Owning a home is everyone’s dream. It was common to hear about people experiencing several setbacks and hardships while attempting to achieve this dream. But today there has been a big change in the field of real estate and the construction of houses.
A mechanism has been put in place to prevent fraud and ensure legal protection for consumers and
developers about issues arising in the real estate sector. Let’s understand what K-RERA – Kerala Real Estate Regulatory Authority is all about!
K- RERA was constituted by the Government of Kerala under the aegis of the Real Estate (Regulation and Development) Act 2016 to usher in greater accountability and deliver value through regulatory compliance. The Kerala Real Estate (Regulation and Development) Act 2016 is landmark legislation designed to regulate and promote the real estate sector. Backed by the overarching mandate, RERA Kerala aims to be an influential advocate of the real estate segment ensuring accountability, citizen-centric measures, and enhanced financial discipline safeguarding the interests of the consumer.
If you are planning to buy a new property you may approach many builders including new companies without knowing the legitimacy of the institution. K-RERA plays an important role here right from the time of registration by providing you with the complete details of the builders and projects and their reliability, duration, and financial progress. The information is updated every three months so that the status is known without physically visiting the construction site.
People can now achieve their dreams without any problems, says RERA Chairman and retired IAS officer P.H Kurian.
Financial discipline & Transparency
The Act strives to ensure financial discipline and transparency through provisions such as:
- Disclosure of all relevant information relating to the project.
- Adherence to approved plans and project specifications as approved by competent authorities.
- Obligations regarding the veracity of the advertisement or prospectus.
- Rectification of structural defects within five years of possession.
- Refund of money in cases of default.
- Compulsorily deposit 70 percent (or such lesser percent as notified by the Appropriate Government) 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.
- Quarterly updates of various aspects of the projects including a list of approvals taken, documentation, the status of projects, etc.
Details of all registered real estate projects and construction progress are available on the web portal rera.kerala.gov.in. Project name, developer, district, taluk and village can be searched in the portal in various ways. All the approvals obtained, and construction standards are available on the portal so that buyers can make decisions based on authentic information and avoid being cheated. It also has the authority to receive and address complaints not only from consumers but also from builders and developers regarding flats and villas.