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80 COMPLAINTS FILED IN 62 DAYS HOUSING PROJECTS BY PRIVATE BUILDERS KHB BANGALORE DEVELOPMENT AUTHORITY WILL COME UNDER RERA

 
 
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80 COMPLAINTS FILED IN 62 DAYS HOUSING PROJECTS BY PRIVATE BUILDERS KHB BANGALORE DEVELOPMENT AUTHORITY WILL COME UNDER RERA
by System Administrator - Tuesday, 26 September 2017, 3:40 AM
 

By: M.S.Yatnatti: Editor and Video Journalist Bengaluru: Reportedly "About 80 complaints have been registered against developers across the state in the past 62 days. A majority of these complaints are against realty projects in Bengaluru," said Karnataka RERA chairman and housing secretary Kapil Mohan. The most common commplaints are on delayed delivery of apartments houses or failure to provide promised amenities, Mohan said.Karnataka notified the RERA Act on July 10 and launched a portal on July 24 for builders and agents to register themselves and their projects. A complaint window was also unveiled on its website to enable homebuyers to file complaints against builders.According to the Act, a builder who fails to act even after a complaint is filed with RERA by a homebuyer, is liable to pay a penalty of 10% of the estimated cost of the real estate project. On continued violation, the builder can be punished with imprisonment up to three years. 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.