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RERA Karnataka or Real Estate Regulatory Authority, Karnataka is the regulating body in Karnataka State, set up under the RERA Act 2016. Don't be concerned if you have not heard about it. We've got you covered here and we will explain what RERA is and how it works.

So let's take a look at the RERA Act in Karnataka State and why homebuyers should know about it. But before we begin, let’s understand the basics of the RERA ACT.

What is RERA Act 2016?

The RERA Act was enacted to reform the country's real estate sector, which would subsequently encourage greater openness, make it more citizen-focused, improve financial discipline, and increase accountability.

The act consisted of 92 parts and was implemented in 14 states, including Karnataka. It was passed in 2016 and encompasses both residential and commercial projects.

RERA Karnataka: Key provisions

• The carpet area, not the super-built area, should be used to sell the property.
• Builders must keep 70% of the money received from home buyers in a separate account to be used for construction purposes only.
• Developers must constantly post updates and project details on their websites.
• The plans must include the changes and alterations that are being made to the project and must be reported to RERA (Karnataka Real Estate Regulatory Authority).
• In the event of a delay, developers and buyers must pay a 2% interest rate over a bank's Marginal Cost of Leading rate.
• Please keep in mind that any breach of the RERA Act Karnataka will result in a one-year prison sentence for agents and buyers and a three-year prison sentence for developers.
• If there is any damage to the property during the first five years, a solution must be found within 30 days.
• Before signing the registered sale contract, developers can request only 10% of the project cost as an advance payment.
• Buyers have one year after taking possession to write down any flaws.

Benefits for Homebuyers in Karnataka Through RERA

• The website allows homebuyers to track the development progress.
• Buyers are not charged for the super-built-up area that includes lifts, staircases, and other amenities.
• Projects are less likely to be delayed because 70% of the payment are exclusively kept aside for construction at any given time.
• For up to 5 years, the developer is liable for any flaws in the building.
• If a dispute emerges with the buyers, it must be resolved within 120 days.
• In the event of a delay, developers and buyers must pay a 2% interest rate over the bank's Marginal Cost of Leading rate.

How to Register a Complaint on the Karnataka RERA website?

It just takes 3 simple steps for homebuyers and builders to file a complaint on the Karnataka RERA portal.

Step 1: Go to rera.karnataka.gov.in and select "Register Complaint." Please enter your login information. You must create an account if you are a first-time user

Step 2: After logging in, enter information such as complainant details, respondent details, and the RERA remedies sought.

Users must additionally include specifics of their grievances and supporting documentation to strengthen their case. They also need to pay ₹ 1,000 to register complaints

Step 3: After submitting the complaint, the user will obtain an acknowledgment number/complaint number. They can use this number to track the status of their complaint.

RERA Karnataka: Address & contact details

Address: Silver Jubilee Block, 3rd Cross Rd, Sampangi Rama Nagara, Bengaluru, Karnataka 560002

Phone No. 080-22249798

Conclusion

RERA Act is surely a big relief for retail homebuyers and its enactment has helped streamline the real estate functioning in the country. Now builders are more liable for their actions which prompts them to complete projects on time.

Are you looking for RERA-approved residential projects in Sarjapur, Bangalore? Check out www.manaprojects.com.