RERA – Compass GROUPS

RERA

What is the RERA Act all about?

The RERA Act, short for the Real Estate Regulatory Authority Act, was put into effect in 2016 with the primary goal of bringing transparency, regulation, and growth to India's real estate sector. Its main focus is on protecting the interests of consumers and investors engaged in the real estate market. This law applies nationwide, except in the state of Jammu & Kashmir. To ensure its effective implementation, each state in India was tasked with establishing its own RERA authority. In Karnataka, for instance, the Karnataka Real Estate Regulatory Authority (RERA Karnataka) was established to drive real estate investment and safeguard property buyers' interests.

What are RERA Karnataka's objectives?

RERA Karnataka has several key objectives, including:
1. Regulation and Promotion: RERA Karnataka's primary mission is to oversee and encourage the real estate sector in Karnataka.
2. Transparency in Property Sales: It strives to make property transactions in Karnataka as transparent as possible.
3. Protecting Homebuyers: RERA Karnataka is committed to safeguarding the interests of homebuyers involved in real estate transactions.
4. Establishing an Appellate Tribunal: It sets up an Appellate Tribunal to handle complaints and disputes effectively.
5. Expeditious Dispute Resolution: RERA Karnataka aims to establish a fast-track mechanism for resolving disputes, ensuring a smoother process for all parties involved.

Why go with RERE Approved Projects?

It's crucial for consumers to be aware that every residential and commercial real estate project in Karnataka is legally required to be registered under RERA. Here's why you should prioritize purchasing properties that are RERA-registered:

- Unregistered real estate projects are considered illegal, and buyers may face issues down the line.

- Seeking remedies for grievances from regulatory bodies might prove challenging if you've purchased an unregistered property.

- Promoters can face fines and, in extreme cases, imprisonment for failing to register their projects. This adds an extra layer of protection for buyers.