As per the notification issued by the Real Estate Regulatory Authority- Karnataka on April 1st, 2018, it mandated that almost 542 ongoing real estate projects are going to face uncertainty. It says that the builders have to get permanent approval before advertising the projects, entering into any contract with customers and accepting money from them. RERA-K is issuing permanent registration numbers to the approved projects.
Following the Real Estate Regulatory Act came into effect on July 10, 2017, RERA-K adopted a process of issuing a provisional approval number to applicants to allow them to carry on the business. Among the 2056 application processed by the authorities, 1466 are approved, 157 are under process and 52 are rejected. They all were continuing with their operation with the provisional approval. The introduction of permanent registration shall cause a hamper the builders who have already completed almost or more than half of the project and now fear that whether they shall get permanent registration or not.
There are certain rules led by RERA to secure a permanent registration number, as it needs to follow certain conditions:
Before purchasing a land, the background of the seller and the land must be checked.
A financial study on the market is needed including risk analysis.
Deal with only trustworthy investors or investing company
Obtain all necessary documents and approvals like sanctions, NOCs etc.
Price the property right and appoint recognized real estate agents for hassle-free marketing
Develop a proper floor plan and share all required details with buyers
Avoid diversion of the funds received
Do not make false promises
Fulfill the commitments made.
For a more clear concept regarding the documents required and legal procedure to receive the registration easily and flawless, consult with expert real estate lawyers through MyAdvo on their website and download MyAdvo App on your phone.
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