After Maharashtra and Uttar Pradesh, the state of Karnataka is all set to make its debut in establishing a conciliation forum apart from the existing real estate Authority.
States were directed to establish a regulatory authority, whose work was to overlook the registration process and ensure compliance of the policies of the state.
Hundreds of homebuyers in Karnataka have been left in the lurch as they still haven’t received compensation from the developers. The Karnataka RERA has already passed orders against these errant developers and penalized them for not delivering possession
It’s been around 2 years of implementation of the RERA Act, various developers have failed to get their projects to register with their respective RERA Authorities.
A large number of aggrieved homebuyers took out a large procession against the dilution of RERA by the state government of Karnataka.
Karnataka RERA- The numbers of unregistered projects are not known, Karnataka has come up with a unique solution to solve the problem.
Karnataka is the second state to implement RERA Act for real estate. RERA Authority has successfully registered 1,331 projects out of 1,982 applications in the state.
Karnataka had been the second State to implement the RERA Rules within its jurisdiction however the trailblazer has seemed to have lost its steam.
Karnataka (Real Estate Regulatory Authority) is the authority made for homebuyers so that they can get relief and developers cannot exploit them.