Karnataka RERA Quarterly Digest: July - September 2024
The Karnataka Real Estate Regulatory Authority (KARERA) has issued several orders in the latest quarter, addressing issues such as delayed possession and refunding amounts to aggrieved homebuyers.
KareraReraReal Estate RegulationBuilder ComplianceHomebuyer ProtectionReal Estate MaharashtraNov 02, 2024
InformationKARERA was established under the Real Estate (Regulation and Development) Act, 2016, to regulate the real estate sector in Karnataka. Its primary role is to protect the interests of homebuyers, ensure timely completion and delivery of projects, and maintain a seamless and transparent real estate market.
Key Orders and Decisions 1. Failure to Provide Possession Within 12 MonthsOne of the most significant cases in this quarter involves a builder who failed to provide possession of a property within the stipulated 12 months. KARERA has ordered the builder to refund the entire amount paid by the homebuyer, along with interest, within 60 days. This order sends a strong message to builders about the importance of adhering to timelines and commitments.
2. Misleading Project DetailsKARERA also addressed a case where a builder provided misleading information about a project. The authority found that the builder had advertised certain amenities and features that were not actually available. The builder has been ordered to rectify the false information and compensate the affected buyers for any inconvenience caused.
3. Non-Compliance with RERA NormsAnother notable order pertains to a builder who was found to be non-compliant with RERA norms. KARERA directed the builder to update their project details on the RERA portal and provide necessary documents to the authority. The builder has also been warned that further non-compliance will result in stricter penalties.
4. Delayed Completion and Payment of DamagesKARERA has ordered a builder to pay damages to a homebuyer for the delayed completion of a project. The builder is required to compensate the homebuyer for the additional costs incurred due to the delay, such as rent and other expenses. This decision underscores the importance of builders meeting their contractual obligations.
Impact on the Real Estate SectorThese orders and decisions by KARERA are expected to have a positive impact on the real estate sector in Karnataka. They are likely to encourage builders to be more transparent and responsible in their dealings with homebuyers, thereby fostering a more trustworthy and efficient market.
Introduction to KARERAThe Karnataka Real Estate Regulatory Authority (KARERA) is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016. It is responsible for ensuring that real estate projects in Karnataka are conducted in a fair, transparent, and timely manner. KARERA's primary functions include registering real estate projects, monitoring compliance with RERA norms, and resolving disputes between homebuyers and builders.
ConclusionKARERA's quarterly digest for July to September 2024 is a testament to the authority's commitment to protecting the interests of homebuyers and maintaining a robust real estate market. The orders issued during this period will likely set a precedent for future regulatory actions and contribute to a more transparent and accountable real estate sector in Karnataka.
Frequently Asked Questions
What is KARERA?
KARERA stands for Karnataka Real Estate Regulatory Authority. It is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016, to oversee and regulate the real estate sector in Karnataka.
What are the primary functions of KARERA?
The primary functions of KARERA include registering real estate projects, monitoring compliance with RERA norms, resolving disputes between homebuyers and builders, and ensuring the timely completion and delivery of projects.
What actions did KARERA take in the July-September 2024 quarter?
In the July-September 2024 quarter, KARERA issued several orders, including ordering builders to refund amounts for delayed possession, rectify misleading project details, comply with RERA norms, and pay damages for delayed project completion.
What is the impact of KARERA's orders on the real estate sector?
KARERA's orders are expected to encourage builders to be more transparent and responsible, thereby fostering a more trustworthy and efficient real estate market in Karnataka.
How can homebuyers seek resolution of disputes with builders?
Homebuyers can seek resolution of disputes with builders by lodging a complaint with KARERA. The authority will then investigate the matter and issue appropriate orders to resolve the dispute.
Related News Articles
Bengaluru's Upcoming Metro Line: A Boost to South Bengaluru's Real Estate
The new metro line connecting south Bengaluru to the business district of Outer Ring Road is expected to boost real estate prices by 10-20 percent, local brokers say.
Atharv Lifestyle Receives Prestigious Excellence in Luxury Homes Award
Mumbai's real estate landscape has been significantly enriched by the recent recognition of Atharv Lifestyle. The company was honored with the Excellence in Luxury Homes Award at a high-profile event, attended by notable dignitaries and industry leaders.
Key Infrastructure Sectors See Slower Growth in September
Infrastructure, real estate, building, budget. Out of the eight key sectors, three recorded negative growth in September.
Telangana CM Seeks Centre's Help for Hyderabad Metro Rail Phase 2
Telangana Chief Minister K. Chandrashekhar Rao has appealed to the Centre for support in the second phase of the Hyderabad Metro Rail project. The expansion aims to further enhance the connectivity and reduce traffic congestion in the city.
Bengaluru Office Rents Expected to Rise by 5-7% in 2025, Driven by IT and AI Demand
The real estate market in Bengaluru is expected to see a 5-7% increase in office rents by 2025, primarily driven by high demand from the IT sector and AI research labs.
Mumbai Rents Surge 14.3% Y-o-Y Amidst Tight Supply
Mumbai's rental market is experiencing a significant surge, with rents increasing by 14.3% year-over-year due to tight supply conditions. This article explores the factors driving this trend and its impact on the real estate sector.