The Karnataka Real Estate (Regulation and Development) Rules, 2016, was approved by the cabinet on July 5, 2017, the state’s law and parliamentary affairs minister, TB Jayachandra said. The Real Estate (Regulation and Development) Act (RERA), 2016, which seeks to protect home buyers from unscrupulous developers, came into effect in the country from May 1, 2017. Under the act, states had to notify realty rules and set up their real estate regulatory authorities by April 30, 2017, but Karnataka had missed the deadline.
The rules have now been framed, in accordance with the central government’s act and will be implemented as in Rajasthan and Gujarat, the minister was quoted as saying, by the state information department in a release. Stating that the rules will be applicable for Bangalore Development Authority and Karnataka Housing Board Projects also, it said projects that were 60 per cent completed, will be exempted.
Recently, a few individuals and organisations, had demanded that the state government implement the RERA at the earliest.