All you need to know about RERA in Karnataka

As we all know that Indian National Congress Government was the first government who introduced RERA (Real Estate Regulatory Authority) bill in 2013. Subsequent to that, Rajya Sabha committee started to examine the bill and recommended some amendments. Therefore, in 2015 the Union Cabinet of India had said yes to 20 major amendments to the bill. On 10, March 2016 Rajya Sabha gave approval to this bill and on 15 March 2016 Lok Sabha did the same. The date of commencement of this act is 1 May 2016 with 59 of 92 sections notified and the remaining provisions were implemented on 1 May 2017.   

Owing to the new guidelines, every state is liable to establish Regulatory Authority (RERA) which will supervise all the activity of Real Estate sector. So why Karnataka will fall behind in implementing this act! The Government of Karnataka approved the Karnataka Real Estate Regulation and Development Rules in 2017 and notified these rules on 10 July 2017 moreover registration has been started from 24 July 2017. Under Karnataka RERA Act, it is mandatory to deposit 70% of the amounts realized for the real estate project from the allottees in a separate account in a scheduled bank within a period of 15 days to cover the cost of construction to be used for that purpose. It is also compulsory to disclose some details regarding all registered projects like land status, status of the statutory approvals, details of promoters, the disclosure of names and addresses of real estate agents, layout plan, plan of development works, contractors, structural engineers, disclosure of proforma agreements, architect etc to the public. It is also mandatory to do registration of real estate projects and real estate agents who have the intention to sell any plot, apartment or building, with the RERA.

RERA Karnataka registration fees for real estate agents:

Registration in Karnataka granted under section 9. In case of the individual, Real Estate agents of Karnataka need to pay Rs. 25,000 as a registration fee and in case of other than individual they need to pay Rs. 2,00,000. The whole process of registration is not time taking because RERA Karnataka has its own official site and that portal has been developed under section 4.3 of Real Estate Regulatory Authority (RERA) Act, 2016. The application for registration will take place through online mode only.   

Registration number validation:

In case of Karnataka, once an agent gets the certificate number, it will be valid for 5 years.

Registration Renewal:

The renewal of agent registration may be renewed under section 6. An application which is made by the real estate agent in Form-J shall not be less than three months prior to the expiry of the registration granted. The renewal fee in case of the individual is Rs. 5,000 and Rs. 25,000 in case of other than the individual.

Documents required for RERA registration:

1. Passport size photograph of agents/ directors /partners

2. Copy of Aadhar card of agents /directors/partners 

3. PAN card of real estate agent in case of individual or PAN card of Firm

4. Authenticated copy of the address proof of the place of business

5. Particulars of the Registration including the bye-laws, memorandum of association, articles of association etc.

6. Income tax returns filed under the provisions of the Income Tax Act, 1961 for three financial years preceding the application or in case the applicant was exempted from filing returns.

7.  In case of Partnership firm, partnership deed is mandatory to attach to above-mentioned documents.

Jurisdiction:

RERA registration number will be valid for the entire Karnataka state.

tags Karnataka RERA Act   disclose   â€‹RERA