Bengaluru is one of the markets which saw a quick recovery despite the challenges brought in by the pandemic. This makes it an imminent location for real estate investments. The increasing property transaction makes it necessary to establish a regulatory body. Thus, the government has introduced the Karnataka Real Estate Rules, 2017 and the Karnataka Real Estate Regulatory Authority (KRERA). The main purpose of this Act is to ensure transparency, financial disciple, and accountability. The Act also aims to protect the rights and interests of homebuyers. The regulatory authority is constituted to prevent wrongdoings and miscreants in the real estate sector.
The RERA rule of Karnataka mandates the registration of every project and its promoters, real estate agent, and builder. The registration needs to be completed even before it is opened to the common public. In a recent announcement made by the regulatory authority, providing the RERA registration number and the registered name of the landowner in the advertisement has also been mandated.
The Act has also mandated the builders to submit a self-declaration affidavit providing details regarding the completion of the project. It also needs to be inspected and verified by on-site inspectors. This article will deal with all the necessary details regarding the RERA Act and RERA rules of Karnataka.
Registration process under RERA
The different steps for registering your projects under RERA includes:
Step I: Visit the Karnataka RERA website.
Step II: Select the project registration option
Step III: Ensure you have all the necessary documents for registration.
Step IV: You will be provided with two main options once you click on the project registration option, i.e. ‘Individual’ or ‘Society’. You may select your option and enter your e-mail id.
Step V: The final step is to fill up details of your promoter and project, upload all the necessary documents, make the payment and get the confirmation of your registration.
Documents required for the registration process
Some of the documents to be submitted for the RERA registration:
- A copy of the Promoter’s PAN card.
- The title deed of the property on which the project is proposed to be carried out.
- The encumbrance certificate of the property.
- Commencement certificate of the project along with its sanctioned plan, layout, location, etc.
- Documents and details showing the past projects. The details should be regarding the projects the promoter carried out in the past 5 years.
For a Real estate agent
- A copy of the real estate agent’s PAN card and his permanent address proof.
- A photograph of the agent may also be submitted.
- The complete details of his organization such as the name, address, type of enterprise, proprietorship, societies, co-operative society, partnership, companies, etc. need to be provided for the registration of the real estate agent.
- All the particulars of the registration, bye-laws MOA and AOA need to be submitted.
- The details showing the income tax payments, encumbrance certificate, NOC, Khata, etc. to prove that no financial liabilities are pending on the property on which the project is proposed.
- The commencement certificate along with the sanctioned building plan, layout plan, approved sections of the building, area for development, etc. needs to be provided.
- The sales agreement of the project or the allotment letter.
- Advocate search report and the documents showing that the buyer has the right to transfer.
Contact details of RERA Karnataka
Real Estate Regulatory Authority Karnataka, 2nd floor, Silver Jubli Block, Unity Building, CSI Compound, 3rd Cross, Misson Road, Bengaluru, Karnataka, 560027
080 – 22249798, 080 – 22249799, 080 – 41624455, 080 – 41692244
Email: [email protected]
The establishment of RERA has been a major step in ensuring transparency in real estate transactions. In case of any grievances, the RERA authority also provides quick redressal. To avoid any form of problems in your property transaction, it is recommended that you choose a property that is already registered under RERA as they can be more authenticated. However, they cannot be 100% safe. Thus it is recommended that you carry out a thorough inspection by hiring professionals and verifying all the relevant details and documents of your transaction.
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Frequently Asked Questions on Karnataka RERA Registration Process:
Open the Karnataka RERA official website. Click on the ‘Project List’ option and select ‘Processed Application’ from the list. Then you are required to select ‘approved applications’ from the options provided. You will be provided a pdf document containing details of all the projects registered under RERA along with their registration number.
Promoters and real estate agents are eligible to register under RERA if they can provide all the necessary documentation to prove the identity and address of their organization, past project, etc.
Yes, it applies to the projects of both Bangalore Development Authority and Karnataka Housing Board.
Visit the official RERA portal and click on the ‘approved application’ option. You will be able to access all the details regarding the project and also the certificate.