After a long wait of 2 months, Karnataka has finally given a green signal to RERA. RERA aims to bring transparency and accountability in real estate sector.
The state cabinet has passed the RERA rules after certain modifications.
Karnataka law minister T.B. Jayachandra said that the delays were on account of prolonged discussions and confusion. He said that the state cabinet has decided that projects that are 60% complete or have executed 60% of the sale deed will be exempted from rules formulated by the state. Jayachandra said that the rules will also direct all builders to treat guidance value as the base price while estimating the project cost.
After notification of rules, the government will form a Real Estate Regulatory for accepting application for registration of brokers and promoters. The final gazette will be released with 2-3 days.