Details

• If the promoter type is an individual, then you will need to provide name, parental information, Aadhaar and PAN number, contact numbers, address and photographs.
• If registering as a company, you will need to provide company registration number, type of company, address, phone number and also promoters’ details.

Project Details

• Here, you will need to provide complete details of the project, such as project name and type, project start and end date, project status, total land, covered and open area, estimated construction cost and land cost etc.

Step 7: Upload all necessary documents.

Step 8: Proceed to pay and download the receipt.

Step 9: After successful payment, get the acknowledgement number for your registration.

Personal Documents

• Self-attested copy of the PAN card of the promoter.
• An audited balance sheet of profit and loss.
• Annual financial report attested by auditor and director for last 3 financial years.
• Photograph, contact details, address proof of the promoter and project partners.
• Income tax return details.

Property-Related Documents

• Copy of legal title deeds of the land.
  
• Parking slot numbers in the project.
• Documents of encumbrances on the property.
• Certified conversion copy as per Karnataka Land Revenue Act, 1964, section 95.
• Details and consent of the land owner along with development agreement, collaboration agreement, joint development agreement, etc., in case the developer is not the owner.
• Copies that reflect ownership of the land.
• NOC.
• Sale Deed and RTC.
• Approved layout plan.
• Current project brochure.
• Declaration or Form B.
• Advocate search report.
• Utilisation certificate.
• Proof of structural safety of the project from a registered engineer.
• Relinquishing deed.
• Photos of the project.

Follow the below-mentioned steps to register as a project agent under this act:

Step 1: Access the home page from the official site of RERA Karnataka.

Step 2: Click on the “Registration” tab.

Step 3: From the drop-down menu, choose the “Agent Registration” option.

Step 4: Choose agent type and enter email ID.

Step 5: Fill all the fields with necessary details.

Step 6: Upload necessary documents.

Step 7: Proceed to payment.

Step 8: After successfully completing the payment, get the acknowledgement number.

Necessary documents for registering as a project agent are listed below:

• Agent’s name according to PAN card.
• Complete address of the company.
• Contact details and mail ID of the agent.
• PAN card.
• Details of the partner of the company.
• ID proofs such as the company’s bank passbook, registration certificate, GST details shops and establishment certificate etc. with self-attestation.

To check the list of registered projects, take the following steps:

Step 1: Go to the official site of RERA Karnataka.

Step 2: Select the “Services” tab.

Step 3: Click on the “Project Status” option.

Step 4: Fill up the tabs shown on the screen, such as project name, application number etc.

Step 5: Check the status of the project by clicking on the “Search” button.

To find the registered agents, you need to follow these below-mentioned steps:

Step 1: Visit the official site of RERA Karnataka.

Step 2: Go to the “Services” tab.

Step 3: Choose the “Agent Status” option from the drop-down menu.

Step 4: Among the various tabs shown on the next screen, choose the “Application approved” tab.

Step 5: Write the name of the agent in the search box and click on search.

To raise a complaint, follow the below-mentioned steps:

Step 1: Visit RERA Karnataka’s official site.

Step 2: Click on the “Registration” tab.

Step 3: Choose the “Register Complaint” option.

Step 4: Log in with proper details or create an account if you are a first-time user.

Step 5: Proceed to payment.

Step 6: Get acknowledgement number and slip.

Check out the following benefits of RERA Karnataka:

• Home buyers can access information related to progress of a project on the site.
• The developers are liable for any dispute in the property within 5 years.
• Secures buyers’ safety by penalising the unregistered projects.

To conclude, we can say that the RERA Act in Karnataka is quite a successful and beneficial act to secure home buyers and regulate the real estate sector effectively. Its strict provisions have made the industry well-maintained, and builders also have lesser issues in executing projects.