By: M.S.Yatnatti: Editor and Video Journalist Bengaluru: After dilly-dallying, state-owned housing development agencies, including the Bangalore Development Authority and Karnataka Housing Board, have agreed to register their projects under the Karnataka Real Estate Regulation Authority (KRERA)."Initially, there was confusion. Now that the Karnataka law department has cleared the air, we've decided to register our ongoing projects under KRERA,'' Reportedly BDA commissioner said .This gives hope to beneficiaries of houses and sites developed by government housing development authorities, especially those who were allotted sites in BDA layouts -Nadaprabha Kempe Gowda, and Arkavathy ."Once these layouts are registered, government agencies will have to complete their projects on time or face action. All property disputes would have to be addressed in 60 days or else the buyer will get compensation," Reportedly said a KRERA official.All private layouts appro ved by BDA, BBMP and Bangalore Metropolitan Regional Development Authority must register under KRERA."We've identified 188 layouts approved by BDA in north Bengaluru and issued notices to get registered under KRERA at the earliest. So far, 12 have complied. We'll identify such layouts in other parts of Bengaluru,'' REPORTEDLY KRERA secretary said.The KHB has registered three ongoing projects in Bengaluru. "KHB projects and KHB-approved projects will come under RERA now and they have registered all ongoing projects,'' .The BDA and other housing development authorities were hoping for exemption from RERA since they are registered as nonprofits.These agencies had received relief after the Karnataka State Government Employees' House Building Cooperative Society and others had approached the high court, claiming RERA infringed on their rights under the Karnataka Co-operative Societies Act, 1959, as the power for making legislation for cooperative societies is the exclusive jurisdiction conferred upon the legislatures. The court is reportedly awaiting the order of the Bombay High Court where the hearing is on a similar petition. Quoting RERA, secretary said both private and public institutions which develop real estate projects for sale to the public must register under RERA.All housing projects including those developed by private builders as well as the Karnataka Housing Board and Bangalore Development Authority will come under the purview of real estate regulatory authority (RERA). .The Real Estate (Regulation & Development) Act, 2016, came into effect from May 1, ending the nine-year long wait.The Act provides for regulating the real estate sector involving over 76,000 companies across India. The law enables buyers to enforce their rights and seek redressal of grievances before the authority. The law stipulates (1) Depositing 70% of the funds collected from buyers in a separate bank account in case of new projects and 70% of unused funds in case of ongoing projects. (2) Projects with plot size of minimum 500 sq.mt or eight apartments shall be registered with regulatory authorities. (3) Both developers and buyers pay the same penal interest of SBI's Marginal Cost of Lending Rate plus 2% in case of delays (4) Liability of developers for structural defects for five years; and (5)Imprisonment of up to three years for developers and up to one year in case of agents and buyers for violation of orders of Appellate Tribunals and Regulatory Authorities.
My suggestion is, If you plan to buy a flat or plot always go for Bank loans (even if you have lots of money), when you take the loan route, the papers are legally checked by the bank and secondly, ensure there are minimum 4 - 5 banks offering loan for the apartment/residential colony. Look before you leap.Cons are everywhere . Beware of con artists: Con artists make money through deception. They lie, cheat and fool people into thinking they've happened onto a great deal or some easy money, when they're the ones who'll be making money. If that doesn't work, they'll take advantage of our weaknesses -- loneliness, insecurity, poor health or simple ignorance. The only thing more important to a con artist than perfecting a con is perfecting a total lack of conscience.What does the average con artist look like? Despite what you may think, he isn't always a shady-looking character. A con artist is an expert at looking however he needs to look. If the con involves banking or investments in properties, the con artist will wear a snappy suit. If it involves home improvement scams, he'll show up wearing well-worn work clothes. Even the basic assumption that the con is a "he" is incorrect: there are plenty of con women too."Ensure papers are in order verify the builder's credentials”.