The Karnataka Real Estate Regulatory Authority (Karnataka RERA) has successfully registered 1,331 projects out of 1,982 applications in the last seven months in the State.
The authority has rejected 45 applications till now. Around 606 applications are pending for approval at different stages, RERA secretary P. Sunilkumar said.
Addressing developers and agents at a divisional-level workshop on Thursday, Mr. Sunilkumar said that about 921 real estate agents have applied for registration under the Act and 769 have got the registration number.
Mr. Sunilkumar said that to help understand the recently passed Karnataka RERA Act (Karnataka Real Estate Regulatory Authority), the authority has been conducting the divisional-level workshop.
So far, only 32 projects have been registered in Kalaburagi district. Similarly, the number of projects registered in Vijayapura with regulatory authority is 19.
Mr. Sunilkumar said that only one project has been registered in Raichur district and not even a single project was registered in Bidar and Yadgir district. Only five agents in Kalaburagi district have got registered with RERA he added.
K. Palakshappa, Adjudicating officer, RERA, and K.T. Shantala, under-secretary RERA, said that any project exceeding 500 sqm or more than eight apartments ( proposed to be developed in any phase) must be registered with RERA.
The existing and ongoing projects where the completion certificate or occupancy certificate has not been issued, are also required to comply with the registration under the RERA Act.
Deputy Commissioner R. Venkateshkumar added that the promoters applying for registration should provide detailed information of the project-land status, details of the developers, approvals, schedule of completion.
To prevent delay of projects and diversion of funds to new projects, Developer registered with RERA has to open a separate reserve account to park 70% of the received funds.
