Latest news with #K-RERA
Hans India
13 hours ago
- Business
- Hans India
Recovery cell to be set up in Revenue dept for builder dues under RERA
In a major move to safeguard the interests of homebuyers, the Karnataka Real Estate Regulatory Authority (K-RERA) has proposed the creation of a dedicated Recovery Cell within the Revenue Department to recover over Rs 650 crore in pending dues from builders who have violated RERA norms. The decision comes amid growing criticism that K-RERA has failed to enforce its own orders against builders who have not delivered flats on time or violated other regula-tory conditions. Despite issuing Revenue Recovery Certificates (RRCs), several builders have continued to ignore the directives, prompting the need for a more fo-cused mechanism for enforcement. Currently, the task of enforcing RRCs lies with district collectors and tahsildars. How-ever, their existing administrative burden—including handling elections, census du-ties, and national events—has resulted in minimal focus on recovering these amounts. According to officials, just 62 out of 565 RRC cases have resulted in actual recovery, amounting to only Rs 18.7 crore, while the remaining 594 cases involve a backlog of Rs 347.44 crore yet to be 10 major builders account for nearly Rs 347 crore in unpaid penalties. Among them, Ozone Urbana Infra Developers Pvt. Ltd. leads the list with Rs 201 crore pending across 229 cases, of which only Rs 7.53 crore has been recovered so far. The idea for the Recovery Cell was supported by a proposal submitted by Forum for People's Collective Efforts (FPCE), a citizens' rights group advocating for strict im-plementation of RERA provisions. Welcoming the move, National General Secretary of FPCE, MS Shankar said, 'We commend the decision to consider setting up a ded-icated recovery cell to handle builder defaults under RERA. If implemented, Karna-taka will become the second state in the country to have such a system.' The new cell is expected to ensure swifter enforcement of K-RERA's compensation orders, prevent fraudulent practices by errant builders, and offer long-overdue relief to affected homebuyers. The formal proposal has now been submitted to the state gov-ernment, and discussions are underway to operationalize the cell in the coming months.
Time of India
4 days ago
- Business
- Time of India
T'puram leads state in residential registrations
T'puram: In a significant boost to the capital's real estate sector, Thiruvananthapuram emerged as the frontrunner in residential project registrations under Kerala Real Estate Regulatory Authority (K-RERA) for the first half of the year. From Jan 1 to June 30, state capital recorded a remarkable 1,068 residential units, the highest in the state and the only district to surpass the 1,000-unit milestone. The latest data, released by state govt via K-RERA website on Monday, highlights Thiruvananthapuram's continued momentum in real estate development. The city was followed by Ernakulam with 887 units and Kozhikode with 632 units, indicating a strong urban housing trend across Kerala's major cities. Districts like Thrissur (320), Palakkad (164) and Malappuram (113) also showed notable activity. However, several districts, including Alappuzha, Wayanad and Kasaragod, recorded zero registrations during this period. A senior K-RERA official commented on the trend, saying, "Thiruvananthapuram's performance reflects both increased investor confidence and the city's growing appeal as a residential hub. We are seeing more structured and compliant development, which is encouraging for long-term real estate stability in the state," the official added. Last year too, Thiruvananthapuram was on the top list. Since Vizhinjam Port is operational now and several IT projects are in the pipeline, there is a great demand from NRIs and techies from South Tamil Nadu to buy homes in the city. As per the figures available with K-RERA, number of residential buildings grew by 44% between 2021 and 2023 until Nov. Trivandrum Chamber of Commerce and Industry (TCCI) president S N Raghuchandran Nair said Vizhinjam Port has become a game changer for Thiruvananthapuram. "Not only Vizhinjam Port, but several IT companies are eyeing this city. Besides, Thiruvananthapuram is a major health destination with many hospitals coming up. Considering all these, the capital city will be the next real estate hub," Nair added. Currently, the real estate hotspots in Thiruvananthapuram are Sasthamangalam, Kazhakkoottam, Kowdiar, Kumarapuram and Kuravankonam. The apartments on either side of NH-66 at Akkulam and Kazhakkoottam also have huge demand. The reasonable cost of living is also a main attraction. With the launch of two IT majors — Accenture and HCL — in capital, more young professionals chose Thiruvananthapuram over other cities. Get the latest lifestyle updates on Times of India, along with Doctor's Day 2025 , messages and quotes!
Hans India
21-06-2025
- Business
- Hans India
RERA Karnataka: What Every Property Buyer Should Know
Buying a property is one of the most important decisions of our lives. Given the rising cost of property, it is a huge achievement for many as they are investing a significant amount of their hard-earned money into it. So, while making such a huge investment, it is important that you want it to be safe, legal, and worth your money. Several problems like delays in project completion, unauthorized construction, difference between actual and promised carpet area, and more are common while purchasing a property. To avoid such issues, the Real Estate Regulation Authority (RERA) came into existence as per the Real Estate (Regulation and Development) Act in 2016 to control the real estate industry in India. The main purpose of this was to bring transparency and fairness to the real estate sector in India. Karnataka was one of the first states to adopt it, making it safer for homebuyers to invest in property. If you're planning to buy a property in Karnataka, understanding RERA and its benefits can save you from future stress. Here's everything you need to know. What is RERA and Why Was It Introduced? Buying a home is not as easy as it was before. It comes with various challenges like high property rates, hidden costs, project delays and more. That's when RERA comes into the picture. It is a law that aims to protect the interests of homebuyers and bring discipline to the real estate industry. It makes it mandatory for builders and real estate agents to register their projects with the state RERA authority. In Karnataka, this body is called K-RERA (Karnataka Real Estate Regulatory Authority). Thanks to RERA, builders must now follow strict rules, ensuring better accountability and transparency. Benefits of Implementing the RERA Act No more Delay in Projects by the Builders - One of the biggest issues homebuyers face is project delays. With RERA, builders must complete the project by the promised date. If they don't, they must pay compensation to the buyer. So assured timely project delivery is a guarantee with RERA. No Extra Charge for the excess Area - RERA has banned the concept of "super built-up area" for pricing. Builders can only charge based on the carpet area, which gives you better clarity on what you're paying for. More Transparency - RERA requires builders to upload all details of the project—like layout plans, completion dates, and legal clearances on the K-RERA website. This helps buyers make informed decisions. Builders will be Responsible for any Defects in Construction - If there are any structural defects within five years of possession, the builder must fix them at no extra cost. You have your Refund Rights - If the builder fails to deliver the project on time or violates the terms, buyers have the right to ask for a full refund along with interest. How RERA Protects Home Buyers Many people put their hard-earned life savings into buying a property. While investing in such a huge amount it is important to be smart and do proper research about it like – Am I investing in a legally approved project, what can I do if the builder fails to fulfil his promise and other important issues. In today's time, buying a property without RERA approval is risky. A non-RERA registered project might not follow the legal standards, leading to future problems with ownership, construction quality, or delivery time. RERA protects home buyers by giving them a more transparent view of their investment. All project details including sanctioned plans, status of approvals, and timelines are submitted to the RERA by the builders giving the buyers a clear view. Another common issue faced by home buyers is that they did not have a place or platform to raise their concerns about the builder. RERA provides a fast-track grievance redressal system. If any buyer faces an issue, they can lodge a complaint online and get justice without long court delays. Say goodbye to false promotion as builders cannot advertise or sell projects without RERA approval for real estate. Any misleading advertisements can lead to penalties and project cancellation. RERA has truly been an Act that has transformed the real estate landscape in Karnataka. In today's world where the market is full of fake advertisements and false promises, RERA comes as a saviour for home buyers. So, always look for RERA-compliant flats in Karnataka and take time to understand the RERA registration benefits Karnataka offers.
Time of India
04-05-2025
- Business
- Time of India
Karnataka RERA, just a paper tiger: Home buyers
The Karnataka Real Estate Regulatory Authority ( K-RERA ), established to protect homebuyers and regulate the real estate sector, is now being criticised for its lack of enforcement, raising concerns about whether it has become a 'toothless tiger.' K-RERA data reveals that of the 1,660 recovery orders issued involving `758.85 crore, only 233 cases have seen action, resulting in a recovery of `91.88 crore. A staggering 1,427 cases, amounting to `666.97 crore, remain pending, with little to no enforcement action taken against the defaulting builders. Eight years after the implementation of the Real Estate (Regulation and Development) Act in Karnataka, homebuyers who once hoped the legislation would resolve their grievances are now disillusioned. Many are withdrawing their cases, citing K-RERA's ineffectiveness in ensuring justice or compliance with its orders. On March 19 alone, over 10 cases were withdrawn by frustrated buyers. Several homebuyers fighting prolonged battles allege that despite receiving favourable orders from K-RERA, builders are not complying. Even recovery orders have failed to bring results. Inaction against unregistered projects Another growing concern is the lack of action against unregistered housing projects. Since 2017, over 1,050 complaints have been filed with K-RERA regarding unregistered projects. In most cases, the authority has merely issued notices to builders and taken no further action, prompting complainants to abandon their cases. As a result, many homebuyers are now opting for alternate legal routes, including approaching the High Court. Speaking on the issue, a home buyer said, 'K-RERA has failed to deliver justice. It is nothing more than a paper tiger. In the case of Orion Urbana alone, more than 590 complaints have been filed, and 214 of them have received orders directing the builder to repay crores of rupees. Yet, no action has been taken to enforce those orders. We are now taking our fight directly to the High Court.'
