Karnataka was the first state in the country to draft the rules for the implementation of the Real Estate Regulation Act (RERA). The deadline to implement the same was 1st May, 2017; However, a few execution hurdles seem to have forced a delay. Not anymore though.
The updated rules are all set to be implemented by 9th July, 2017.
Two major stipulations are set to be added too:
1. Cost of the project are to be determined by the existing guidance value.
2. Ongoing projects that have completed 60 percent of the construction are not to be brought under the act.
M. Krishnappa, the Housing Minister of Karnataka seems positive about the implementation. He says, “ Only ten states have implemented RERA thus far and we shall ensure the act is executed in the best way’
The implementation of RERA is set to enhance the buying experience for the consumer while it brings in organisational efficiency in all activities related to real estate.